7 Tips Real Estate Attorneys Can Share for Buying Your First House
To say that buying one’s first house is daunting would be an understatement. Make no mistake, however; this is a big step in one’s life and should be taken with pride. With that said, it can be difficult to go through the process or even know what the first steps to take entail. As a result, it’s easy to feel deterred or less motivated to move forward. Fortunately, experienced real estate attorneys can help clients through the process, ensuring that it’s a seamless one. Here are 7 tips to know when buying your first house.
1. Look into attorneys in your area. If you’re buying a house for the first time, it goes without saying that you’ll require assistance. This is where residential real estate attorneys come into play, helping clients navigate the legal hurdles and pitfalls associated with buying real estate. Attorneys serve multiple purposes, ranging from the drafting and negotiation process to the closing of the sale itself. All the while, they provide support for clients each step of the way, whether it’s to clarify information or respond to inquiries. If you’re buying your first house, it’s recommended that you speak to an attorney ahead of time.
2. Work on your credit. Even if you have credit that would instill confidence in anyone, this doesn’t mean that you shouldn’t work on improving it. The better your credit is, the easier it will be to buy a house you’ve had your sights set on. Look back on your credit statements and see if there are any past-due payments you’ve overlooked. If there are any errors in your statements, see to it that they’re amended. These are just a few ways that you can start working to improve your credit, which will go a long way in finalizing the purchase of your first home.
3. Decide what you can afford early on. Another tip that residential real estate lawyer s and attorneys can provide to clients is to decide what they’re able to afford as early into this process as well. After all, purchasing a home comes with various costs even beyond what a particular house is on sale for. In most cases, an individual may cover a down payment, though the specific amount paid at the onset will vary based on the type of mortgage they have. Additional expenses, such as home repairs and furnishings, should also be taken into account. These are just a few factors that will help you decide what you’re willing to spend.
4. Consider the area that property is located. It would be inaccurate to say that affordability is the only factor that goes into buying a house. Even if property is affordable, it may not be as worthwhile to a buyer if it’s located in a less than ideal area. This is where additional research comes into play, allowing you to learn more about the area. Is the property located near shopping centers, grocery stores, restaurants, schools, and other establishments? Is the location known for being good for individuals, families, or other groups? A residential real estate attorney will provide further insight if need be.
5. Shop around for different lenders. Once you have the general financial aspects down, it’s time to start shopping around for mortgage lenders. While there may be multiple options that can make things seem daunting, this works to your benefit. After all, lenders are going to work to compete with one another, keeping their rates competitive so that you don’t have to pay as much in the long term. Take the time to research the different mortgages available, such as the lengths of time they last, interest rates that you’ll have to cover, and the like.
6. Get preapproved for a mortgage. After residential real estate lawyers ’ve settled on a particular mortgage, it’s time to get preapproved. Essentially, what this refers to is the process of determining how much money you can borrow to purchase a home. There are many factors that mortgage lenders will take into consideration when deciding whether to approve someone for a loan. Such factors include, but aren’t limited to, the amount of income you make from your job and your credit score. Speak to a residential real estate lawyer to learn how to best increase your chances of being preapproved.
7. Prepare to close on the sale. If all goes well, you will be within reach of buying the house of your dreams. However, your work is entirely done, as you’ll need to follow additional steps to close the sale. For example, you should speak to a home inspector and see to it that a full inspection is carried out. Furthermore, there may be additional paperwork you’ll have to review and sign; an experienced lawyer will help you with this. Once you have all the loose ends tied, you can finalize the sale of your new home.