8 Tips To Do Before Buying a Home

8 Tips For First-Time Arizona Home Buyers

Buying a home is an exciting time, especially when you're a first time home buyer in Arizona. However the experience may quickly become frustrating if you haven't done some preparation on your end. That's why Richard Real Estate has put together these "8 Tips to Follow Before Buying a Home". 

1) Increase Your Credit Score

Because a good credit score will open doors to the best mortgage rates available, it's worth the time to improve your credit score before buying a home. You can go online to order your credit score through Equifax, Experian, or TransUnion. CreditKarma.com will provide a free credit report. 

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2) Get Preapproved

It's a great idea to have a preapproval letter before searching for your dream home. A bank or lending agency will let you know exactly how much you can afford for a mortgage and what amount of money you need for a down payment. Pay attention to any fees or points, ensuring sure there are no hidden costs. You'll also increase your chances of the seller accepting your offer if you have a letter stating you are in a financial position to buy the home.

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3) Save Money for the Down Payment

Once you know the amount of money you need for your Arizona home, start saving. The largest obstacle to buying your first home, is not having enough money for a down payment. Commit to making a savings plan which includes closing costs as well as moving expenses. The larger your down payment the more attractive your application looks to lenders. Plus if you're a first-time homebuyer in Arizona, ask about down payment assistance programs.

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4) Hire a Real Estate Professional

Looking at homes for sale in Arizona can be daunting, even overwhelming. As a first-time buyer you want to make sure the home comes as close to fulfilling your wishes and needs as possible. This is where hiring a real estate professional who understands the West Valley Market; including Phoenix, Buckeye, Glendale & Avondale makes so much sense. For example, Richard Real Estate embraces that a first-home purchase is really an investment and will advocate with the sellers on your behalf.

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5) Locate The Area You Want to Live

They say knowledge is power and that couldn't be more true when it comes to buying a home. Research the areas you're interested in buying. Consider everything from general neighborhood information to proximity to freeways and city municipal services. Richard Real Estate encourages first-time buyers to drive around the desired neighborhood at different times and days of the week. Click here to view useful information on local markets such as Buckeye, Surprise, Goodyear, Avondale, Phoenix & Scottsdale.

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6) Pay for a Home inspection

You've found the home you'd like to purchase, now it's time to for a home inspection. This step is super important because it will bring to light any problems that may not be visible before buying the house. An inspector will visit the property and will look at everything from the roof to the foundation. Should any major problems be found with the home you'll have the opportunity to negotiate with the seller for the cost of the repairs or simply decide to pass on the home.

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7) Consider the Length of the Loan

Mortgage loans come in 15 or 30 year monthly mortgage payments. If your finances allow, opt for a 15-year mortgage. You'll end up saving thousands of dollars over the life of the loan. 

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8) Negotiate on Closing Costs

You know the old saying, "You won't know unless you ask"? Well that couldn't be more true when it comes to closing costs on buying a home. Often times a lender will wave or reduce the closing costs just to get your business, but you have to ask.

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