There are many challenges involved in purchasing your first home, all of which can be overcome with patience and leadership. Among the most daunting challenges are the following:
(1.) The financial challenge. Are you financially prepared to buy a home? Without consulting a lender you are probably uncertain (unless you have rich parents who can afford to buy you a home as a present). One big financial obstacle for many people is their credit scores. Various types of loans require differing minimum credit scores, however if your scores are too low, don't give up hope. A qualified lender can make suggestions and help you work to improve your scores. Low scores can delay the purchase of your home but they don't mean you can never buy.
Coming up with a down payment once you have chosen a home can also be a stumbling block. Once again, different types of loans have different minimum requirements. Just remember that the more money you can put down up front, the less you have to borrow. Over the course of a typical 30 year loan that can result in tens of thousands of dollars worth of savings.
Again, the key is finding a lender who is qualified and one that you can trust and then put your faith in them to help you make the right decisions.
(2.) Selecting the right agent. There are many top notch qualified real estate agents, but make sure you select the one that is right for you. At Coldwell Banker SKS Realty, our agents are very qualified and eager to help the first time buyer. Don't be afraid to interview agents to see which one you feel most comfortable with. Some clients prefer to work with female agents, others males. Some feel more comfortable with an older agent others like younger ones. I hate to be redundant but it is important that you opt for the agent that works best for you.
(3.) Selecting the right home. I intentionally saved this one for last because without the previous 2, this may not be that important. Once you have determined, with the help of a lender, how much house you can afford it is time to get down to details. What type of house do you prefer, ranch, 2-story? How many bedroom and bathrooms would you like? Do you want to live in-town or is a rural setting more to your liking? This is where your friendly Coldwell Banker SKS Realty agent comes into play. When it comes to Bedford County real estate, no one will be more knowledgeable or eager to help you than an SKS agent. You tell us what is important to you in a home and if that home is for sale in Bedford County, we will help you find it.
In a future installment we will look in more depth about how to select the right home, how to make an offer, how to handle the home inspection process and much, much more.