If you or someone you know is looking to purchase their first home please help them out and share the following:
1. Know Where You Want to Live- Do your research on the neighborhoods and communities. Ask yourself if you like the school districts, local parks and the surrounding retail amenities. Is the property close to your place of work or public transportation? Check out the walk score of the property (walkscore.com) to find out if running errands could be done without a vehicle. Narrow it down, drive around and get to know the lay of the land.
2. Create a Monthly Budget- Before buying a home, it is imperative to prepare a monthly budget for your family. Shockingly, Americans tend to not go through this exercise and end up using credit card debt to fill the shortfall. Your family needs to understand the monthly after-tax earnings that come into the household and where it is spent. Examples of expenses your family will incur are: rent/mortgage, utilities, groceries, cell phones, student loans, entertainment expenses. The list will certainly go on and on so make sure you consider everything. Our team at Leading Edge Realty Advisors can help you with this exercise to make sure you have enough to pay your newest and most likely the largest monthly expense, your mortgage.
3. Get Pre-Qualified With a Lender-Before going out to look at houses that may be out of your price range, it is crucial you speak with a lender to get a pre-qualification letter showing the amount of the loan you will more than likely receive. This letter will ultimately be attached to your offer, ultimately making your offer stronger than those that do not. Meeting with the lender ahead of time will also give you a better sense of what it will be like working with them throughout the loan process. If you do not have a lender to work with please let us know and we can help point you in the right direction.
4. Contact a Realtor- Get a trusted ally on your side at the beginning of the home search. The Advisors at Leading Edge are here to help you each step of the way, providing the guidance and support you need. To learn more please feel free to give us a call at (847) 361-3420 or email at email@example.com.