Are you looking to buy your first home or condo here in Park City? Tired of renting and never actually owning what you are paying for? You are obviously going to have a multitude of questions about the home buying process so I have compiled a short guide for you to review if you are in the market for your first home.
Consider if Buying a Home is Right for You:
Many people are afraid to make the jump into being a homeowner. After all, it is an intimidating process and is a major decision in your life. Not everyone is cut out for home ownership, but some are and can reap the benefits.
- You may decide renting is better for you than buying a home right now. Better to find this out now than when you are under contract and realize it may be a little too much for you.
- On the flip side, there are many beneficial reasons to purchasing a home. Be sure to keep these reasons in mind throughout the home buying process.
Before Buying a Home, Get Your Finances in Order
There are many things you can do to prepare to purchase a home. Finances being the most important in my mind. Get financing in order, set aside a down payment for your home, and study the loan programs available.
Order a Free Credit Report
This is a must before you go into the home buying process. It is important to find any mistakes or negative remarks in your credit report before-hand. Try to reduce your monthly debt obligations now by reducing your loan balances.
Find the Right Lender
Buyers typically make the mistake of not shopping around for the best rates possible. This is an important process for you to learn and ask questions with your mortgage broker. I have a great broker in the area that has done some amazing work for myself and numerous other agents that I work with.
Determine Your Down Payment
Now is the time to decide on how much you are willing to put down on your purchase. Remember, the more you put down now, the lower your monthly payment will be.
Get a Pre-Approval Letter
Getting pre-approved now gives you an advantage over other offers when trying to purchase a home.
Get a Home Inspection and Read ALL Disclosures
You should never buy a home without getting a home inspection. Find out what a home inspection covers, get as many facts as you can from the sellers, and always do a final walk-through before closing to make sure it is in the same condition as when you last saw it.
Closing on Your Home
Transactions typically close 30 days after the initial offer has been accepted. From here you should be lining up your home insurance and title insurance policy. For a detailed report on the entire closing process, contact me and I’d be glad to help and answer any of your questions.
Helpful Links for First Time Home Buyers:
Feel free to contact me at any time if you have questions about the home buying process and need a local real estate agent here in Park City and the surrounding areas.