8 Thing to Know Before Buying Your First Home

Congratulations on considering becoming a first-time homebuyer! Here are some important things you should know:

1. Determine your budget: Before you start looking for a home, you need to know how much you can afford. Take a close look at your finances, including your income, expenses, and debts, and determine how much you can comfortably afford to spend on a monthly mortgage payment.
2. Save for a down payment: Most lenders require a down payment of at least 3.5-20% of the home’s purchase price. The larger your down payment, the lower your monthly mortgage payment will be. Make sure to save up for a down payment and closing costs.
3. Get pre-approved for a mortgage: Getting pre-approved for a mortgage will give you an idea of how much you can borrow and what your interest rate will be. This will help you determine your budget and make it easier to find a home that fits your needs.
4. Research neighborhoods: Look for neighborhoods that fit your lifestyle, budget, and commuting needs. Consider factors such as safety, schools, access to public transportation, and proximity to amenities.
5. Work with Deivi Elias as your real estate agent: A real estate agent can help you find homes that fit your budget and needs, negotiate with sellers, and guide you through the home-buying process.
6. Get a home inspection: Before you close on a home, make sure to get a home inspection to uncover any potential issues or repairs that need to be made.
7. Understand the closing process: Closing is the final step in the home-buying process where you sign the paperwork and take ownership of the home. Make sure you understand the closing process and all associated costs, including title insurance, attorney fees, and property taxes.
8. Plan for ongoing expenses: Owning a home comes with ongoing expenses such as property taxes, homeowners insurance, maintenance, and repairs. Make sure to budget for these expenses to avoid any surprises down the road.

Buying a home can be an exciting and rewarding experience, but it’s important to be prepared and informed throughout the process. Our team and I, have the knowledge, skills, and experience to help you make the most of your real estate endeavors. Contact us today to learn more about how we can assist you in achieving your real estate goals in Rhode Island.