Explained by One of the Best Real Estate Companies in Las Vegas
If you’re looking to buy or sell your home, or even if you’re the top realtor in Las Vegas, it’s always good to brush up on important real estate processes.
So you want to invest in your first home. This is likely the biggest financial investment you will have made to date, so you want to make sure you do it up right.
The truth is there are a lot of things to consider and plan before you get the keys to that house. But putting the energy and time in this planning is crucial to your financial wellness to make sure you are good for this major purchase.
Here are a few starter questions to help you figure out how to get on track to that home:
Do you have the financial health?
What home options work for you?
- Are you aware of the short-term and long-term expenses?
- Can you maintain them with your current finances?
- Do you have enough emergency savings to get you through at least a few months of living expenses?
- How much debt do you have? If you need reminders on how to assess your financial health, we recommend Personal Finance in Your 20’s and 30’s for Dummies by Eric Tyson found on Amazon here. It covers everything from budgeting to paying off student loans to buying your first home.
- What kind of mortgage do you think you can afford? Does your lender have a different view?
- How much do you really need in loans?
- How accessible do your savings need to be to make these payments?
- What mortgage expenses will fit into your monthly and annual budget, after savings, retirement, utilities, and other investments?
- Do you have good enough credit?
- Find top financial mistakes first-time homebuyers make here.
What can you do to prepare?
- What qualities are absolutely essential and non-negotiable for your next home?
- Are you looking for a small home or condo, or one with enough room for your family?
- What does the housing market look like?
- What kind of area do you want to live in?
- What amenities do you want near you?
- What features do you want in the kitchen, master bedroom, etc?
- Tips for finding the right home for you here.
- How will you conduct research on houses that fit you? What online and offline resources can you use?
- Who can you reach out to in your social network?
- Will you have a real estate agent to help you? From what agency? What qualities do they need to have to work with you?
- What is their marketing style?
- Tips for finding the best real estate agent for you here.
- Tips that will prepare you for making an offer and closing here.
These barely scratch the surface of assessing your first steps in finding your first home. Buying a home is a very involved and complex process. We cannot overemphasize the importance of research, especially for first time home buyers.
And who is better at this than an experienced real estate professional? Reach out to us at Huntington & Ellis at any time, and we’ll be more than happy to direct you to an agent who can answer your questions.
Curious to see what we can do for you? Check out our Buyer Representation.