Hooray! The time has come – you’re ready to embark on a new journey, in a new home that will be all yours for the very first time. This is a moment so many look forward to and eagerly anticipate. From the Kelly Parks Team to you, we are excited for this milestone in your life and hope to provide you with resources that will assist your first home buying experience.
We understand that first time home buyers can feel overwhelmed by the process of home buying. After all, there are many steps to home buying and some can be more complex than others. Below, we list our recommendations to alleviate you of the home buying worry in an easy to follow, step-by-step guide.
1. Determine how much you can afford
In this part, we suggest you underestimate rather than overestimate in case unforeseen expenses are incurred. A good rule of thumb is to estimate your income, credit score, debt and closing costs. Use this number as an indicator of what kind of house is the best fit for your income requirements.
2. Get pre-approved
If you aren’t looking to pay for your house outright with cash, then you’ll most likely be in need of a mortgage. Receiving pre-approval means that a lender has reviewed your income, expenses, and credit report and has conditionally agreed to loan you a set amount of money for a mortgage.
For pre-approval, you’ll need proof of income, proof of assets, good credit, employment verification, and documentation.
3. Search for a home
There are many real-estate platforms that will provide you with the information you need to search for homes. It’s not only important to consider what home you may want to buy, but also the neighborhood it’s in and the school system if you do have children.
4. Find a realtor
Hiring a real estate agent is the best decision first-time buyers can make. An experienced agent has represented countless buyers and can easily guide you through the home buying process. Our Kelly Parks Team is a dynamic team of agents who provide expertise across 4 counties in the Greater Tampa Bay area.
5. Visit open houses and tour homes
Our suggestion is to narrow down your search with houses that offer an array of different features. Attend open-houses to see these features in person. This will help you select what features are most important to you, aiding you in selecting the home of your dreams.
6. Submit an offer
Hiring a KPT real estate agent will help you prepare the offer for the home you’d like to buy. Your offer will include your offer price, establishing contingencies, obtaining disclosures, and establishing a closing timeline.
In some instances, you may be required to negotiate a price. Consult with your KPT real estate agent for negotiation tips.
7. Receive a home inspection
Home inspections will help you identify any issues with the home you’re interested in and whether the repairs are even worth the investment. You can request that the repairs be resolved by the seller. In this instance, it’s wise to also speak to your KPT real estate agent to help you navigate this area of home buying.
8. Receive an appraisal
It is a requirement by lenders to receive an appraisal prior to issuing a mortgage. An appraisal will be an estimate as to the value of your home from a professional appraiser.
You have the right to renegotiate the home’s purchase price to account for needed repairs that must be made. As recommended in step #7, you can request that the repairs be resolved by the seller or if the seller can change the purchase price of the home.
10. Close the sale!
The most important documents you’ll be signing is the settlement statement, the deed, the promissory note, and the deed of trust or mortgage. On this day, you’ll officially become homeowners and the ownership of property will be transferred to you!
Consult with the Kelly Parks Team
If you’re a first time home buyer in Tampa, you’ll need the guidance of a team you can count on. The Kelly Parks Team has worked with hundreds of clients, successfully meeting their home buying needs. With our home buying checklist, you’ll be ready to begin the search for your dream home.