Getting Ready to Buy Your First Home?
Debbie Blesi
Getting Ready to Buy Your First Home?
Buying a new home frees you from the endless cycles of renting! Even if you’re going to be making monthly mortgage payments for another 30 years, you’ll still end up owning your property, instead of nothing to show for your money :) Becoming a first time home buyer can be intimidating, but it’s fairly simple once you hammer out the various steps. Aside from checking with your bank or lender, and deciding where you want to live, use these four tips for a first house.
It's Time to Invest in Yourself :)
The Pre Approval:
Connecting with a Lender is the first step in getting you ready to purchase your first home. You have the option to interview lenders and choose who will fit your personal needs best. They will discuss personal financial situation and down payment options and run credit, then see the price of home you may qualify for. The Lender will discuss your lending options and programs available to fit your needs best. If you are in need of a lender I have some I can refer you to. Just ask.
Let's Prioritize The Features
Now You know how much you can afford and how much you would like to spend on a home. Now What? As the Market is tight Lets Prioritize! Let's think about what is most important to you. You may want to Sit down with the family and arrange all those “must-have” features into a prioritized list of you Needs and Wants.
For Example: The Immediate number of must have Bedrooms and bathrooms to get you started. Location, Location, Location Ask yourself where are you willing to travel? Now, The option to add or improve is always something you can down the road, whether you are are handy of have to hire out to turn you home into the home that you have always wanted. You May want to budget accordingly on the up front purchase to accommodate your desires. Just things to think about.
I will help set up the search specifically for you-And view home you are interested in seeing. When you have found the home you may want to purchase
Ask For Disclosures
Minnesota state law requires the seller to disclose a wide variety of problems with the home. The law specifically requires disclosure of any known issue that might interfere with the buyer’s use and enjoyment of the home, like a damaged foundation or a leaky roof. If the seller knows of these problems and fails to tell you, you have the right to cancel the sale or demand that the seller pays for repairs.
However, don’t count on the seller’s memory. Make sure to ask specifically about each part of the home in question. Asking Questions during this time is very important. You need to make sure your mind is satisfied before moving foreword with the purchase. Dealing with a Disclosure lawsuit will cost time and $$ down the road. It's ok to nip it in the bud upfront.
After your offer is Accepted!
You Have The Option to Add Extra Testing To Your Inspection
Finally, don’t be afraid to go above and beyond when getting a potential purchased inspected. Basic home inspections cover everything from the foundation to the roof, but the inspector has to handle it all in just a few hours. Homes in Minnesota deserve extra attention for common issues like:
*Radon. This invisible and odorless gas is common in the state, so the Minnesota Department of Health recommends annual testing for every home.
*Roof damage. Strong storm winds and heavy snow fall lead to accelerated wear and tear on all roofing materials.
*Plumbing scope in the main drain to view for potential defects and tree roots
After Closing Take A Homestead Exemption
Most educational resources for first time buyers focus completely on what to do while shopping around or preparing for closing. I highly recommend the first time home buyer course. However, there are things you can do right after moving in that make your first year in the home a lot smoother too. The benefits of claiming a homestead exemption can’t be overlooked, yet most first time buyers know nothing about this important tax issue. Don't worry you will be asked this questions again at the closing by your title company closer.
The Homestead Exemption in Minnesota’s tax code allows homeowners to get a reduction on property taxes just for living there as your full-time residence. If you don’t fill out the paperwork for this exemption by your county’s deadline, you’ll end up paying up to twice as much as necessary on your annual property tax bill.
Still feeling overwhelmed by the challenges of being a first time buyer? Numerous state agencies offer educational classes and one-on-one help to guide you through the process. Don’t let the amount of work hold you back from enjoying life in your first house. #dreamingofahome #firsttimehomebuyerclasses
Please let me know how I can help you or someone you know!
Exit Realty Nexus
763-221-5165
