If you are considering buying your first home, there are probably many issues and questions surrounding the prospects of a new home. There can be so much legal jargon and contracts that some home buyers feel they have been in a blur since they started signing. But as with anything, the more you know about it, the less scary and confusing it is. Here are some keys to knowing how to go about buying your first Fairbanks home.
Know your Finances - This may sound simple but this is more than just knowing or balancing your checking account. You need to know where you money is going and if you can actually afford a home. You will also need to obtain a copy of your credit report and clear up any financial issues that can prevent you from getting the best possible loan.
Land a Buyer's Representative - Of course as a real estate professional I am going to say you need a broker representing you but this is actually saving you thousands possibly. A buyer's representative does not get paid from the buyer but from the seller of a home. The representative only cares about finding you the best home at the right price and terms. They will receive a commission on whichever home you choose from the seller of that home. They don't have a hidden agenda to sell you a particular home or even a more expensive one. We simply want you to find the perfect home for you. We can negotiate for you and possibly save you thousands of dollars in negotiating the right price and terms for you.
Have Some Reserves Set Aside - No lender wants to loan money to a buyer with less than $100 in the bank. It will also make the buying process much more stressful if you can't come up with inspection costs or earnest money deposits. This is not a good way to start off your homeownership. If you have some reserves in the bank for these issues as well as extra furniture if you need once you are in the home, you will feel much more secure in your financial situation.
Buying a home is a big process but with these simple steps you are sure to set out on the right foot. For more tips and information on buying Fairbanks homes or North Pole real estate please contact us anytime.