Oct
15
Kokomo First Time Buyers:
The Dos and Don’ts of Buying
By
Rules of the Game for Home Buying in Kokomo
Buying your first home can be an exciting and overwhelming process. It’s fun to look at all the homes in Kokomo and imagine where you will place your furniture. It’s also a lot of work to find a home, qualify for a mortgage and to get moved. Before you start looking for your first home, consider these dos and don’ts of buying Kokomo homes.
- DO know your credit standing. If you cannot qualify for a loan, you cannot buy a Kokomo home. Before you start looking at homes, find out your credit score. If your score is low, speak with a financial advisor for ways to improve your score.
- DO work with a team of professionals you trust. A home is a significant investment, so you need all the help you can get to make the right decisions. Find a Kokomo REALTOR® and a local lender to help you through each step of the process.
- DO get pre-approved for a mortgage. When you are pre-approved for a mortgage, you can shop in the appropriate price range with confidence. A pre-approval also helps you buy a home within your budget and gives you some leverage when negotiating with sellers. AND you cannot even submit an offer for a foreclosure property without pre-approval.
- DON’T fall for the first home you see. No matter how perfect it seems, don’t stop looking after the first home you see. Take your time looking; but don’t make the mistake of wanting to look at every house on the market. Looking at too many houses ends up being more confusing than helpful.
- DON’T buy a home just because you think you can make a profit. Your goal right now is to find a home where you can live. The housing market moves in cycles, so home values go up and they go down. No one can predict these cycles.
- DON’T buy a home you can’t afford. Just because your lender approves you for a certain mortgage amount doesn’t mean you have to go that high. It makes more sense to live in a home you can afford.
Your home will be your most valuable investment. Let me help you find your first Kokomo home. Call me today at 765-513-0354 or sign up for Home Alerts – your personalized listing cart of homes for sale in the Kokomo area.
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