Eli Taieb Shares Steps for First-Time Homebuyers

February 6, 2023February 6, 2023 Selimkhandipu

Homebuyers are an essential part of any economy, and they must find their way into the real estate market, which means finding a profitable homebuying strategy. Fortunately, you can take plenty of steps to increase your chances of success in the new homebuying business.

So, are you curious about how first-time homebuyers go about buying? Here is a first-time buyer’s guide with helpful tips for getting the most from your first homebuying session.

1. Get Pre-Approved for A Mortgage

When buying a home, getting pre-approved for a mortgage is an important step. When you are pre-approved, your lender is already aware of your ability to repay the loan and may be willing to offer you a lower interest rate than if you were applying without being pre-approved.

Getting pre-approval can take time, so apply immediately. But luckily, there are several things you can do to increase your chances of getting pre-approved which Eli Taeib outlines below:

Have good credit history. A good credit history shows you can repay a loan on time and in full.

Write down your needs and wants in a home, including the size, layout, and amenities you desire. This will help you better understand your budget and what type of home is available in your area.

Build a portfolio of your recent financial statements, including your weekly pay stubs, tax returns, and copies of all past loan applications you’ve filed. This shows lenders that you are responsible and have a good credit score.

Make appointments with multiple lenders to discuss your qualifications and determine which offers the best rate for your specific situation.

Be ready to provide documentation of your income and Savings statements. Lenders want to know that you have enough money saved so that you won’t need their help if something unexpected happens, like a job loss or medical bill.

2. Research Homes And Neighborhoods

If you are like most people, the first thing that comes to mind when you think about buying a home, the first thing that comes to your mind is finding the perfect one. This is especially true if you are like me and have always been interested in houses and real estate. However, finding the right home is only half the story; you must also find the right neighborhood.

This can be done by reading online profiles of neighborhoods and visiting in person.
Walking around, taking pictures, and measuring distances between homes can help you better understand what is available in the area.
Additionally, speaking with current residents can give you an idea of the vibe and character of the neighborhood.

Moreover, there are many factors to consider when buying a home, but understanding your surroundings is essential in finding the perfect place to call home. Doing some research beforehand can ensure that you are making the best decision for yourself and your family.

3. Negotiate The Best Deal on A Home

Negotiating the best deal on a home is the third step of this guide for homebuyers. Buying a home is a significant investment; it is important to research and find a home within your budget. Here are some steps you can take to help you get the best possible deal on your new home:

Take your time: Don’t rush into negotiations. It’s essential to build a good relationship with your real estate agent and negotiator and give them plenty of time to work on your behalf.

Be prepared to walk away: If negotiations don’t go well, avoid the deal and find a better one. Sometimes it’s worth sacrificing a little bit of money to get a much better home at a lower price.

Know your budget: When you start negotiating, know precisely what you can afford and stick to that limit.

Once you know what the seller is willing to sell the house for, make offers that fit within that price range. Be sure to quantify everything you offer, such as square footage, number of rooms, and driveway space.

4. Prepare for Inspections and Closing

Preparation for inspections and closing can be tedious, but it is crucial to take the time to do it right to avoid any potential problems. Here are a few steps from Eli Taieb that homebuyers should take to ensure a smooth inspection and closing:

Organize your paperwork, including your deeds, mortgage, escrow account information, and tax records.
Ensure you have your loan documents ready, including the promissory note, loan application package (including Required Documents), and credit score report.
Review your contract with the seller and ensure all the details are agreed upon. If there are any items that you don’t understand or need clarification on, reach out to the seller’s agent or realtor.

5. Take The Plunge!

When you finally find the perfect home, it feels like the final step in your journey. You’ve worked so hard to find the right one, and now that you have, all you can think about is moving in.

But before you do anything, be realistic about the kind of lifestyle you can expect living in this home. Are there any potential problems with the property? Does it have any quirks or issues that might come up during your tenure? If so, be prepared to address them head-on.

In A Nutshell

In the end, if you want to buy your first home, you must take a few steps. Whether young or old, single or married, this guide can help you get started. Eli also wants to remind you that it can be a long and tedious process, but with the help of this guide, you can make it happen and enjoyable! So, what are you waiting for? Start planning your dream home today!