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Although buying a home looks like a carefree endeavor on television, there is a lot of legwork involved in the process. In addition to working with a real estate agent, it is crucial to do what you can to prepare for what might be one of the biggest purchases of your life. Here are a few tips to help you to get ready to buy a home.

Purchasing a House the Right Way

How Should You Prepare to Buy a Home?

One of the biggest things you should do to prepare to purchase your first home is to save up for a down payment — since the amount of money you have down could dictate whether you have a high interest rate or must pay private mortgage insurance — PMI. As a general rule of thumb, homeowners have to pay PMI when their down payment is less than 20% of the purchase price of the home.

Potential homeowners should also meet with a real estate agent and a mortgage broker to learn more about the home buying process. Mortgage brokers can help people understand the full range of potential expenses, while real estate agents can comb the market to find properties that meet your criteria.

How Can You Streamline the Process?

real estateBefore you start the home purchase process, spend some time thinking about what you want out of a future home. Are you looking for a place closer to work, within a certain school district, or with enough room to accommodate your growing family? Think about what kinds of finishes you like and which parts of town are projected to appreciate in value.

Additionally, communicate frequently with your real estate agent, and don’t forget to accept incoming phone calls and check your email. These days, most real estate agencies do paperwork electronically, which means you will be doing everything from negotiating to accepting offers online.

 

Going through the real estate purchase process for the first time can be overwhelming, so do what you can to prepare by working with the team at Extreme Realty in the Bronx, NY. From speaking with you about your list of must-have items to helping you find the perfect home or apartment, this team of professionals understands how to make real estate simple. To learn more about how they can help, visit their website or call (718) 515-3400.

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