So, you’re ready to buy your first home on the Main Line. Congratulations! This is a very big and exciting step, and you probably have a lot of questions. We’ve compiled a list of tips to prepare you for the home buying process.
Drive through communities you’re interested in, during the week and on weekends, to identify noise levels and potential traffic problems. After you’ve whittled down your list, walk around your targeted neighborhoods and take mental notes. Are folks friendly on the suburban cul-de-sac? Are homes and yards well maintained? What about the pool and fitness center at the condo complex? Are there kids the same age as your children?
Having a lender locked in gives you much more power as a buyer than simply being pre-qualified—especially if you want to move quickly on making an offer.
Avoid making major purchases that might ding your score for three to six months before buying a home.
Having a sizable down payment translates to lower monthly payments, and, in some cases, lower mortgage interest rates. Parents and grandparents who want to see their financial gifts in action while they’re still living are a growing factor in many families’ homebuying strategies.
At the height of the sellers’ market, many would-be buyers waived inspections to remove an obstacle to having their bids accepted. In today’s more moderate real estate climate, home inspections are back on the table.
Factor in other expenses, including anticipated repairs and maintenance—and even incidentals like a week of takeout food while you’re getting settled in your new home.
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