If you’re eyeing Florida for your very first home, know that there are certain considerations to keep in mind as you prepare to achieve your home-buying goals here. Let me, Florida Realtor Brian Scharick, help you out with this step-by-step guide to buying your first home. ## PREPARE YOUR FINANCES Many first-time buyers tend to think that all they have to prepare for financially is a house’s price tag. In reality, however, there are additional costs that need to be factored in, such as closing costs, property appraisal costs, property taxes, agent commissions, and others. The lower the down payment you pay (standard is around 20% of the home’s cost) and the longer the mortgage terms (should you be paying via a mortgage), the higher the fees to pay in the long run. ## MIND YOUR CREDIT HEALTH Your credit score is also crucial to getting the best terms in a mortgage you intend to apply for. Make sure you’re always on top of your credit payments, from your credit cards to your car mortgage, and other loans. Your pre-approval for a housing loan will rely a great deal on your credit score. The higher your score is, the more likely that lending firms will endorse your bid for a mortgage. If your credit report falls below the desired score, then today is as good a time as any to start working on it. ## LOOK INTO FIRST-TIME HOME BUYER PROGRAMS The State of Florida has its own programs for first-time home buyers. Each program targets different types of home buyers and features different benefits. Here are examples of these lending programs for first-time home buyers: - Florida Assist Loan Program
- Florida First
- Hometown Heroes
- Homeownership Assistance for Moderate Income (HAMI) Loan
- Florida Advantage
- 3%, 4%, and 5% HFA Preferred and HFA Advantage PLUS Second Mortgage ## HAVE A THOROUGH INSPECTION DONE Before committing to buying a house, you should have a thorough examination and assessment of the property to determine its condition. A licensed home inspector will comb through every nook, cranny, and crevice in the property to find any issues. From pests and mold to structural defects, plumbing issues, electrical wiring hazards, and more, the details of the report should inform you of how much repair work you should anticipate once the property is turned over to you. You can also use this information to negotiate the price with the seller. ## HIRE A PROFESSIONAL There are so many steps involved in the home-buying process. While you can have a go at it on your own, you run the risk of making costly mistakes or buyer remorse. But, with a real estate professional handling all the minute details of the home-buying process and acting as your guide and representative, you can be assured of a stress-free transaction that covers all the bases. They’ll be working with your best interests in mind. Moreover, the industry expertise they have and the local knowledge they can impart to you will prove to be beneficial in making informed decisions in your house purchase. In the communities of Broward County, Palm Beach, and Miami-Dade, there’s one real estate professional you can trust: yours truly. I, Brian Scharick, can help in making your home-buying experience a successful one. Call me at 954.644.9118 or send me an email here.
