Suggested Tips for Renters Who Want to Become Homeowners …

#1. Financial Planning: Start by assessing your financial situation. Create a budget, save for a down payment, and work on improving your credit score.

#2. Understand the Market: Research the real estate market in the area where you intend to buy. Understand price trends, neighborhood dynamics, and potential growth. Let’s create a game plan for your desired moving location.

#3. Get Pre-Approved for a Mortgage: Consult with a mortgage lender to get pre-approved for a mortgage. This not only helps you understand your budget but also makes your offer more appealing to sellers. Having a pre-approval helps you know what home price to shop for.

#4. Define Your Priorities: Clearly outline your priorities and preferences for your future home. Will this be a primary residence? An investment home? Consider building your investment portfolio. All of this will help you focus your search and make informed real estate decisions.

#5. Work with a Real Estate Agent, Like ME!: Seek & Engage with a professional real estate agent who can guide you through the home-buying process, provide valuable insights, and negotiate on your behalf. NAR Economists Research Says 61% of homebuyers in 2023 used a real estate agent to purchase.

#6. Attend Open Houses: Attend open houses to get a feel for different properties and neighborhoods. This hands-on experience can aid in making informed choices &check out what is most important to you: schools, church, commute to work and the grocery store + more!

#7. Home Inspection: Prioritize a thorough home inspection before making an offer. Identifying potential issues early on can save you from unexpected expenses. Plan ahead for the out of pocket expense as a buyer/ homeowner — the home inspection is essential in identifying home defects and repairs. You can expect a few hundred dollars + its always best to get a termite inspection completed as well (usually is extra $).

#8. Consider Future Resale Value: Think about the potential resale value of the home. Even if it's your first home, it's wise to consider its appeal to future buyers.

#9. Factor in Additional Costs: Beyond the purchase price, consider additional costs like property taxes, homeowners insurance, and maintenance. Be prepared for the full financial picture.

#10. Negotiate Wisely: Develop strong negotiation skills or rely on your real estate agent to negotiate the best terms for your purchase.

#11. Homeownership Education: Familiarize yourself with the responsibilities of homeownership. Understand maintenance needs, association rules (if applicable), and other aspects that come with owning a home.

#12. Stay Informed on Programs: Research and inquire about any first-time homebuyer programs or incentives that might be available. Some programs offer financial assistance or reduced interest rates.