My City February 2023

MYWEDDING

Your First Home Purchase tips for success BY JENNIFER LASCO, BROKER, REALTOR, MBA N early 40% of all engagements occur between November and February, which means that we are knee-deep in engagement season! Many exciting things come along with an engagement, one of which can be the excitement of buying your first home together. With so many other details to manage during this time, making sure you are set up for success with such a significant purchase can be the difference between a seamless and joyful path and a stressful series of disagreements. To make the experience enjoyable and stress-free, it is important to consider a few key details before you begin. The most important place to start: choose a strong real estate agent to guide you through the process. When you sit down with a Realtor to discuss your needs, be open and honest about bud get, timing, and your list of non-negotiables. When we talk about non-negotiables, we really want to dig into the ideal location, size of house, bedroom and bathroom needs, and whether you are looking at subdivision life or more spacious, rural areas. See ing a few homes can always help narrow the focus for an agent. Once you have selected your agent, the importance of pre-approval cannot be understated. Would you go shopping without your wallet? Probably not.The same can be said about having a pre-approval in hand when house hunting. Being open and honest with yourself and your partner about not only what you can realistically afford, but also how much of your monthly income you plan to allot to a house, the discretionary funds you would like to maintain to live comfortably and whether those budgets align. For an agent to properly help you, it is import ant that you both have a clear understanding of your budget, the type of financing you will use, and whether the purchase is conditional on the sale of another property. Speaking to a lender can also help prepare you for the costs associated with a home purchase and help put you on the right track to get there.

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Now, we head to the fun part – shopping for the home where you will begin your future together. Your agent will begin a search and likely, you will continue hunting on your own.This is the time to narrow your focus and communicate likes and dislikes that pop up along the way. After seeing several potential houses, you may realize that items you thought were necessary when your search began are in fact not that important. On the other hand, you may find a few things that are much more nec essary than you previously thought. Once you have selected your perfect home, make sure you are in quick communication with signatures, documents and funds as necessary. All contracts are written with “time is of the es sence”, which means that timing is material to the performance of the contract. Several items require a timely response, so for a seamless closing, make sure you are in communication with your lender, agent and title company. If you pay attention to these details, you will avoid major upsets and may even have a lot of fun along the way. u Happy house hunting!

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