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What should one do after saving up a nice chunk of change for buying a first home in Oregon? Those looking to buy a house for the first time may become befuddled and concerned with the vast amount of steps necessary to buy a home.
With Oregon real estate sales growing in price and housing options blossoming, it’s a perfect time to start looking for a new home. To get a better idea of how to effectively buy a new place for the first time and avoid any major mistakes like ignoring the fact that walls require retention, read through this home owner’s guide.
Here, one can learn about all requirements of first-time buyers, the considerations to make when picking a home, and the financial requirements of a mortgage. This guide details how to pick a real estate agent and lender, make an offer, complete a home inspection, and close on the house. The last step is moving into the perfect home in a great neighborhood!
The Requirements of First-Time Home Buyers
A first-time home buyer cannot have owned a main residence for at least the last three years. Further, a first-time home buyer can be a single parent who only owned a home with a former spouse.
Also, a first-time homebuyer may have owned a main residence that is not linked to a permanent foundation. Usually, however, a first-time homebuyer is someone who has only rented their home(s) before.
What to Consider Before Buying a Particular Home
There are plenty of things to consider when one starts looking at buying a certain home. One will need to see what their financial landscape is when it comes to purchasing real estate property with classy home decor. How much can one spend on a house? How large of a mortgage can they afford?
Also, what type of house will best suit their needs? There are many different types of properties such as single-family homes, condos, apartment-style properties, and even large mansions.
What Kind of Home Meets Your Needs?
There are townhouses, duplexes, or multi-family homes one can choose from in Oregon. Tons of different properties are available for homebuyers to consider. There are also different features one will need to pick, such as:
- A one-car or two-car garage
- A washer and dryer
- Several restrooms or a single bathroom
- Modernized kitchen or a more traditional kitchen design
One should also consider the size of the house, the schooling system for their children, and the neighborhood.
How Much Will the Monthly Mortgage Payments Cost?
First-time homebuyers need to think about how much money they have in the bank and how much they are making every month as their take-home pay from work. They should create a budget and figure out exactly how much they can afford when buying a home.
Homebuyers should consider how high their monthly mortgage payments can get before they become unaffordable.
Picking a Realtor
If one is a first-time home buyer, then he or she should clearly work with a realtor knowledgeable in the local real estate market. The best real estate agent will find buyers homes in their price range that also have the features they desire.
Make sure the realtor knows how to negotiate home prices effectively and assist with obtaining a loan. Real estate agents can also help home buyers manage all the paperwork associated with buying a property.
How to Find Your Future House
A real estate agent can help buyers find appropriate homes. In addition, homebuyers should check local listings online as well as ask any acquaintances and family members about new properties for sale.
Find out where the best open houses are taking place and ask a realtor about attending these open houses.
How to Obtain a Preapproval Letter and Find a Lender
Homebuyers should shop around for different lenders before choosing a particular one. Buyers should also ask their real estate agents about the best lenders. The type of lenders available include:
- Local banks
- Credit unions
- Large banks
- Mortgage brokers
Each of these different lenders has varying fees, and a realtor can help find the best financial choice for their home buyer. Once the buyer picked a lender, he or she will receive a pre-approval letter for a certain amount of money to purchase a house.
Making the Offer, Completing a Home Inspection, and Closing
With the help of a realtor, buyers can put forward the right offer and sign all contract documents. Then, a buyer should hire a trained professional to conduct a home inspection and ask the seller to repair all potential issues. The last step is meeting with a real estate attorney and realtor to close on the home and sign all paperwork.
Final Word
By following the steps outlined above, any first-time home buyer can prepare to purchase a wonderful house in a lovely neighborhood.
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