Thinking of buying a home? Here are 6 things to do and think about before you do:
- Check your credit score. 660 is a good credit score to shoot for and if you can get it up into the 700’s, that’s even better as it will make your life easier when applying for a mortgage! You can work on paying off debts and credit cards too once you review your credit report. This will also help you when it comes to qualifying for a mortgage.
- Save up for your closing costs. When you buy a home it can be another 3%-5% or so in additional closing costs, not including your down payment on your loan. You have to prepay taxes and insurance as well as lots of lender and title fees. These all add up. It can be a big surprise at closing to find out how much you owe. Plan ahead and save for the big day!
- Save. It’s best if you can save money so that you have extra to pay for unexpected bills as they come up. Lenders like to see that you have some reserves built up. It also shows that you are more financially sound.
- Speak to a mortgage broker about your income and credit score. This will allow them to work backwards into a sales price that will work for your budget. Once you have that sales price, you can get a pre-qualification letter from your mortgage broker and then go shopping for a house! Most sellers want to see a letter like that if you make an offer on their home.
- Check out the neighborhood. Drive through it at night and during different times of the day. Sometimes communities look very different depending on when you are there. It’s best to get a good feel for what your day to day will look like living there. The social aspect of communities in SW Florida can be almost as appealing as the homes themselves. Make sure you’re familiar with that prior to buying.
- Consider when you go to sell your new home. Does it have a bad view or is it close to a loud road? Maybe these things don’t bother you, but know that when you go to sell it maybe years from now, it could be a major turn off to other buyers.
Enjoy your home buying process and best of luck!!!
Gabe Mellein was voted a Top Real Estate Agent – Exceptional in Service and Overall Satisfaction by Gulfshore Life Magazine in 2012 and 2013. He is the former broker of Gulf Pointe Properties and has over 9 years experience in the SW Florida Real Estate Market. He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need real estate help? Please contact Gabe at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com