Buying a home represents an exciting milestone for the first-time buyer and a sensible source of income for the experienced investor. Given that this is one of the biggest investments you’ll ever make, there are a number of steps you may want to take when working with trusted real estate agents in Malibu.
Assess Your Budget Carefully and Devise a Plan of Action
Determining the amount of money you’ll need to purchase a home involves more than just a flat retail price. You’ll want to start by developing a checklist that will help you determine your budget.
Your credit score will be one of the major deciding factors in the size and terms of a mortgage. Check your ratings, and make sure you aren’t being unfairly penalized for past debts. From there, you can then determine an appropriate budget or price range.
Misjudging income is a common mistake among first-time home buyers. A good rule of thumb is to not take on home expenses that exceed more than 28% of your gross income. In addition, take the down payments and closing fees into account. Setting aside a nest egg will allow you to prepare for these overhead costs and unforeseen expenses. In addition, government and non-profit organizations often provide seminars to help you acquire a thorough understanding of home ownership responsibilities, which should be of great help along the way.
Make a Preliminary Assessment of the Local Market
Consider getting a feel for the Malibu real estate market by visiting open houses in the area. When you enlist real estate agents, they’ll scour their listings to find homes within your spending range. Getting a feel for what is available within your budget, however, will allow you to set your expectations and get a more precise understanding of what you want in a home.
Find a Real Estate Agent You Can Trust
Your local real estate will be your most important partner in the home buying process, and you should find one that meets your needs. Speak with an agent directly to learn more about their experience and the services they can provide you.
Resolve to Buy a Home With These 10 Must-Do Steps, realtor.com
6 must-do’s before buying a home, bankrate.com