The American dream remains up for debate in the current generation. However, one dream for many Americans that cannot be ignored is homeownership. From millennials to first generation Americans, one of the biggest goals to achieve is owning your own home. While this might seem out of reach for many people, owning your own home might be easier than your would have expected. We have come together to create a homeownership journey to help become a homeowner and live out your American dream.
Beginning Homeownership Journey Steps
To begin your homeownership journey, it would be beneficial for you to gather professionals in every industry you will touch. Creating a team to help guide you through the homeownership process will make the process itself a lot easier. Stressing about not knowing what to do, where to get started, and what certain aspects of contracts mean can be avoided. Hiring a real estate professional, as well as finding a qualified lender can help. These professionals create a solid backstop to help you refrain from stressing about your homeownership journey.
The next step to becoming a homeowner deals with finances. Not only do you need to know your credit score, but also beefing up your savings will make the process easier. Knowing your credit score or preforming a credit inquiry before getting to the lenders table can speed up your process. Having your finances in check is the most important step to becoming a homeowner. Boosting your savings will allow you to put more money down, as well as cover closing costs. Having more money down makes your offer more attractive to sellers, and allows you to cover any repairs that might be needed when moving in.
Determining The Right Home
Knowing what you can afford and how the current market is also will benefit you in this process. Asking what rates are when you go to get pre-approved will allow you to discover what you can afford. While the days of sub-3% rates might be behind us, there is still a good chance of getting a low 3% mortgage rate. To put that into perspective, that is still well below what rates were before the pandemic. Low interest rates on your loan also allow you to save money over time and afford more house.
The next step is actually getting out there and hunting for your house. Using your agent to help you look for a home will allow you access to an unbias third party in your corner. With the help of your real estate agent, you will also be taken more seriously when viewing homes. Being with an agent makes you seem like a more serious buyer, opposed to someone who is just looking. After looking and finding your dream home, you are ready to place your offer.
Your Final Steps to The Homeownership Journey
After meeting with your agent to view homes, you will be ready to write an offer. Once submitting your offer and performing any negotiations, you will be ready to get your appraisal and home inspection. While we have seen many people waiving both these contingencies in this current sellers market, we advise not to do so. Waiving these contingencies can lead to a loss in equity or discovering hidden defects. Waiving contingencies might cause to buyer’s remorse, but is easily avoided.
Some more negotiations may take place after these contingencies, it is time to make it official. At the closing table, it is time to sign the final documents to become a homeowner. Once you sign the paperwork, which typically is a lot for buyers, you are ready to move into your new home. This is BY FAR the worst part of buying a home, and is the PERFECT time to get rid of that old treadmill! We would love to help you get into a home and live your American dream. You can view the homes for sale in Louisville, Kentucky by going to www.cityguidelouisville.com.