Tips For First-Time Home Buyers
Buying a home for the first time is a significant milestone and a thrilling yet complex endeavor. To ensure a smooth and successful journey into homeownership, understanding the crucial steps and gaining insights into the intricacies of the real estate market is essential. In this guide, we will present valuable tips and advice for first-time home buyers, empowering you to make informed decisions and navigate this exciting venture with confidence and clarity.
Pre-approval costs you nothing!
allows you to understand your maximum budget, how much you can spend comfortably, and have a game plan
helps you realtor effectively achieve your goals
depending on the market, you might be advised to search below the pre-approval limit to have some wiggle room in order to beat competition
Real estate is a long term investment
most first-time home buyers live in their home for about 2-5 years
your first home is not necessarily your forever home
First-time home buyer assistance programs and grants
Philly First Home offers a homebuyer assistance grant of up to $10,000 (or 6% of the home’s purchase price, whichever is lower) to assist first-time homebuyers reduce the principal, cover down payment and loan closing costs.
Keystone Forgivable in Ten Years Loan Program (K-FIT) offers support to eligible homebuyers by assisting with downpayment and/or closing costs. Qualified borrowers can receive assistance equivalent to five percent (5%) of the lower amount between the purchase price or appraised value, with no specific cap on the amount for downpayment and closing cost aid. The K-FIT loan forgiveness occurs gradually over a decade, with ten percent (10%) of the loan being forgiven annually.
Homes for Sale in Philadelphia
Tips for when you’re on the house hunt!
Choosing your neighborhood
see as many properties as possible!
real estate photographers are paid for a reason- they highlight the prime features of your potential home and help you decide if that house fits your preferred criteria
Don’t skip home inspections
helps you understand the maintenance cost
get to know your home and how it works
Offer accepted is only step 1 and does not necessarily mean you are going to buy the house
blackout clauses are in place
discuss strategies and comforts with your realtor
Talk to your relator about their title and mortgage partnerships
agents do not receive kickbacks for these referrals
the process is likely to work smooth with partner companies
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