First – time home buyers usually find the buying process more than a little intimidating and daunting, so they need answers to tons of questions. Indeed, there is a lot to understand and a lot of pieces to be found. Otherwise, you risk making an enormously expensive mistake in your life’s biggest financial transaction. Really, though, if you’re armed with some knowledge, it’s not that difficult and you can avoid first time buyer mistakes. Here a beginners guide to home buying in Reno Nevada.
Beginners Guide To Home Buying In Reno Nevada
Determine What You Can Really Afford
When you are preparing to buy a home in the Reno, Nevada area, the first step should be to determine how much home you can afford. And that means looking at more than just the price of the sale. The home should not cost more than three to five times your annual household income, and you shouldn’t have a lot of other debt. However, other financial considerations determine what you can really afford. You will also have to take into account property taxes, homeowner insurance, possibly HOA fees, repair and maintenance costs, and all your other monthly expenses.
Get Prequalified and Preapproved
Once you’ve determined how much home you can afford, it’s time for the mortgage to be prequalified and pre – approved. Your lender will check your financial information and let you know how much they will lend you. Then you need to get your pre-approval letter. This shows sellers that they don’t have to wait until you get a loan approved and you’re a serious buyer. The result is that you have more leverage for negotiation when compared to buyers wow are not prequalified and pre – approved.
Start Shopping and Then Make an Offer
This may seem like an overly obvious step in a beginners guide to home buying in Reno, Nevada, but the trick is getting it in the right place. After you’ve figured out what you can afford and pre – approved. And during the offer and negotiation process, you’ll want to lean on your agent’s expertise. Your agent can help you achieve a better deal with there experience and expertise. More information is available by calling 775-525-0980.
Have an Inspection Done
Your lender will probably need an inspection, but for your protection, you should insist on one. In the disclosure process, sellers are not always as forthcoming as they should be. This is why this is an important part of our home purchasing guide in Reno, Nevada. An inspection ensures that the home has no structural damage or major defects and therefore usually a purchase contingency. Your agent can help you set up the inspection shortly after the acceptance of your offer. However, if there are problems with the inspection, you will have to go back to the negotiating table to lower the selling price, the repairs or a combination of both.
Choose the Best Mortgage for You and Get an Appraisal
You may already be pre – approved for a mortgage, but you still need to select the mortgage that best suits your needs and financial situation. For example, you can choose between a fixed rate mortgage or an adjustable mortgage. You can be advised by your lender and your agent.
Then you’ll have to get a third-party appraisal done. Both you and your lender will need to know if the home is actually worth what you will be paying for it. And, again, if the appraisal comes in lower than expected, you’ll likely have to renegotiate or reconsider. Both you and your lender will need to know if the home is actually worth what you will be paying for it. And, again, if the appraisal comes in lower than expected, you’ll likely have to renegotiate or reconsider. You don’t want to overpay for a house.
Get the Paperwork in Order and Close
It’s a mountain of paperwork to buy a house in Reno Nevada. Before you actually close, you have to collect all relevant documents and ensure that everything is in order. You want to make sure the seller is the real home owner, don’t you? At this point, many people choose to use a real estate attorney’s services or a title company.
Then it’s time to close – sign the dotted lines, pass the check and get the keys to your new home. It usually takes a couple to a couple of days for your loan to be financed after the signed paperwork is received by your lender. But you can start moving once the house has recorded.
Find a Good, Local Agent
No beginners guide to home buying in Reno Nevada would be complete without this piece of advice. Find a good, local Reno Nevada Real Estate Agent because your real estate agent is actually a valuable partner in the home-buying process. Your agent will have access to information and listings that aren’t accessible to the general public, and that gives you a better shot at getting a better deal. And, of course, your agent has the knowledge and negotiating skill that will make the whole process much smoother.