With 3,445 active homes for sale in Memphis, TN available at the end of July 2023, you still have many options when it comes to home buying.
But if this is your first time going house hunting, then you might not know where to start, how to pick a home, and what it takes to buy one.
Consider these home-buying tips so that you get the home of your dreams for the price you want.
Get Your Mortgage Pre-Approved
One of the most important parts of buying a home is the financing. Home loans are required if you aren't paying cash, so you need to speak with your bank or lender about whether you qualify for one.
Getting a home pre-approval will determine your budget. Having a letter of pre-approved loan also shows the seller that you can pay your offer amount.
Prepare a Down Payment
To know your mortgage rate and term, you need to calculate how much you can use for a down payment.
A down payment is the money that you pay to the bank or lender upfront for your new home. Consider a reasonable amount that you either have in the bank or can save within the next few months.
Hire a Real Estate Agent
It's always a good idea to have someone help you with the home-buying process like a real estate agent.
They help you with narrowing your search, scheduling walk-throughs, and finding open houses that are within your budget. Agents also assist with making an offer and work with the seller to sign a contract.
In addition, real estate agents make sure you don't miss important steps like inspections and an appraisal to make sure you are getting the best deal.
Remember to Include Closing Costs
You not only need a down payment to get started buying a home, but you also need to cover the home closing costs.
The average closing costs is between 2% to 6%, which may include:
- Inspection Fees
- Property Taxes
- Lawyer Payments
- Title Transfer/Registration
- Homeowner's Insurance
Some fees, like paying for the real estate agent's commission, are covered by the seller. Be sure to check the closing contract to see exactly what you are paying for when signing.
Move in Gradually
Once you close on your new house and get the keys, it is time to move in. This part can be exciting but also overwhelming.
If this is your first time moving, then you want to get help from family members or friends who have experience moving. It takes some organization to either move all at once or have your possessions in two locations.
Either way, take your time packing to make sure items are secured during transport and that you know where everything is for easy unpacking.
Get More Home-Buying Tips From the Experts
These home-buying tips provide you with the basics of what to expect when purchasing your first home. However, there is much more to learn.
Getting help from a property management service like PMI Memphis ensures that the process is smooth and enjoyable.
Start by contacting a home-buying expert to guide you toward your dream home.