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Tips may help first-time buyers of residential real estate

On Behalf of | Jan 10, 2020 | Residential Real Estate |

A top priority for many renters in 2020 is to finally buy a home. Buying residential real estate at the beginning of a new year is that it signifies a fresh start for the entire family. Here are a couple of tips for starting the homebuying process in Florida.

First, it is a good idea for homebuyers to meet with local lenders to obtain preapproval for any necessary financing. Many real estate agents will not show buyers homes until they have attained preapproval letters. However, these letters also benefit buyers, giving them an accurate idea of how much house they can afford and thus where they should look for their future homes.

Also, it may behoove homebuyers to create budgets that highlight how much they will be spending on their homes and other expenses each month. Ideally, net income should be included on a budget to provide a clear picture of how much money is coming in each month versus how much is being spent. The review that a lender performs as part of the preapproval process can also provide the buyer with insight into any financial or credit issues that he or she needs to resolve.

Hiring an attorney is also a good idea for those who are venturing into homebuying for the first time, or at any time for that matter. The attorney can provide the guidance needed to successfully navigate a residential real estate transaction in Florida. The attorney’s chief goal is to make sure that the buyer’s rights and best interests are fully protected at every stage of the transaction.

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