Whether you’re a first-time homebuyer cruising through different neighborhoods or scrolling through a real estate site, you’re most likely excited but also nervous at the same time due to the overwhelming number of options. Buying a home is one of the biggest and most expensive purchases of your life, and the last thing you want is for what you consider a lucrative opportunity essentially to turn into a financial disaster
Today, nearly 40% of Orlando residents own properties, and thousands are joining their ranks every year. So, if you’re in the Florida real estate market looking for your dream house, you’re on the right track already. All you need is an experienced Orlando realtor to assess your needs and budget, and time to thoroughly inspect different options before picking the right one.
To make your journey less stressful and more fruitful, we’re sharing 5 valuable tips for first-time homebuyers in Orlando, Florida. Read on to learn them!
5 Tips for First-Time Homebuyers by Experienced Orlando Realtors
1. Fix Your Budget and Start Saving Early
Whether you’re planning to pay cash or secure a home loan, you need to start saving money. Think about how much you could afford and don’t forget to factor in property taxes, bills, insurance, renovations, closing costs, mortgage down payments, and potential homeowner’s association fees. Ideally, you should choose a property that is slightly cheaper than your maximum price range so you can set aside money for emergencies or hidden expenses.
2. Consider What Type of Property to Purchase
Are you looking for a condo, a tiny apartment, or a traditional single-family home? The answer to this question depends on your budget, the number of residents, and preferences. If you’re looking to downsize, for example, you should opt for a condo. However, if you’re planning to start a family, you should ideally buy a home for tomorrow if your budget allows it so you can grow into it.
3. Monitor Your Credit and Pause Any Large Expenses
If you’re planning to take a home loan, you need to regularly check your credit report as this will determine your interest rate and other loan terms. By doing this, you can dispute any errors or look for ways to improve your score. Moreover, if you’re planning to buy a house, you should avoid any unnecessary expenses, such as buying a new car or going on a long vacation overseas.
4. Look for a Suitable Neighborhood
When you’re looking for a home in Orlando or Florida, look for a place that feels welcoming to you in every way, from the amenities to the people, weather, and overall environment. For example, if you’re a millennial buyer with a young family, you can opt for Audubon park, which is a quiet neighborhood with easy access to the city. If you’re a young couple looking for a place in the city, Thornton Park is the perfect neighborhood for vibrant nightlife with chic bars, busy streets, old bungalows, and top-rated restaurants.
5. Thoroughly Inspect Properties
Whether you’re looking at an old bungalow or a brand new duplex, you need to thoroughly inspect the property, inside and out, to note any issues or potential problems, such as bad plumbing, faulty wiring, mold, pests, and build quality. The more you know, the better fight or flight decisions you can make.
Looking for an Experienced Florida Realtor?
And there you have it – 5 valuable tips for first-time homebuyers in Orlando, FL. With this information, you can make a better property purchase decision in terms of your budget, space and amenity requirements, and neighborhood. Whether you’re just started looking or haven’t found the right home for you and your family yet, visit Megan Dowdy Realty to get in touch with an experienced Orlando realtor or call 407-509-9279.
