Buying a home in Orlando is a valuable investment, and the market is in an ideal position to make the dream of homeownership a real possibility for many people. Before you sign on the dotted line, there are some considerations you’ll need to remember when you’re transitioning from a tenant who has rented in Orlando to a homeowner who is completely responsible for the property and its condition.
Mortgages and Financing
The first step in buying a property is to figure out how you’re going to pay for it. Unless you have a large amount of cash in the bank, you’ll need a mortgage. While the interest rates are still reasonably low for homebuyers, the lending standards have also tightened up in the last few years, and you’ll need to be prepared to demonstrate that you’re a reliable credit risk. Talk to a reputable mortgage broker who can help you decide what type of home loan is best for you and how much you can afford. Remember to factor in the costs of insurance, property taxes and maintenance. Once you have a budget, get pre-approved for financing and you can begin your house hunting.
Home Requirements: Needs and Wants
You’ll need to decide what you’re looking for in a home. We recommend that you make a list of three categories. In Category A, list all of the requirements that you must meet. This will include the location you want to live in, the number of bedrooms you need, the square footage that will make you comfortable and other must-have items, such as a fenced yard if you have small children or pets. In Category B, you should list all the things you’d like to have. That might include an updated kitchen, hardwood floors or space for an office. In the final category, Category C, you’ll list all of your dream items. Perhaps that’s a walk-in closet or a garden tub in the master bathroom. Once you’ve organized your priorities, you can really focus on the best homes to consider.
Work with a Realtor
Find an Orlando Realtor who can work with you on finding a good home. You need a qualified buyer’s agent to assist you with your search and negotiate details such as purchase price, closing date and other requirements. A good real estate agent will take the time to understand exactly what you’re looking for and help you find the best home to buy.
Transitioning from renting to owning can be an exciting process, but it’s also filled with challenges. Contact us at Legends Realty, where we can help you feel comfortable about making the largest purchase of your life.