First-Time Home Buyer in the Disney Area?
At Luxury Orlando Real Estate, we’ve helped numerous clients buy their first home. Over the years we’ve complied tips and advice for first time homebuyers, as we know the experience can be overwhelming without the right help.
1. Have A Set Price Range
One of the most important rules when it comes to buying a home for sale near Disney World, is having a set price range and sticking to it. Having a price range will make your search more effective by already knowing what you can afford. When deciding your set price range, a good idea is to calculate what your monthly payments would be, including all insurance, taxes, and homeowner’s association dues, and making sure you can afford that.
2. Figure Out Your Down Payment And Save For It
Typically, the down payment is about 20% of the total price. The best solution is to save up for a few years for a down payment, but if that’s an unreachable goal, there are plenty of loan programs that are offered at banks and credit unions that offer lower down payment options.
3. Work With A Local Agent
When you decide the city or country where you want to purchase your house, it’s always ideal to work with a local agent. An agent that exclusively works with homes for sale in Disney can offer you insights on schools, taxes, and local activities in and around the Disney area.
4. Explore The Neighborhood
Spending time in the city where you want to purchase a house will help you get a better feel for the area. It’s highly recommended that you visit the area at different times, such as heavy commute times, weekends, and evenings. This will help you get an understanding of the traffic in the area. Explore shops and restaurants, find the nearest grocery store, and ask potential neighbors how they like the area.
5. Make Sure Your Credit Is Satisfactory
It’s better to be prepared when making a huge financial move. Make sure to obtain a copy of your credit report and check for discrepancies. If there are any issues with your credit, get them fixed before speaking with a lender. If there aren’t, then you’re good to go.
6. Don’t Make Any Other Large Credit Purchases
It’s beneficial to avoid making any large purchases with credit, such as a car loan, right before purchasing a home. These large purchase could affect your debt-to-income ratio, and in turn affect your ability to qualify for the loan you need for the home.