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The First-Time Buyer’s Guide to Finding a Home

Owning a home is the cornerstone of any family’s dream. It is one of the most basic and essential desires of one’s life. Home is not only where you stay; it’s a place where you spend good quality time with your loved ones and feel safe to visit. When investing in buying a home, you need to keep the place and surroundings in mind. You must do so before contacting Pocono real estate agents.

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Buying a house is always exciting yet aggravating, at the same time, for first-time buyers. Starting may seem unnerving, but it is best to understand the home buying process end to end. This way you avoid stress at a later stage as much as possible.

Buying a residential property is likely to be the biggest investment of one’s life. Thus, before you narrow down on a property, you will need to conduct thorough research. Look into the different aspects of your family’s choice and needs like:

  • neighborhood
  • community
  • commuting time

So, here is a first-time home buyer guide to help you make the correct selection.

A guide for first-time Home Buyer

Consider your finances

Before starting the process of buying the home, you should know your finances and your budget. This will help you save time as you would not look into homes that don’t fit your budget. A bigger house may seem lucrative and affordable right now, by stretching the budget. Yet times change, and with it, your needs change. You should make sure the home is affordable today, and in the long term, else it can lead to a financial overstretch. Consider your finances and financial security, as you do not want to get into any debt trap later.

Choose your lending partner.

As a prospective home buyer, you may need financial support for easy mortgaging. This may be in the form of a bank or a lending provider. You may either stick to your current bank or put in some effort to search for low-cost loan facilities. It is also wise to connect with mortgage brokers who can suggest other loan options. The realtors in Pocono, PA have years of experience. They will negotiate with banks on your behalf and advise on different aspects of the loan such as:

  • What budget should you work within?
  • Deposit required
  • Collaterals
  • Loan options
  • Different repayment modes.

Calculate the mortgage value and duration

The mortgage amount is a single financial commitment that will run for years. Hence, banks and financial institutes conduct credit score checks to measure eligibility. Thus, you need to have your credit score checked to know whether you qualify for the mortgage or loans. It will also give you an idea of how much of the loan amount you can apply for. Based on this information, you will need to consider the down payment you can make. You also need to consider the extra costs like utility bills and maintenance.

Get a Lawyer

While selecting a property, you may need a residential property lawyer. There are a lot of legal matters associated with buying a home, like:

  • Sale and buy agreement
  • Council’s Land Information
  • Property title
  • Mortgage documentation.

You can hire an excellent residential property attorney to review these documents. Legal and conveyancing fees vary from state to state. Thus it is always better to check for the cost-effective options available.

Find a Good Real Estate Agent

It is always helpful to find the right local real estate agent. They are well-versed with the market conditions, and the prevailing property rates. They may have complete knowledge of:

  • the location
  • neighborhoods in different communities
  • the local population
  • conveyance options
  • surroundings

Since Pocono does not have many suburban areas, you may choose to live in town, woods, or community. You may want to buy a brand-new property or can compromise with a similar home for less in resale. Discussing or communicating this with your agent will help refine their search better. The local agents can help in deciding where to settle down, based on your needs and budget. Having a local real estate agent helps you:

  • find your dream home within your financial limits
  • getting the home inspections done
  • finding the right mortgage brokers/ banks
  • handling all the necessary paperwork
  • negotiating the right deal.

Location

While hunting for your home, the mortgage is not the only cost you may incur. Besides, you need to consider:

  • the cost of living
  • the family size
  • number of rooms
  • play area for kids
  • indoor and outdoor ambiance
  • the kind of view you would want

Location of your prospective house plays a crucial role in the above factors. Most people look for homes close to amenities such as:

  • Commute to work
  • School
  • Grocery and utility stores,
  • Medical facilities & on-call doctor’s availability,
  • Parks and other recreational areas

Buying a Home in Pocono – Town v/s Woods

Buying a home in the Pocono town can be very expensive. So, you might end up purchasing a resale home that may need more maintenance. If you are buying a resale property, ensure that you conduct a thorough home inspection. This helps to identify any issues in places such as:

  • Structure
  • Flooring
  • Roof
  • Pest infestation

If the property requires too much repair, consider the repair costs.

Buying a cabin in the woods, allows you to experience the wildlife in its natural habitat. A cabin house means living among serene and undisturbed nature like mountains, waterfalls, rivers, and lakes. Yet, selecting a property in the woods would mean staying away from civilization. You may need to drive a few miles for your groceries and other daily needs.

Buying Home in Pocono – Communities

Buying a home in Pocono communities means selecting a property with different amenities. Each community provides you different lifestyle choices as per your family requirements. For example, some communities offer outdoor activities like golfing, hiking, kayaking, etc. Others may have wine tasting tours or facilities such as a tennis court, swimming pool, clubhouse, etc.

You should invest in a community home only if you are sure that the provided amenities are of considerable value for you and your family over the years. Investing in a house in the community centered around children’s activities, when your children are in their teens, a pointless investment later. By then, they may move out for their higher studies and career. You’ll end up paying for the expensive amenities and the extra taxes on them without any use. Selling such property, at a later stage, will have you paying extra in commissions and tax transfers.

Conclusion

Buying a home in Poconos is no more restricted to a weekend or holiday vacation home. Many people are finding their residential homes in Pocono. Buying a home in Pocono has its own set of benefits like:

  • Staying away from noises of the densely populated cities,
  • Being nearer to nature
  • peaceful ambiance
  • having more space so that you don’t live in small and cramped-up rooms.

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