Buying your first home is a huge undertaking, especially in Connecticut. While the Constitution State’s strong historical ties and beautiful autumns draw in many young professionals and new families, houses for sale in Connecticut can be pricey and are sometimes close to a hundred years old. Here are 4 tips that will make your first home buying experience a little bit easier and less mysterious:
1) Use a Real Estate Broker. There are literally thousands of homes for sale in Connecticut every day, and it’s impossible to sort through them all to find which ones are best for you while concurrently working full time. For a minimal fee, a real estate broker can make this process infinitely easier by talking to you about what sort of home you’re looking for and then reporting back with the listings that most closely match your ideal house.
2) Prioritize What You’re Looking for. While the first house you buy probably won’t be the one you’ve always dreamed of, it can be remarkably close – as long as you’re willing to make some sacrifices. Make a list of what’s most important to you, in descending order. Do you want gas heat? Do you need to be near your child’s school? What about a porch or deck? Sorting these things out before you start officially looking at houses will make the selection process much easier. Remember that Connecticut has hot summers and harsh winters, so you’ll want to make sure that your house is insulated enough to avoid huge heating and cooling bills.
3) Get Pre-Approved. When you finally pick out a house, you’re going to need to finance it somehow. Most lenders require a four- to six-week screening process before they offer you a loan, which can be incredibly time consuming if you want to investigate multiple offers. A good way to expedite this is to see a loan officer before you go to the loan agencies. The officer will run you through the same screening process that the lenders will, and if you pass they’ll give you their pre-approval. That will let you bypass screening at most individual agencies.
4) Pick The Right Type of Loan. Shopping for a loan is a lot like shopping for a home. Banks, credit unions, private mortgage companies and even the Connecticut state government all offer housing loans to potential buyers at different interest rates and with different fees, so it’s important to choose which one is best for you. A good rule to follow is that your payments shouldn’t be more than 25% of your monthly income, and remember: the lower the interest, the better.
The key to buying your first home in Connecticut is balancing what you want with what you can afford, and finding a low-interest loan that you can pay off in a reasonable amount of time. It’s a lengthy process, but if you’re patient and thorough, you can make your first home-buying experience a pleasant one.
