Being a first time home buyer in Port Saint Lucie can be very intimidating. It may be the biggest investment you make in a lifetime. There are many aspects to purchasing a Port St Lucie Home that can be overwhelming. Should you purchase a single family home in Port St. Lucie,Fl Townhouse in Tradition, Duplex, Villa, or Condo in St. Lucie West? How many Bedrooms? How many bathrooms? Should it be move in ready? Should it be a fixer upper? It can be a never ending cycle of questions that you ask yourself.
The first step to purchasing a home is to consider the payment options. Will you be financing or paying cash? There are multiple options for financing. The most used are FHA and conventional. FHA loans are insured by the Federal Housing Administration and only require 3.5% down. Being that the government insures these loans, there are very strict measures that the home may need to go through before the house can be financed. (Learn more about FHA loans on next weeks blog). Conventional loans can be used on any home but requires a larger down payment (20%).
The second step is to find the home that you’re interested in. If you’re looking to stay away from a Homeowners Association you’re first option should be a single family home. Communities have HOA fees as well as an application fee. Depending on the monthly fee of the HOA in question, you may have to contact your lender and verify if you’d qualify for the HOA fee and monthly payment of the mortgage.
The third step is to put an offer on the home of interest. Now there a re a few factors to consider when coming up with an offer. Any offer should be made based on the current conditions of the home. The days on market also plays a role in coming up with a number for your offer. Lastly, but most importantly, figure out if the home of interest is over priced. What have homes similar in size, build, and year sold for recently. This is something the real estate agent you’re working with should know and be able to provide.
Once you’ve put in an offer and it has been accepted, the following steps are to get a home inspections, get the home appraised, and lastly close on the home.