By Melissa Forte-Litscher
Looking to buy your first home? Taking the plunge into homeownership is one of the most exciting and rewarding experiences life has to offer. As a local Realtor, I understand that purchasing your first home can be both an exciting and daunting experience. Fort Walton Beach and the surrounding area is a beautiful place to live, work and play with its white sandy beaches and warm climate. However, before jumping into the home buying process, there are a few things you need to know.
First and foremost, it’s important to get pre-approved for a mortgage. This will give you a clear understanding of what you can afford and help narrow down your home search. I recommend working with a local lender who is familiar with the Fort Walton Beach area market and can offer personalized assistance throughout the loan process. Be sure to also factor in the cost of homeowner’s insurance and property taxes when calculating your monthly expenses. Fort Walton Beach is known for its beautiful weather here on the Gulf of Mexico, but this also means higher insurance rates due to the potential for hurricanes and flooding. You may also want to consider getting a home warranty, as it can provide you with peace of mind and protection in the event of any unexpected repairs. Maintenance and repairs should be part of your budget as you prepare with your lender.
Next, determine your must-haves for your new home. Do you need a certain number of bedrooms or bathrooms? A specific location or proximity to amenities? Covered parking or a yard for your furry friend? Having a clear list of non-negotiables will make the search process much smoother. However, be open to compromise as finding the perfect home may not be feasible. Prioritize what is most important and what you can live without. When viewing potential homes, keep an open mind. Don’t be afraid to look at properties that may need some TLC or minor updates. Often, these homes come with a lower price tag and can be a great opportunity for you to put your personal touch on the space.
When you find the right home, it’s time to make an offer. Your realtor will help you navigate the negotiation process and ensure that you get the best possible deal. With an accepted offer, you will be expected to deposit funds, an earnest money deposit, with an escrow office. These funds will go toward the purchase price of the home at closing and could be refunded to you if the contract falls through. Once you are under contract, it is important to get a home inspection done to ensure that the property is in good condition and doesn’t have any hidden defects. This will give you peace of mind and avoid any unexpected expenses after closing. Make sure you factor in inspection, appraisal, and survey costs when preparing your offer, as these items are items a buyer is expected to pay outside of the closing process. A lender typically requires an appraisal to ensure the home is valued at the contracted price and a survey to verify the property boundaries.
Don’t be afraid to ask questions and seek guidance throughout the home buying process. Your real estate agent will provide expertise and support every step of the way. We will also guide you through the closing process, making sure everything is in order before finalizing the purchase. Once you’ve gone through the inspection and closing process, it’s time to move in and enjoy your new home. With proper preparation and guidance, your dream of owning a home along the beautiful beaches of Fort Walton Beach could soon be a reality!
