5 Financial Experts To Speak To Before Buying a House in Fall 2024

Planning to buy a home is an exciting investment — and if you’re a first-time homebuyer, it can feel a little overwhelming. With limited housing inventory, higher interest rates and a significant shift in home prices, it’s important to surround yourself with financial experts who can help make the process less intimidating.

“Buying a home can be a daunting process, but it is important to know that you don’t have to go at it alone,” said Bob Driscoll, senior vice president and director of residential lending at Rockland Trust Bank .

Find Out: 20 Best Cities Where You Can Buy a House for Under $100K

Be Aware: 5 Types of Homes That Will Plummet in Value in 2024

In this article, we’ll cover five financial experts to speak to before buying a house in the fall of 2024 .

Money mistakes the super wealthy never make - that you might be doing now.

Financial Planner

One of the most important things you should do before buying a house is ensure that your finances are in order. While mortgage lenders will determine whether you’re eligible for a loan, they won’t tell you whether or not it’s a good financial move for your family.

A financial planner will consider your long-term goals, income, savings, family dynamics and more to determine whether it’s a good time to buy and how much you can spend without breaking your budget. They can run hypotheticals so that you can realistically see the impact of each decision.

For You: 5 Cities Where Homes Will Be a Total Steal in 2 Years

Mortgage Lender

Once you’ve determined that your finances are in a good place, you’ll want to speak to a mortgage lender. A mortgage lender will ensure you’re eligible for a loan by looking at your credit score, credit history, finances, assets and other loans. They will then determine what loans will best fit your situation and the area you plan to move to.

Mortgage lenders will then help you obtain a preapproval letter. A preapproval letter states that you’re in good financial standing and preapproved for a loan up to a certain amount. Most real estate agents and sellers will require this before letting you put in an offer or even look at houses on the market.

“Ask them what kind of programs they offer, how much you can realistically afford and what type of mortgage might be best for you,” Driscoll said.

Real Estate Agent

Once you have your financials in order and a preapproval letter in hand, it’s time to start your home search. It’s a good idea to interview a few real estate agents and make sure they are knowledgeable about the area and fit your personality. The right real estate agent will help steer you to the right neighborhoods, help educate you on the entire process of buying a home and offer insights on homes during the process to ensure you’re getting the best deal.

Additionally, when it comes time to put in an offer, they will help you negotiate a fair price and conditions that favor you. For example, they may have the owners cover the closing costs or replace certain items in the home that need to be fixed. Real estate agents will handle all the communication to ensure everything is done legally and correctly.

“Consult a Realtor to help you navigate the ins and outs of the current market,” Driscoll said. “Ask them to help you determine the difference between competitive and overpriced homes. They also are a valuable resource in providing guidance on and introductions to other vendors in the process, including home inspectors.”

Home Inspector

Once your offer has been accepted, you’ll want to hire a well-known home inspector. The more in-depth an inspection, the better. The role of a home inspector is to go through every nook and cranny of the house, provide a report on the overall condition of the home, and include any repairs or issues you need to know about. Once you have this report, you’ll be able to work with the seller to see if they can either fix the issues you found or offer a lower price so that you can fix the home once it’s in your possession.

You can always ask your real estate agent for a referral for a trusted home inspector or do your own research and read reviews from previous clients. Make sure that the inspector is licensed and certified in your state.

Real Estate Lawyer

While not always necessary, hiring a real estate lawyer can be helpful in some situations. Real estate lawyers are experts in making sure that the legalities of the purchase are being handled correctly and that there are no hidden issues with the property, such as liens or zoning restrictions. This is especially helpful if you’re purchasing a home in an unfamiliar area since the real estate lawyer will be more familiar with local laws and regulations.

Do Your Research

Having these five financial experts on your team when buying a home this fall can help alleviate stress and ensure that you make informed decisions. Remember to always do your research, ask for recommendations from friends or family, and trust your gut when choosing who to work with throughout this exciting journey.

This article originally appeared on GOBankingRates.com : 5 Financial Experts To Speak To Before Buying a House in Fall 2024