Tips for First Time Home Buyers in Orlando
Buying a home is a significant investment with huge financial implications. The good news is that Orlando offers home buyers tons of opportunities to make a solid investment. With real estate ranging from ultra high end properties to quaint, affordable townhouses, first time home buyers in Orlando have plenty of selections to consider. With this in mind, here are some tips that can get you started with the home buying process.
Arrange Your Finances
What can you realistically afford to buy? The first step before even looking at Orlando real estate for sale is to figure out your finances. You want to start by finding a mortgage lender who can help you determine how much home you can realistically afford.
- Pre-qualify for a home loan. Calculate the exact loan amount that you can receive from your lender in order to help you narrow down your options. Note that you don't have to use your maximum amount that is presented by the lender - if you would prefer a lower monthly mortgage payment, you can opt to borrow less
- Account for additional costs of owning a home in Orlando (E.g. additional utility costs, property taxes, home owners insurance, etc.)
- Learn about the loan programs that are available to you, including FHA loans or VA loans.
Determine How Long You Plan to Be in the Area
If you plan to stay in the area for awhile, then it might be cheaper for you to buy a home than to continue renting one. If you plan to move away from the area in the next three to five years, you may want to reconsider investing in a home for the time being or do your homework to find the right home as well as the right type of loan you want to obtain (e.g. an adjustable rate mortgage might be a better option for homebuyers who will need sell within 3-5 years).
Choose a Neighborhood that is Right For you
Then you will need to consider the neighborhood in which you want to live. Some areas come with a higher price tag than others, so you will need to look into which neighborhoods are actually available to you. Just to give an idea of how wide-ranging prices can get in this city, here are a few Orlando neighborhoods and their average home prices:
- The average listing price for a home in Lorna Doone is $3.6 million.
- Delaney Park's average listing price is $880,000.
- In Spring Lake, the average home price is $384,000.
- In Meadow Woods, you'll spend about $206,000.
This is just a small snippet of the many options you have to choose from in the Orlando Metro Area. The range of homes in Orlando and their listing prices actually vary quite significantly depending on the neighborhood, so an Orlando real estate agent who is experienced in servicing buyers in the area can really be a valuable resource when searching for home that not only falls within your budget, but also meets your needs. Although it is not required, it is recommend that first time homebuyers seek the expertise of a local Orlando real estate agent in order to ensure a smooth home buying process.