The US Census Bureau reports that homeownership rates were high at 65.8% in 2022. Buying your first Lakeland home can be exciting and life-changing but also nerve-wracking.
Due to the many available options, the process may seem overwhelming. However, knowing what to look for and using a detailed Lakeland home-buying guide can make it smoother. It simplifies financing and ensures you invest in a property and neighborhood you like.
Let's discuss some helpful home-buying tips so you can make a confident choice.
Get Your Finances in Order
Most Florida first-time home buyers often already have a dream home in mind. However, it's vital to know what you can afford by revising your financial situation.
The minimum credit score for conventional loans, including mortgages, is at least 620, according to Rocket Mortgage. While some financiers may let you borrow with a lower score, you will incur high interest rates.
Establish your credit score and save for the down payment before getting a mortgage. The amount you must pay will vary based on the seller but expect a rate of 3%-20%. You should also get bank pre-approvals to show sellers you are serious about buying.
Research Lakeland's Neighborhoods
Lakeland, FL, has much to offer for people with different lifestyles, so it's vital to research before choosing a neighborhood.
Downtown Lakeland will be perfect if you enjoy city vibes since it has plenty of restaurants, shops, and events. South Lakeland, on the other hand, is a family-friendly area with many excellent schools. North Lakeland will be a good choice if you're looking for a quiet, suburban life and affordable housing options.
Understanding the location's vibe will help you narrow down your options. Ensure you also consider the following:
- Commute times
- Proximities to amenities
- School districts
- Security
Create a Home Buying Checklist
An ideal home-buying checklist in Lakeland can include the following:
- Potential red flags in a home
- Future property maintenance needs
- Parking space availability
- Energy efficiency
Determine the must-haves in your Lakeland home based on your needs and lifestyle. For example, if you have a family, you may need several bedrooms and a large backyard. In contrast, you may be looking for an entertainment spot if you live alone and like to host friends.
Knowing what you're looking for in a Lakeland home will help you stay focused and find a suitable option faster.
Work With a Local Real Estate Expert
Navigating the Lakeland housing market can be tricky, but a local agent can assist in the following ways:
- Offering insider real estate tips in Lakeland
- Helping you spot great deals
- Negotiating listed homes
The expert can also help you take advantage of programs available for first-home buyers in Florida.
Get Home-Buying Tips and Lakeland, FL, Property Advice From Experts
Buying your first residence may seem overwhelming, but it's easier with these home-buying tips. Prepare for the process by budgeting and learning more about the Lakeland Neighborhoods. Further, outline everything you're looking for in a home and use it as a guide map.
PMI Arrico Realty and Property Management is your go-to resource for help with buying a home in Lakeland. Our owners have extensive experience and have served in top positions in organizations like the Nation Association of Residential Property Managers (NARPM).
Contact us to buy your first dream home.
