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A STEP-BY-STEP FIRST TIME BUYER'S GUIDE

Buying a home in South Tampa, North Tampa, or Clearwater is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by the Tampa Bay real estate agents at The Salamone Group will help reduce the stress of buying a home and help you enjoy the journey as much as possible.



STEP 1:

RESEARCH

Do you already know where you want to buy? If you want a condo, townhome, or single-family home? Which features do you like and dislike? What’s available on the market now? If you answered no to any of these questions, now is the time to start researching. In addition to looking for homes that interest you, also take note of any changes in asking prices. This could give you valuable insight into housing trends in specific Tampa Bay neighborhoods and help you when the time comes to make an offer.

Interior shot of a kitchen and glass wall with a beach hin the background

STEP 2:

DECIDE ON YOUR BUDGET

Notice we said to decide on your budget—not determine how much the mortgage company will give you. In many cases, a mortgage company will pre-approve you for more than you’re comfortable spending, which is why you need to determine the monthly payment you feel comfortable with before talking to a lender. This likely includes doing a full household budget and taking into consideration what changes other than a mortgage payment will occur once you move into your new home. If you’ve lived in an apartment or with roommates, you may overlook new expenses like garbage, water, or HOA fees that could easily blow your budget.

Interior shot of a kitchen

STEP 3:

GET PREQUALIFIED

Just because you think you can afford a certain payment every month doesn’t mean the mortgage company will agree. Just as they may approve you for too large of an amount, they may also approve you for a lesser amount or deny you a mortgage altogether. Lack of time at a job, insufficient credit, past bankruptcies, or other financial issues can cause major problems when trying to secure a mortgage. Before you get your heart set on a home, talk to a mortgage professional to find out what amount you can qualify for. This will also be an advantage when you make an offer on a home, as some sellers won’t entertain offers from those who aren’t already prequalified for a loan.

Exterior shot of a front yard and white picket fence

STEP 4:

CHOOSE A REAL ESTATE AGENT

Can you shop for, look at, and ultimately make an offer on a home without a real estate agent? Technically yes, but why would you when it costs you nothing for agents like us to take much of the stress off your shoulders? Not only will we help identify properties you might be interested in, arrange showings, and ultimately handle the offer process, but we also have a knowledge of the market that you don’t possess. We may be able to find you hidden gems, or give you pointers that will help you find your dream home for the right price.

Interior shot of a living room with a white couch and ratan chair

OUR GOAL IS TO PROVIDE YOU WITH THE MOST PERSONALIZED SERVICE THAT IS DESIGNED TO HELP YOU BUY YOUR DREAM TAMPA BAY HOME.

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STEP 5:

FIND THE RIGHT HOME

This should be the most enjoyable step of the entire process (other than moving in!). We will arrange showings of luxury South Tampa homes, North Tampa properties, or homes at the idyllic Clearwater that are within your price range. Take notes about what you like and don’t like, and make sure to pay attention to details. Turn light switches on and off, open and close doors, and run the faucets in various rooms. Don’t limit your inspection to the home itself. Make sure to take time to explore the neighborhood and keep an eye on traffic at certain times of the day, the parking situation, and how close it is to necessities like schools and grocery stores.

Exterior shot of a house with palm trees in the yard

STEP 6:

MAKE AN OFFER

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate to reach an agreement if you receive a counteroffer. At this point, the house will go into escrow.

Interior shot of a living room with a white couch and shelving unit

STEP 7:

HAVE THE HOME INSPECTED

In most cases, your offer will be contingent on having the home inspected to ensure there is no major structural damage or large repairs needed. We can help you arrange this, and you can schedule it within days of making an offer. If there are no major issues, the process goes to step eight. If there is, you can renegotiate your offer based on what needs to be fixed, or you can withdraw it.

Exterior shot of a front entrances with hedges adn palmtrees

STEP 8:

SELECT YOUR LOAN

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

Exterior shot of a luxury house and a boat with palm trees in the background

STEP 9:

GET A HOME APPRAISAL

Your lender will have your new home appraised so they have their independent value of it. The appraisal is to ensure that all parties involved are paying a fair price for the house.

Picture of a walkway to a beach with a bike against a fence

STEP 10:

FINISH PAPERWORK

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.

Exterior shot of a home with palm trees and a gate


CONGRATULATIONS!

As you cross the threshold into your new sanctuary, may each moment be filled with the promise of new beginnings and cherished memories. Congratulations on finding your place to call home in the vibrant tapestry of Tampa Bay.