The Elena Kemper Group’s Complete First-Time Homebuyer's Guide

Congratulations on the decision to buy your first home. A first home purchase is a significant life milestone that buyers should not undertake lightly. While you're likely feeling excited, you may also feel overwhelmed by all the information and guidance on what first-time homebuyers need to know. If you’ve already found yourself frustrated by advice that doesn't apply to the location where you plan to buy, or you are still determining how to begin, The Elena Kemper Group has compiled a complete guide for first-time homebuyers in Pinecrest, Florida, to learn everything you need to know about buying Pinecrest real estate.

Doing your research is essential when buying your first home. Start by researching homes for sale in Pinecrest, Florida, to narrow your choices and define what you want.

It's an exciting time to become a Pinecrest resident with the release of the revised Pinecrest Parkway Vision Plan last October and the ongoing progress toward the Village's overall Master Plan. With the revisions, the Village solidified plans to preserve the interests of residents while also allowing for the expansion of commercial offerings like new restaurants and stores. Most notably, the new vision limits the allowable height of commercial buildings and increases the landscape buffers between single-family homes and commercial properties. The plan also emphasizes more open areas, mature trees, art in public spaces, outdoor dining, and rooftop terraces to encourage residents and visitors to enjoy the beautiful weather and views of Pinecrest. As a prospective resident, you can look forward to more green space and shorter commercial buildings with a clean and cohesive architectural style. The Village plans to establish an Architectural Review Board, which may impact your future renovation and development plans as you tour properties.

After familiarizing yourself with how the Village of Pinecrest is evolving, you are ready to build your home wishlist. Start by deciding whether you want to be in a mixed-use neighborhood with height limits for commercial buildings or if you want to be in a purely residential area. As you peruse the locations you want to limit your search, note the local amenities you will likely enjoy most often. Do you want to be close to the Pinecrest Gardens on 57th Avenue? Or consider homes closer to Sha Voodoo on 81st Avenue if you have a sweet tooth.

 

You should also note the basics, like how many bedrooms, bathrooms, and other-use rooms you need. As you determine your budget for your home purchase, calculate how much you are willing to spend on the initial investment and monthly expenditures like utilities, groceries, visits to local favorites like Wayside Market's juice bar, and other recurring expenses.

Talk to a mortgage lender about pre-qualification or pre-approval before you start your home search for Pinecrest luxury homes.

 

To start looking as soon as possible, go with pre-qualification. When you choose pre-qualification, a mortgage lender will estimate how much you can likely borrow based on what you tell them. The estimate may be free of charge since it doesn't require the lender to pull your credit report. The caveat is that pre-qualification may hold less pull with sellers when you submit an offer than pre-approval.

 

If you want to be more competitive when you submit your offer on homes, pre-approval is the way to go. While it takes a little longer to receive, the estimate is verified because you submit proof of your financial situation (bank statements, pay stubs, etc.). You'll have to complete a mortgage application and all required documentation requested by the lender. Once granted, the pre-approval letter guarantees that the lender is willing to authorize a mortgage loan for the listed amount. You'll also have the mortgage interest rate locked in for at least three months, which buyers often find reassuring given the fluctuating rates. Pre-approval is also comforting to most sellers, so you should mention it in your offer letter if you've gone through the trouble of obtaining it!

 

Whether you choose pre-qualification or pre-approval, check out multiple lenders as you investigate mortgage loans. Speaking with several lenders may help you gain greater insight into potential loan options and determine which one is most appropriate for your circumstances.

Ease the process of finding your perfect first home by enlisting the help of an experienced and qualified buyer's agent like the ones with The Elena Kemper Group. A buyer's agent specializes in navigating the market for Pinecrest homes, helping buyers find their ideal property within their budget. An excellent buyer's agent will strive to ensure you understand the specific challenges of the Pinecrest area, so you can confidently make an informed offer.

After researching, compiling your wishlist, securing pre-qualification or pre-approval, and hiring a great buyer's agent, you are ready to start hunting for the perfect Pinecrest property to call home! Your agent will provide a link to the MLS, enabling you to search for Pinecrest listings online. They will also start making a list of homes for you to tour, so be sure to tell your agent when you come across listings or open house signs for properties that spark your interest.

Once you've found the perfect property, quickly submitting an offer is essential. The offer process can be nerve-wracking, especially for first-time buyers, so relying on your buyer's agent to help is crucial. For example, you'll want to be sure your offer includes an inspection and home appraisal contingency and your preferred closing timeline in addition to the offer amount. Your agent will submit your proposal and negotiate counteroffers and contingencies on your behalf. Once you and the current homeowner agree, sign the contract and start the closing process.

Although it may seem tempting to waive the home inspection contingency to make your offer more competitive, resist the temptation. The home inspection allows you to verify that the home is up to code and in decent condition before you agree to finalize the sale. A reliable and qualified home inspector can spot potential problems and code violations, which could help you prevent costly issues later on down the road. Some common findings include banister spindle spacing in older homes (too much space between spindles can be dangerous if you have young children), piping needing replacement, faulty outlets needing replacement, etc. The inspection process can be intimidating, especially for first-time homebuyers, but take advantage of this essential step!

Once the home is under contract, it is time to finalize your loan. Contact your lender to learn the steps from pre-qualification or pre-approval to a secured loan. Your loan officer will provide a timeline of when to expect your funds, a list of documents necessary for the closing process, and will remind you of your mortgage loan's terms. Remember that mortgage types vary widely, from fixed to variable interest rates, required down payment ratios, mortgage insurance, and term length. Make sure you understand the terms before you finalize the loan.

Your mortgage lender may require a home appraisal as a loan condition. They will want to ensure the home's value matches the amount they are lending you. A home appraisal estimates the market value of a home, providing you and your lender with insight into the property's worth.

As you approach final closing, your agent will help you stay on track with the necessary paperwork, fund deadlines, and other important dates. On the closing date, you will meet with your agent and an attorney to finalize the paperwork, submit your down payment and additional fees, if applicable, and pick up the keys. Congrats! You are now a Pinecrest homeowner!

 

When you follow the steps in this guide, buying a first-time luxury home in Pinecrest is well within reach. If you are ready to take on this exciting process of purchasing a new luxury home in Pinecrest, reach out to one of the experienced agents at The Elena Kemper Group for top-notch guidance along each step.

_{*Header photo courtesy of Elena Kemper Group}