First Time Home Buyer Tips
First Time Home Buyers – Do’s and Dont’s
Buying your first home is exciting. Instead of paying rent each month, you’ll be building equity in one of the safest investments available – real estate. But for the first time home buyer, there are a lot of things to take care of – choosing a Realtor, getting a mortgage loan, finding real estate brokerage services.
It sounds complicated but no worries- once you begin, the home buying process moves right along. To help with the basics, here are some first time home buyer tips.
First Time Home Buyers – What to Do
Use an Experienced Realtor
As you take the first steps to buying a home, using a real estate broker to represent you a wise decision. Whether you’re moving to the suburbs, the city, buying a home through a real estate company, or a for sale by owner property, an experienced Realtor offers guidance and expertise. He or she can help you find a new home, make offers, arrange inspections, explain types of mortgage loans and programs available, accompany you to the closing, and protect your interests – all at no cost to you because the buyer’s agent fee is paid by the home seller.
Hire a Real Estate Attorney
For most people, buying a home is the largest financial transaction they’ll ever deal with. Hiring a real estate attorney to help with your purchase can be a smart move. They can scrutinize any or all steps in the buying process and review the pages and pages of legal documents you’ll be signing.
One of the first steps to buying a home is pre-approval by a mortgage lender to determine how much of a mortgage loan you qualify for. A pre-approved loan saves time after finding a house to buy, and can save disappointment if you’re not able to qualify for a home you love.
Decide what you’re looking for. Make the search easier with a list of what you’re looking for in a home. Start with what you must have (number of bedrooms and full baths, good schools, a livable commute time, etc.) and then what you hope it for (single family or condo/townhouse, porch or deck, fenced yard, proximity to family or friends, pool, etc.).
First Time Home Buyers – What Not to Do
Don’t Get In Over Your Head
When you fall in love with a house it’s easy to let emotion get in the way of making the most important decision – can you afford it? Consider the mortgage loan payment, taxes, insurance, cost of utilities, home upkeep and lawn care, home owners’ association dues, and so on.
Don’t Forget to Check Out the Neighborhood
Research your prospective neighborhood before you buy with online research, talking to residents, driving through in daylight and evening, and even calling the local police department for information about the area.
How Many Homes Will a Home Buyer See?
The “Red Shoes” Experience for a Home Buyer
Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes.
Do not shop for a home this way. When you find the perfect home, buy it.
How a First-Time Home Buyer Can Rate Inventory
- Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.
- Take notes of unusual features, colors and design elements.
- Pay attention to the home’s surroundings. What is next door? Do 2-story homes tower over your single story?
- Do you like the location? Is it near a park or a power plant?
- Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.
View Top Choices a Second Time Before Buying That First Home
After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.
At this point, your agent should call the listing agents to find out more about the sellers’ motivation and to double-check that an offer hasn’t come in, making sure these homes are still available to purchase.
When you make your selection do so without any interference from any outside sources, including your realtor. This is your choice to make and you know better than anyone which house would be right for you.
Let us find the home that’s right for you!
Contact one of our real estate agents today. They know the neighborhood.