First Time Home Buyers – An Exciting Adventure
Buying your first home can be exciting and overwhelming! But also on the downside, it can be a terrifying experience too. That only happens, if you jump start your home hunt without proper knowledge, preparation, and tools to be ready for unexpected bumps. Our job is to make this process smooth and enjoyable for you.
Here are some short-listed important points to keep in mind while going through the buying process as a first-timer. It will help you make the right decision.
The first and foremost thing for you to know how much you can afford before you start looking at properties. Look at your current earnings and expenses and put a budget together. Be realistic! Meet mortgage providers and get pre-approved for an amount you can afford. Remember, you don’t have to spend the entire amount you are pre-approved for – think of your pre-approval as a cap.
List down your Wish list:
Buying home the first time is exciting; you will more likely incline towards houses that are not in your budget. It is very important to make a wish list and prioritized the list as per your needs and not wants. The human mind gets inclined towards luxury but your budget should always be your primary list. Not to forget; quality of the home, size, location, accessibility to schools, amenities, etc. Decide which of these features are “nice to have” and which are “must-haves.”
The organization is one key to making an otherwise complicated process efficient. Keep all of your information in one place because as you dig deeper in your home search you will be flooded with information ranging from mortgages to property searches, to legal paperwork relating to various aspects of home buying.
Invest time and explore:
Being confident and organized leads to a more wise decisive process! When you find the right home, analyze your decision carefully, efficiently and move reasonably quickly in the deal-making process. Find the right balance; the checklist is pivotal to the whole process.
Role of Agent:
Some homes might not be priced properly in the market. Each home is different, so there cannot be a set formula when looking for a “bargain”. Your agent should be proficient in pulling comparable homes and letting you know approximately how much the home you’re making an offer is worth. Don’t just offer to ask price or a flat % below asking price. Do your homework and negotiate. Use real data – there is nothing more powerful.