Being a first-time homebuyer can be an exciting, nerve-wracking, and life changing experience.
That’s why adequate preparation is the secret to buying the coveted dream home you’ve always wanted.
Below are five (5) home buying tips that will help you be a successful home buyer in a competitive sellers’ market.
1. Establish the Kind of Home You Are Looking For.
- Pinpointing the type of home that best suits your needs early on will greatly help in finding homes that best fit your lifestyle. Examples are Single Family, Condo, Townhouse, and Multi-Family. Going through the pros and cons of each type of home is a good way to help figure out your homeownership goals and how best to finance it.
2. Determine Your Must Have Features.
- It’s always best to know what you want most in a home. This could range from desired neighborhoods to luxury amenities like a gourmet kitchen, wine cellar, swimming pool, etc… A good tactic is to put your needs in perspective by preparing a “Must Have” versus ”Negotiable” wish list and highlighting features you’re willing to compromise on.
3. Identify How Much Mortgage You Qualify for and How Much You Can Actually Afford.
- Knowing exactly how much a lender will loan you, how much you can afford monthly, and securing sufficient financing by way of pre-approval are the most critical aspects when buying a home.
- It's financially critical to factor all home expenditures such as Down Payment, PMI, Closing Costs, Monthly Mortgage Payment, Yearly Property Taxes, Homeowners Insurance, Gas, Electric, Basic Home Maintenance, etc…
- Knowing what you can afford monthly will allow you to enjoy your home unencumbered. No one wants to purchase a home that drains their bank account and forces them to severely curtail their expenditures and drastically alter their lifestyle
4. Try Not to Focus on the Little Things
- When you’re viewing home, try to remain positive by not obsessing over things such as paint color, fixtures, or carpet. Superficial features like these are simple to change and you don’t want to miss out on a fantastic home that meets all your needs just because you couldn’t see past them.
- However, do pay close attention to big ticket expenditures such as old roofs, compromised foundations, faulty electrical, and inadequate plumbing.
5. Hire a Real Estate Professional!
- Buying a home is so much more involved than simply browsing various home searching websites and reading a few real estate themed articles. The Offer to Purchase contract is very sophisticated and you definitely do not want to misinterpret something that could wind up costing you thousands of dollars.
- In most cases having a realtor represent you when buying a home is totally free!
Contact me today and ask how having a Buyer Agency Agreement will greatly benefit you when buying your next home.