Home Buying 101 - Six Tips for First Time Home Buyers
Entering into the housing market for the first time can be exhilarating, but also terrifying. There are so many obstacles hiding in the depths of the home buying process that could easily scare any newbie away – even though just the thought of purchasing your first home is enough excitement to keep you pushing along. In order for you to get the home that best suits you, you’ll have to start with doing your homework. Below, we will examine six essential tips to help first-time home buyers stay afloat during the quest of finding their dream home.
- Know what is most important to you in a home. How many bedrooms/ bathrooms do you want? Is a garage a must-have? Do you need a big yard that’s fenced in so your dog can run around? These are all questions that you should ask yourself. Having a list of “must-haves” will save time for you and your Realtor. Realtors want to show you what meets your criteria, so providing them with a must-have list will help them eliminate houses that won’t work for you.
- Do research on nearby neighborhoods. No matter where you are looking to buy, it’s important to research what prices homes have recently sold for in the surrounding area. Knowing this type of information will be helpful to you during the buying process. You could be buying a home that is over-priced without even knowing it – making this research a key step!
- Have a budget. Another essential step is to sit down and establish a budget that you want to stay within. Make sure you express this price range to your Realtor so you aren’t shown a house that you can’t afford. With this being the first home you have ever purchased, it’s best to stay below what you can pay for. Bills rack up fast and, for some, those Benjamin’s can be hard to make.
- Explore all of your mortgage options. There are a variety of different mortgages out there and you should choose the ideal one for your needs. Meet with a mortgage professional (like a Loan Officer at Union Home Mortgage) so you’re sure you make the correct decision on which mortgage lines up best with your unique situation.
- Make a reasonable offer. Your real estate agent should help you decipher how much money qualifies as an acceptable offer. Always remember to stay within your means and don’t let anyone convince you to purchase a home that is out of budget by saying you “should be fine.” In reality, once those bills start coming in, money won’t just appear in your bank account. As stated in bullet number 3 – have a budget and stick with it.
- Make sure you get a thorough home inspection. Nothing is worse than purchasing a home and having the bones start falling apart a month later or finding out it’s crawling with creepy critters. A careful home inspection, performed by someone you trust, will benefit you in the long run. While closing on the house is the main goal, you also want to make sure the house isn’t hiding any pressing issues.
With these six steps in mind, you have some of the essentials needed to lead you in the right direction during the home buying process. It can be a long and tedious journey, but if you decide to stick to it, before you know it you could be sleeping in your dream home. If you need professional advice on how to get started, please feel free to contact the UHM Team today!
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