Buying your first home can bring up all sorts of unpleasant emotions like anxiety, fear, and uncertainty. It can also bring up feelings of excitement, thrill, and pride. As a first-time home buyer, your state of mind will depend entirely on how well you prepare. It’s important to arm yourself with as much information and education as you can early on to make a sound investment decision.
Buying your first home? Read this first.
Here are five first home tips to help newbie buyers lock down their dream home.
Know Your Non-NegotiablesIt’s one of the hardest lessons for first time home buyers to learn -- no house is perfect. To find the best fit, you might need to give up a few items on your wish list. Before you begin your search, write down all of your non negotiables (such as location, school district, square footage, etc.). As you explore potential homes, keep this list nearby to avoid making a hasty decision that you’ll regret later on. Our free home buyer’s guide can help you identify your goals before you kick off your search.
Pro tip: When you’re touring different properties, be sure to think beyond what is and imagine what could be.
Explore the Local SceneIn real estate, location is everything. Where your home is located can make a major impact on your quality of life as well as the quality of your investment. When buying your first home, keep in mind what the location might mean for the future value of the home once you decide to sell. Before you buy, take your time getting to know each potential neighborhood. If possible, explore in person. Get to know the locals, talk to your potential neighbors, and immerse yourself in the community to get a good idea of what it would be like to live there.
Find a Local Real Estate AgentA local real estate agent can help first-time home buyers gain confidence in their decision while serving as a trusted guide through the entire process. There is a lot of important work to be done before you throw that housewarming party. Buying a home comes with a slew of forms, disclosures, and other technical documents. Having a knowledgeable expert by your side who is ready to work and negotiate on your behalf is incredibly valuable, especially for the first-time buyer. Learn more about the benefits of hiring a professional real estate agent here.
Get Your Finances in OrderPurchasing a home is one of the most important financial decisions you will ever make. Many first-time buyers fail to understand the financial implications of purchasing a home. From down payments to closing costs, mortgage payments to property taxes, there are many financial factors to consider. One of the best ways to gain clarity is to set up a meeting with your bank or broker to get pre-approved for a mortgage. This heavy lifting on the front end will help narrow your home search to fit within your price range and provide clarity into how much cash you’ll need to close.
Pro tip: If you have any credit issues, be sure to start the pre-approval process as soon as possible. In some cases, it can take several months to get approved.
Be Prepared to Close the DealIn a buyer’s market, a great deal won’t last for long. To get what you want, you’ll need to be willing to move quickly when the right opportunity comes along. Knocking out the pre-approval process in advance will up your negotiating power once you’re ready to make an offer on your dream home. Keep in mind that it is rare for a transaction to go completely as planned, but your real estate agent will be by your side every step of the way.
When you’re buying your first home, it’s so important to arm yourself with information that will help you make the best decision for you and your family. If you need help navigating the the market, we’re here to serve as a resource to you. Check out this guide for first-time home buyers or get in touch with NV Realty Group today.