In today’s market with all of its uncertainty a first time home buyer can become overwhelmed However, for those first time home buyers that have planned and are now prepared to shop for their first home, it will be an enjoyable purchasing experience.
Become pre-approved before you start your house hunting. To do so you should consult with a mortgage company or bank to discuss what your financial situation is and find out what you’re pre-approval will be before hitting the pavement. You will then be able to shop for a home you can afford and not be disappointed when you fall in love with a property that you will not be able to afford. If at all possible a new buyer should also secure the interest rate on the load during the pre-approval process.
Be financially prepared for unforeseen costs that you may incur. Most first time home buyers think that they are prepared with their 20% down on their loan payment; however, many don’t stop to think about additional costs that will be part of their home buying experience such as closing costs. Closing costs will run a buyer anywhere between $3,000 to $6,000 dollars. If possible, this could be negotiated by your agent prior to the final sale.
Choose your agent wisely because by picking a knowledgeable agent will be yet another key to a successful home buying experience. Do your homework by asking friends and relatives for any recommended agents/brokers that they have dealt with. Research through the internet and find recommended agents through sources like Zillow with a list of professionals throughout their website.
Whether you are choosing a home that is a brand new build or a fixer upper, make a list of all of your must have’s and know what your deal breakers are going to be and then give that list to your agent. Your agent will then be able research the market area you want to be located in and only show you the properties that will meet your criteria. This will save a lot of wasted time and energy as well as frustration by not visiting properties you would never consider.
Buyer beware is a fitting saying for those new buyers that have come across the home of their dreams but only find out that sellers will only sell their home in “as is” condition. This means you still have the right to have a home inspection however, whatever you find in that inspection will not be covered by the seller. Unless you are willing or able to pay for what whatever the inspector finds wrong at the time of the home inspection, it’s best to find another property. Most everyone will agree it simply makes no sense to purchase a home without a full home inspection report.
It is a strong market for first time home buyers and if you are prepared financially as well as become knowledgeable from the beginning, your first time home buyer experience can only be a wonderful experience for you.