Buying your first home is a significant and exciting moment. At the same time, the process of buying a house can be daunting that it is tempting just to continue to rent. It’s important to arm yourself with knowledge and tips that can help you as a first-time home buyer who is making such a big life choice. If you are ready to find your dream home, we‘ve got some pointers for you that’ll make your journey of homeownership a little less stressful.
Tips for First-Time Home Buyers
If you are sick of renting and want to get your own house, here are some handy tips to make life easier when looking for your first home:
Set A Budget and Secure Financing
Before everything else, set a budget and stick to it. If you have cash on hand, that’s good, but if you are doing a mortgage, make sure that you have a proper understanding of the terms and conditions as well as your monthly payments. To give you an idea, you can use an online mortgage calculator. Budget plays a significant role when you’re buying a house. If you like a house, but the monthly payment is not within your budget, then it’s time to move on.
Get A Realtor
As a first-time home buyer, one of the first things you need to do is get a trusted realtor. Your real estate agent will serve as the quarterback of your real estate dream, so it is essential to get someone who will really help you with the process.
How to Get A Realtor
- Check out websites and associations.
- Ask for referrals from family/friends who’ve successfully purchased a home.
- Call the Brokerage and ask for an ideal realtor.
Location
According to HGTV Interior decorator Genevieve Gorder, “community drives happiness in life. So whatever or whoever’s around you is a huge deal. You can always improve your house, but where you put it can’t change.” So when choosing a location, make sure it fits your daily lifestyle.
Features
Make a list of features you want in your new home. From location to amenities, write down everything – features you want and features you need. Once you have it all listed out, focus on the homes with these specifications. However, keep an open mind and be flexible. Sometimes you never really know what you want until you see it.
Nolo’s Essential Guide to Buying Your First Home – $16.99
Compare Prices
Look at comparable homes in the area. Check real estate websites like Zillow, Trulia, Redfin, or Realtor. Get a sense of how much the properties are being sold for in that specific location. Once you’re ready to bid on your dream home, this will give you an idea of your starting offer.
Be Patient
Finding the right home takes time. You need to do a lot of research, see a lot of houses and familiarize yourself with the market. If you’ve decided on purchasing a home, talk to your realtor months ahead before you need to move. Remember, not all deals go through, and some negotiations will fall through, so you really need a lot of patience.
Now that you’ve got these tips for first-time home buyers, we wish you good luck and go get that dream house of yours!