First time homebuyers have a lot to adjust too. The economic and psychological advantages of purchasing a home for the first time tend to shock most people. There are several things involved in buying a home that an inexperienced homebuyer might not be aware of and need to know.
The first thing to be aware of is that buying a home is complicated, and employing a real estate agent will make the process much less difficult. Agents understand the process; they have information on neighborhoods, and real estate markets that the average person does not. Around every bend, your real estate agent will be there to help with all the questions you have and guide to to more you may not have thought of yet.
Next, have an idea, a vision of what you want before you begin looking at or visiting houses. If there are important features you are looking for in your first home, build a list of them ahead of time. While a good realtor will ask a lot of questions and really get to know you and your goals, Your realtor can’t read minds. Let them know what you are searching for, this will help target your search and save time and energy looking at properties you care nothing about. If there are certain features you are searching for in the neighborhood you reside in, express these to your agent as well.
Then, consider questioning mortgage lenders before looking at houses. See as many financial groups as you can; this will guarantee that you receive the mortgage that is right for you. Think about your finances, and decide in advance what you can afford. If your lender offers you more than you have said you are able to afford, you do not have to take it all. Also, getting a pre-approval letter makes you a “player” in the eyes of a home seller. It means you’re serious and someone who should be paid attention.
Fourth, when you begin visiting properties for sale, you ought to bring a notepad and a digital camera. You will view as many as 10 properties in a typical trip, remembering all the features of each one will be impossible. You’re head will be spinning with features, liabilities and neighborhoods. An easy rating system(IE Scale of 1 – 10: Ten being the best) for the properties you view as well as a catalog of distinguishing features will help you recall the homes you preferred. Label each MLS sheet for each property with your rating. Write down notes on neighborhood features as well; this is just as crucial as remembering the best features of the properties you see. All this might not be required if you really like the first house you view; however, it is best to be prepared.
On a final note, be ready for a lot of financial expenses involved in buying a home. Homebuyers that have not gone through the home buying procedure previously might be aware of the down payment cost, but they may not realize there will be other financial obligations involved. A down payment is 1-3 % of the whole cost of the house. First, however, you will need to offer earnest money. Earnest money is put down at the time of the primary offer you make on a house; it proves that you are sincere. Good faith deposits at the accepted offer, another at the P&S signing as well. The homebuyer will also incur some closing costs, which includes anything needed to process the deal. You must be ready to cover all of these costs from the outset of the house purchasing process. A realtor is a a good guide through the process, but for closing, you’ll want to consult a lawyer, specializing in real estate transactions, as well.
Lastly, and most importantly, Have Fun!
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