Being a first time home buyer is a nerve-wracking experience with a barrage of information directed your way.
It can become frustrating, confusing, and downright impossible for those who are looking to get through this phase without trouble. To make sure you’re not in a tight spot without a way out, it’s time to look at the most valuable tips for first time home buyers.
These are tips listed by real estate experts who have helped thousands of clients in the past in getting their new home.
With the aid of these tips, you’ll be able to maximize the process and find a great property.
1) Set Needs and Budget
What are you looking for from the property? Do you have a set budget in place? How much are you going to be putting as the down payment?
The best way to tackle this is to write a list of things you want from the property. Keep it simple and put everything down, so you have something to use as a checklist. When you do this, you make it easier to ignore all of the external noise that comes when you’re searching for a new property.
Keep it simple and also look to set up a pre-approved mortgage, so you have a proper budget in place.
2) Search For A Good Neighborhood
What property you get is ideal, but you also want to look at the neighborhood. Remember, your property is not in a separate world to the rest of the neighborhood. IF you don’t think about this, you are going to be in a lot of trouble as the area could harm the value of your property.
Think about things such as the quality of schools, crime rates, and other relevant information.
Even if this doesn’t apply to your right now, it is going to matter in the long-term when you’re looking to cash in on the investment or grow your family.
(Find 5 great tools to research your neighborhood here: https://www.safewise.com/blog/confirm-safety-neighboorhood-online-tools/)
3) Don’t Ignore Amenities
There are various amenities to look for while buying a new home such as appliances, landscaping, HVAC systems, and more.
It all adds up!
4) Pay Attention To Taxes and Costs
The property taxes are an expense but what about the closing costs with a real estate deal?
You are going to have costs come up such as the legal fees, title insurance, land transfer tax, home inspection fee, interest adjustment, and more based on the rules of the state. If you’re ignoring this as a first time home buyer, you’re in for a lot of trouble.
These costs pile up and can cost thousands of dollars in a heartbeat.
5) Inspect Property
You cannot go ahead and not get the inspection done before moving in. This is a must to ensure you’re getting a proper deal that is in line with the established contract. If you end up getting a property that has hidden damages and/or related problems, you want to get out in front of this.
You will have the ability to cancel the transaction as a first time home buyer, so don’t assume you’re left with nothing.
Take your time and make sure you don’t commit to a property without the home inspector coming in for a peek.
These are the tips all first time home buyers need to consider before buying a property. Yes, it is an exciting time in your life and a significant step forward, but that doesn’t mean it requires a lazy approach. Those who take their time here are going to enjoy the benefits for a long time to come.
It is one of the best ways to make sure the home buyer sees appropriate results and enjoys the process. It shouldn’t have to be confusing as long as you’re using these tips.