Being a first-time home buyer can be exciting, exhilarating, frustrating, and stressful, all at the same time. Reaching your goal of being in the position to own your own home is an amazing accomplishment, but it is important to know what to expect if you want the home buying process to go smoothly. If you're a first-time home buyer, use the following tips:
Have Financing Lined Up
Few first-time home buyers can afford to purchase a home with cash, so the majority take out a mortgage loan to finance the purchase of a house. If you need a mortgage, get pre-approved prior to viewing any homes or making any offers. When you're pre-approved for a mortgage loan, you know that all of your financial information has gone through underwriting, and a lending institution is ready to fund your loan. Being pre-approved for a mortgage will also let you know what you can afford, and help narrow down homes in your price range.
Find a Reputable Buyers Agent
As a first-time buyer, it is essential to work with a real estate agent who specializes in assisting buyers find a great home. Take the time to speak with several real estate agents, like Coldwell Banker Maryl Realty, before you agree to work with one-- as a first-time buyer you are sure to have a lot of questions and concerns, so it is very important that you feel very comfortable with your real estate agent.
Compare Your Wants vs. Needs
Most first-time buyers can't afford to purchase their dream home, so you will probably have to make some concessions during the home buying process. Consider making a list of things that you must have in your first home, as well as a list of features and amenities that would be nice to have. This type of list can help your real estate agent find homes for sale in the area you would like to buy that also meet your needs.
You may find a home that you love, only to learn that your offer wasn't accepted because someone offered a higher bid. Purchasing your home may not be easy, and it may take several weeks or even months, but you are sure to find a home that meets your needs and requirements. Being patient can help prevent stress and frustration, and allow you to continue view potential houses that may become the first home you own.Share