Buying a home comes with a myriad of decisions and responsibilities. If you are a first- time homebuyer, the process can be even more challenging as you wade through the homes for sale in search of one to call your own. With that in mind, here are eight things to consider when purchasing your first home. In many cases they can save you money and make for a smoother transaction.
Ignoring the Rental Home Option – First-time homebuyers are typically younger and less settled in their lives. Rental homes are a good option if you are unsure of the permanence of your current job or a move is in the near future.
DIY Home Shopping – Working with a real estate agent is not required for the purchase of a home, but it is strongly suggested. A good realtor has your best interests in mind regardless of whether you are buying or selling a home.
Poor Financial Outlook – Because buying real estate is one of the biggest financial decisions you will make, it is important to ensure that your finances are in order before you start the home buying process. Check your credit rating and make sure you have adequately saved for a down payment as well as any subsequent home buying expenses.
Inappropriate Financing – Before you buy a home, take some time to talk with a mortgage broker about financing options so you can arm yourself with information to make a decision that fits your needs. It is normally best to work with a local lender that you can sit across the desk to talk to.
Overspending – Sometimes homebuyers assume that because they can afford to buy a house they can afford to live in it. There are many costs associated with home ownership that can get overlooked if you are not careful. It is normally not wise to buy at the top price which you qualify.
Skipping the Home inspection – While home inspections are not required, they are important. Without an inspection, as the new homeowner, any surprise pre-existing conditions will be your responsibility. Sometimes an astute buyer will also start by having an HVAC, electrician, plumber, and roofer check these areas.
Hasty Decisions – The old adage “sleep on it” is sage advice for first-time homebuyers. Take some time to do research on schools, the neighborhood and the surrounding area. A hasty purchase could mean unpleasant realities once you move into your new home.
Inflexibility – Every homebuyer has a wish-list for their dream home. However, sometimes being just outside an ideal neighborhood or downgrading on items that can be renovated later saves thousands of dollars.
To find exceptional help with purchasing your first home, please contact the professionals at Advantage Real Estate by calling 940-696-3300.