First-Time Home Buyer Tips
Are you nervous about buying a home for the first time? Excited? Not sure what to do? All of the above? Take a breath and prepare yourself for the steps that will be crossed during this experience. Look at the tips and some you maybe already thought out and have figured out, others you may read and think, “I never would have thought of that…” Hopefully these tips take some of the stress away and help make the process a great experience, as it should be!
- Don’t impulse buy – have plenty of research and a few quality advisors
- Know how much you can afford – sit down and look seriously at your average monthly budget
- Everything from restaurant bills to dry cleaning (but not your rent)
- Then figure out what you have left after you pay all those bills – that’s what you’ll left to spend on your monthly mortgage and home expenses. Don’t forget insurances, possibly increased utility bills, taxes. If the amount isn’t what you want start buckling down on spending
- Prioritize your needs and wants
- When making this list don’t forget things not part of the house like neighborhood, commute, school system, near entertainment.
- Familiarize yourself with the mortgage process
- Get Pre-Approved before you look for a home and show with the power of a cash buyer.
- Get your financial picture in focus as soon as possible
- Best time to work on your budget is before you move.
- Consider how much time is needed to buy a home
- Find an agent that you trust
- Familiarize yourself with the various types of houses: single family, townhouse, and condo
- House hunting time!
- Familiarize yourself with how to set a value on a house
- When you find an acceptable house, write an offer
- Negotiate your best deal using the information you have acquired
- Make a mortgage loan request
- Arrange for home inspection
- Learn about home warranties and what they cover
- Compare and secure homeowners insurance
- Arrange for closing agent or attorney
- Make moving plans
- Secure final loan approval and commitment from the lending institution
- Do a final walk through of the house
- Final closing and settlement
- Move to your new home and begin enjoying it!
Does this seem intimidating? The list is a little lengthy, but it will come in handy. This will help you stay on track and make sure all your bases are covered. The tip about having a good trustworthy realtor will also make sure you are informed and have everything needed for each process. Okay, just like the beginning, take a breath and let the information sink in. Use it at as a checklist if that helps. It will be a few clicks away during your home buying process!