We all have dreams of the perfect home and likely a long list of wants. However, the process of buying a home can seem incredibly overwhelming if you’ve never done it before. One out of two homebuyers are first-timers so don’t feel alone!
Purchasing your first home is one of the most fulfilling feelings in your life. Before you get started on the process, here are the top 3 tips real estate tips for buying your first home!
1. Put Some Real Thought Into What You Can Afford
To start, you’ll want to find the right mortgage company when getting a loan. Make sure you do your research and get recommendations. This is the first step to understanding what your able to afford and helps you narrow down your search.
While you’ll likely get approved for a certain amount, it may not be wise to spend up to your limit. Think about what your debts are and what they are expected to be in the next few years. The interest rate is also a very important aspect of this process.
You’ll also want to consider what type of lifestyle you’re interested in living. Do you want to put most of your income towards your monthly mortgage or would you want to use the extra funds to travel or support a hobby?
There are plenty of online calculators that can give you a better idea of what you’ll be spending each month. Try to budget a sample month with a set mortgage rate to see how your funds look.
Also, consider the extra costs of owning a home. This includes taxes, homeowners insurance, repairs, maintenance, decorating, renovations, HOA fees, and several other new debts.
2. Find and Build a Great Relationship With an Agent
Especially if you are a first-time buyer, an agent can be your best tool. They are there to walk you through the process and can answer any questions you have. You’ll feel even more at ease knowing that the seller will be paying for their services, not you.
It’s important to find a real estate agent who you love working with. Research them and the company they work with to find out what other people have experienced. Take note of what qualities are the most important to you.
Important qualities to look out for with a real estate agent are trust, passion, honesty, communication, and chemistry. Don’t be afraid to switch agents if you aren’t getting exactly what you need out of them.
Once you have an agent, be clear about your wants and needs for a home. Communicating your interests, concerns, and financial standards will help them help you.
When you are thinking about selling your home down the line, you’ll have someone to reach out for again. When you’re ‘selling my property as is‘ they can help you market it the right way.
3. Think Ahead but Stay Flexible
Remember this is your first but probably not your last. In 2018, people owned their homes for about 13.3 years. With job changes, relocations, marriages, interest changes, and other factors in consideration, you likely won’t live in your first home forever.
While you should think ahead to what will suit your needs years down the line, stay flexible with your options. You will likely want to change something about every home you tour and that’s normal.
Staying flexible and allowing yourself to compromise will help you when narrowing down your many options. Also, remember not to pay too much attention to the furniture inside a home. The whole vibe may change once that stuff is gone.
Getting the Most Out of Your First Real Estate Experience
With these helpful tips, you’re sure to get your first-time real estate experience off to a great start. Never be afraid to ask questions and have fun hunting for the right home for you!
Please check out our other great content to help with your purchase process!