Tips for First-Time Home Buyers

Many people dream of buying their own house for years, if not decades. But like any major milestone, the success of buying your home largely depends on getting the details right from the very start. Although incredibly thrilling, learning the ropes of the home buying process can feel overwhelming. It’s a big project that requires a massive financial commitment anyway. So, how do you make this experience a grand adventure if you’re a first-time homebuyer? Here, we will offer a few ideas to keep this from turning into a nightmare.

 

Hire a Professional

You may not need the help of a real estate agent if you’re okay with looking through homes online or going to open houses yourself. But hiring one will save you a lot of time searching for the best home that fits your unique parameters. An agent generally has an idea of new listings right before or as soon as they hit the market. They can even spot overpriced ones and offer you advice as needed.

 

They can also send you listings directly from the multiple listing service. It’s an online database containing broker-listed homes and the real estate agent who listed them. Also, your agent will be happy to preview homes for you.

 

Do Your Homework

While not entirely impossible, it’s rare for people to find everything they wanted in a house. So, start your house-hunting by making a list of the nice-to-have items and the non-negotiable aspects. Determine what your priorities are and where you’re willing to compromise.

 

It would be best if you answered some essential questions before you start your home search. What’s your budget? Which city or state would you prefer to live in? Would you rather be in a quiet and peaceful neighborhood? Or would you like the lively buzz of the city instead? What size of the house is ideal for you or your family? Do you want a free-standing house? Or does a complex sound more appealing to you?

 

Finding the right home is hardly an easy task. Most people do a ton of research before stepping foot in a potential house. On average, homebuyers spend between six and eight weeks figuring out where they want to live. Once the neighborhood is selected, most home buyers get a place after a few home tours. Scheduling more than seven will likely make your head spin.

 

Get a Loan and Negotiate the Offer

It’s not mandatory to have a mortgage broker nor a bank loan before you can buy a home. But it will help if you get loan preapproval in advance. A preapproval won’t necessarily guarantee financing. But it will give you an idea of how much you can afford. Besides, many home sellers refuse a purchase offer if the potential homebuyer can’t provide assurance that they can get a loan. Check with your agent to see which types of mortgages are available to you. They can also help you shop for the best terms.

 

Home sellers can ask for any price they want. But it doesn’t mean that their property should be sold at that price value. Your agent can give you comparable sales. This way, you can negotiate the offer correctly. Lastly, never forget to do a home inspection or discuss a contract contingency before making a purchase offer.

 

Find out more about home buying for first time home buyers, contact Blue Horizon Realty and Lending, INC, in Escondido, CA at (760) 237-4092.