A new home is one of the biggest purchases you will ever make. Not only is it the largest financial obligation you will have it is typically one of the most stressful. If you have never purchased a home before the process from start to finish can be very overwhelming. Between trying to find your dream home and working through the financing you may want to throw your hands up sometimes. As confusing and difficult as this process may be at times there is plenty of available advice to help walk you through the process. Here are four tips to help make your first time home buying experience as smooth as possible.
Make a wish list. One of the best things about real estate is that it comes in all different shapes and sizes. There are features that you may find appealing about a property which others will steer clear of. Before doing anything else make a wish list for what you want out of a property. Do you need to be in a certain town or does your property have to have a certain number of bedrooms? Do you want to be on a quiet street or can you live on a main rood? Do you need to have a yard? Is there a particular type of house (ranch, cape, etc) that appeals to you more than others? Write down whatever it is you want from your house and make this your starting point.
Find the right real estate agent. Once you know what you want it will be up to your real estate agent to help you find it. The right real estate agent knows the area and is available to you when you need them. They are willing to show you houses on your schedule and will fight to get you the best possible deal. You should talk to a few before you settle on one to work with. Your home purchase is too important to go with the first person you make contact with.
Understand finances. Before you look at your first property you should have an updated prequalification letter in hand. Talk to your lender or mortgage broker until you are confident that you understand all of the fees, expenses and payments associated in the transaction. Get an idea of what you will need and when you will need it. In addition to getting approved you should be confident that you can make the new payment every month. It is too late for sticker shock when you are in your new house for two months. Before you make an offer you should fully grasp all of the financial ramifications of your purchase.
Find the right house. As a first time homebuyer you will probably look at more houses in a weekend than you have in your life. Some of these homes may check off some of the boxes on your wish list but not all of them. No house is ever perfect just perfect for you. Never make an offer on a home that you aren’t 100% comfortable with. There are plenty of other homes on the market. If you don’t like what it currently available wait a month or even two. It is always better to get into a property you love then settle on the best one available.
As tenuous as the buying process may be at times nothing beats the feeling of closing on your first property. It is a feeling that you will remember forever. Follow these four tips to make the process as easy as possible.