Thursday, May 4, 2017
First Time Home Buyer Tips and Advice
How Much Can You Afford
Whether a consumer is purchasing a car for the first time, a home for the first time, or a set of golf clubs for the first time, it’s important to know how much can be afforded! This is an extremely important part of the home buying process. Many first time buyers don’t realize or understand that it’s extremely important to know how much they can afford looking at homes! It’s common to have first time home buyers contact real estate agents and get upset when they are educated on the importance of finding out how much home they can afford getting out into the marketplace! It’s important that a first time home buyer understands what the are but also why they are involved.
Set Your Expectations
When buying a home for the first time, an extremely important tip is to make sure expectations are set. By setting realistic expectations, the chance to be disappointed or let down is minimized. So, what type of expectations should be set before purchasing a home for the first time?
Learn About the Home Buying Process
The home buying process is exactly that, a process. There are certain steps that need to be taken to ensure the process of buying a home for the first time, goes smooth. By understanding the process, it greatly reduces the chance that a buyer is disappointed, let down, heartbroken, or frustrated. There are many things that a first time buyer should be doing before looking for homes, such as getting a pre-approval, but also many things that a buyer should be doing once they are under contract on their future home. Many first time home buyers don’t understand why it generally takes
Buying a home is a very large event in life. It’s not something that should be done without the help of a trained real estate professional. There are many things that a real estate agent is responsible to ensure are getting completed accurately and timely throughout the transaction. Ensuring a buyer has secured a pre-approval from a reputable lender, ensuring contract dates are being followed, and negotiating on the buyers behalf to get them the best price for a home are just a few items that a buyers real estate agent is responsible for! Without this guidance, it’s very easy for a first time buyer to make a mistake that can cost thousands of dollars.
First time home buyers are often able to take advantage of grants or incentives. It’s important that a first time buyer understands that every lender is different. From the interest rate they are able to offer, the type of loan products they offer, to the incentives or grants they are able to offer.
Many first time home buyers make the mistake of not considering the costs of owning a home. It’s common that a first time buyer purchases a home that is the absolute maximum they can afford according to a lender. This can lead to problems once the buyer realizes the other expenses involved in owning a home. First time home buyers often forget about additional expenses of utilities, furniture, appliances, insurance, and groceries, to mention only a few.