Basic Tips for First Time Buyers

 

STEP 1: Get a clear idea of the home you want

Creating a ranked list of features you want in your next home and reasons why. Use it as your guide. Remember that, with regards to your funding, you will probably need to make some compromises. In addition, talk to your real estate agent about where you want to live. Location is a huge part of any move. EXIT Realty First Choice agents are always here to help their clients break down their choices by sharing market trends and local information like neighborhood statistics.

 

STEP 2: Setting a realistic budget towards the home you can afford

Now that you know what you want, it’s time to see what you can afford. You can start by crunching the numbers yourself using an online calculator or contacting an agent.

 

When you’re ready to move to the next step, you can get pre-approved for a mortgage. This process can often be performed in under an hour and it accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be. Second, it tells the seller that you can afford to buy their home.

 

STEP 3: Time to shop!!!

Once you know what neighborhood you’d like to live in and have an idea of how much house you can afford, it’s finally time to start checking out actual properties. Performing this search online can help save you time since it can help you target homes that meet your standards.

 

Next, begin visiting homes in person. Ask your EXIT Real Estate professional to arrange visits and attend open houses that are in your target area and price range. When comparing homes, make sure to look at all aspects of the property. Is the property tax approximately the same? Are both the houses renovated? Do they both have the same amount of bedrooms and bathrooms? Are both houses located on the same or similar streets? Does either house have any inconveniencies?

 

STEP 4: Making an Offer

Once you find the home you want, you need to make an offer for the house. Typically this is a very difficult and trying time since both parties have totally different goals. This is where your EXIT Real Estate professional helps you the most because they are trained to negotiate for the best prices for you. If you have any personal interaction with the homeowner, don’t give out any information about your move, your current housing status, financial status, or your feelings about their property – positive or negative. This could hurt you in future negotiations.

 

This might also be a good time to consider purchasing a home protection plan. These insurance policies can be purchased by the buyer or seller and help protect against unexpected costs or home repairs during the listing period or in the initial years after a home has been purchased.

 

STEP 5: Closing

Before you arrive at the closing, make sure all the necessary paperwork and deposits have been completed. If the mortgage, title work, homeowners insurance, and other items necessary under local and state laws are not completed and brought to the closing table, the closing may not happen on time. Depending on what the contract says, this could result in further action including financial penalties and even the loss of your rights to the home. So make sure to have all relevant documentation in order before going to the closing table.

 

Once you close, it’s official – you own the house!