Buying a home for the first-time is a huge milestone, which involves many emotions. It’s difficult to describe the waves of excitement felt, along with a little stress too. In an effort to prepare first-time homebuyers in dealing with many of the challenges that will inevitably be faced, here are some tips to take note of.
Every Home Will Have Its Imperfections
Even if a home looks absolutely perfect, every home has its imperfections. This doesn’t mean the home should be off the option list. It’s just something that needs to be considered carefully. This is where the importance of home inspections come in. A home inspector may point something out that a first-time homebuyer would not have ever noticed, such as a hardwood floor being lacquered without having been swept first. This would easily mean that dirt has been sealed in with the lacquer.
Other things a home inspector may also spot are kitchen appliances that are not functioning properly and windows missing caulking. Information like this can be used to negotiate with the sellers or ask them to make repairs as a condition to closing. This is an important step that should never be skipped. The last thing a first-time homebuyer wants to deal with is discovering these issues exist after the purchase is complete.
Go Out and Look at Homes Versus Just Browsing Online
Many people will spend hours upon hours online searching through real estate listings and Googling questions related to buying a home for the first time. Although these searches are just fine, there comes a time when a serious buyer should look at homes in person versus relying on online searches. A first-time homebuyer that is serious about buying a home should get pre-approved with an experienced lender, who will take a detailed history and require documentation of assets and income. Establishing qualification for a mortgage and figuring out for how much are key steps in knowing how much a buyer can truly afford. Additionally, a first-time homebuyer should absolutely work with an experienced real estate agent! A real estate agent will also have the resources to connect a first-time homebuyer with a credible lender.
From the time an offer is accepted to the time a buyer closes on a property, there are many tasks to check off of a long list. It is important to be punctual with regard to submitting necessary documentation and getting to any necessary appointments. Buying a home requires the buyer to be prudent in checking items off of an important to-do list. There can even be penalties for missing deadlines; another reason to hire an experienced real estate agent, as they can assist in following up with you, ensuring that your information is to the right person at the right time.
As mentioned previously, it is important to select a lender that is credible, professional and engaged in the process. Buying a home for the first time is a big deal and ensuring there is good communication and ease in the process from the start is critical. One of the main things to look for in a lender, is a great track record with a reputable company, responsiveness and overall professionalism.
Patience Is Key
When looking for a home, first-time homebuyers may put in offers on homes they have fallen in love with only to have the deals fall through. There are so many scenarios that could play out and this part can be disappointing and frustrating. The key is to be patient and keep searching! Competition can be fierce and first-time homebuyers should be prepared for the long haul. It may be necessary to adjust criteria through the process, in order to open up more possibilities.
When searching for a first-time home to purchase, having an experienced and knowledgeable real estate professional to assist through the process is key. A seasoned, experienced professional can guide first-time homebuyers through every step of the home search and buying process.
Buying a home for the first-time can be overwhelming but following the advice of professionals and taking the time to go through the proper steps in finding and purchasing a home can eliminate much of the stress for first-time homebuyers.