What First-Time Home Buyers MUST Know
First-time home buyers are usually in need of guidance throughout the process. The idea of purchasing your first property can cause a little panic, especially if you don’t know where to begin. To help you get started, here are a few things for first-time home buyers to know before you start looking for your dream home.
Be Patient
Did you just spend your last week looking online for listings? Have you been to every open house in the last month? We understand. The process takes time.
Once you find the house you love and want to make an offer on, home buyers will still have to get a mortgage and go through a home inspection. On average, buying a home takes from 30-90 days. But there are many external factors that can affect it.
While waiting for the process to be complete can seem like an eternity, being patient and trying to stay calm will make the whole process run more smoothly.
Pick the Right Neighborhood
The neighborhood you live in is as crucial as the house you choose to purchase. You can’t make your decision only on the number of bedrooms or the total square footage. Picking the right neighborhood that fits with your lifestyle is an important factor in determining whether or not you will be happy in your new home.
Furthermore, your neighborhood affects how much you pay in taxes, HOA rules and fees, where your children will attend school and much more.
Pro tip for first-time home buyers: spend a day in the community where you are thinking of purchasing before committing. Go out to lunch, walk around and really try to picture life in that community. Also, do a few test runs of your commute to really know what you’re getting in to.
Get Your Papers Ready
Get your pay stubs, asset papers, loan documents and credit card information all ready to go. If you can keep track of them digitally, that’s even better than carrying around a stack of papers with you.
Flexibility is Key
Being flexible is really important in this process. Having your “must have” list and what features you can compromise on is important.
If you want a short commute, you might have to give up on some square footage. If you want more space, you might have to move farther away from downtown.
Buying a home is a bit of give and take. Staying flexible will make it much easier to enjoy this process.
Be a Rule Follower
If you get pre-approved for a smaller amount than you would like, stick within the budget. You don’t want to over spend and be house poor. File your paperwork on time and listen carefully to the real estate professionals you work with.
The home buying process can be scary for first-time home buyers. But now that you know how much you can afford and have done your research, do not let fear stand in your way! There’s a range of emotions in the pursuit of finding your perfect home, but it will all be worth it in the end!