Buying a home for the first time is both an exciting and nerve-wracking experience. Being armed with helpful advice for first-time home buyers will help people avoid making mistakes that can be costly or difficult to overcome. With the right knowledge in your back pocket, the process can go smoothly and you can become a homeowner without experiencing any setbacks. Here is some great advice for first-time home buyers.
Advice for First-Time Home Buyers
Know Your Budget
Buying a home is expensive, and it is a financial commitment you will be taking on for at least 15 years. So, it is crucial to buy a home that you can afford for the foreseeable future. Set a budget for your house and stick with it. Do not forget to include expenditures like principle, interest, taxes and insurance when you are determining how much of a monthly payment you can afford. If you can, get a mortgage pre-approval letter from a lender. That way you will know exactly what you can spend and sellers will know you are serious about buying a house.
Pick the Right Realtor
You can buy a house without a realtor if you choose, but it can make the process much more difficult, particularly for first-time home buyers. But, you need to choose your realtor wisely. Ask friends and family for recommendations if you can. As a first-time buyer, it is better to work with an experienced realtor who can help you through the process. Picking the right realtor can make the process smooth and hassle-free.
Make a List of Your Wants and Needs, but be Flexible
Before you begin looking at houses, make lists of features you need in your new house and another list of features that are highly desirable. Rank your needs in order of importance so you have a good idea in your head of which ones are absolutely non-negotiable. Other than those features, be flexible in your expectations. One mistake many first-time buyers make is expecting to get every detail that they want. Often, the budget simply does not allow for it. As you go on house viewings, take your list with you, and be willing to adjust it as you need. Allow your lists to evolve as you find the perfect first home for you.
Only Pay Attention to Details that Matter
Most likely, when you view homes they will be completely furnished and there will be artwork or pictures on the walls. Smart home sellers will sometimes have the aroma of freshly baked cookies wafting through the house. But, when you move into a house, it will be empty, the walls will be bare and the scent of cookies will be gone until you bake your own. So, instead of being lured in by the details, keep your eyes focused on the big picture. Take note of the size of the rooms, the amount of closet space there is, the layout of the rooms, square footage and other aspects that cannot change.
Allow yourself ample time to find your first home. Start talking to realtors and looking at homes several months before you absolutely have to move. Giving yourself more time to look gives you the ability to be picky. Having this time will allow you to make the best decisions instead of being forced into something out of desperation.
Do not Fret Over a House you Missed out On
There is a good chance that you will not get a chance to buy a house you love. There are so many factors at play that losing out on a house is simply part of the process. You will have to deal with other prospective buyers who offer more for a property, a bank not being willing to lend you the money you need for your dream house or simply the fact that you found a house that is not within your budget. Although these roadblocks can be disappointing, do not let them discourage you from continuing to hunt for your first home. The perfect house for you is out there, so let the disappointments go and forge ahead to the next property.
Buy a Home for the Future
It can be tempting to buy a home that fits you in the moment, especially for first-time buyers. But, you need to think about the future when making this major purchase. A house that is perfect for you right now may be too small if you are planning to start a family in the next few years. It may be a wiser move to buy a house that is too big now but that you can grow into in the future. Otherwise, you may be saddled with the hassle of having to move again in a few short years.
When it is time to sell your first home, you have lots of options. Consider selling your house for cash when the time comes. Ben Buys Indy Houses will buy your house for cash, take care of the closing costs and all other associated fees. Plus, we can have the entire process done in less than 30 days! All you need to do is walk away with cash in your pocket to put into your second home purchase. Contact us today to see how we can help you.