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Top 10 Tips for First Time Homebuyers

Posted by kim carpenter on April 2, 2018
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Top 10 Tips for First Time Homebuyers

Buying your first home can be an intimidating experience. Questions often ring through your head… Where do I begin? Am I ready for this type of responsibility? What type of money do I need to do this? We are here to help! We like to say “You aren’t buying a pair of shoes.” This is the largest financial transaction of your career so it is perfectly normal for you to feel a little apprehensive, but we are here to help. Here are our top 10 tips for first time home buyers!

  1. Don’t be a afraid to ask questions
    • No question is a dumb question! This is the biggest purchase of your life. Don’t make a mistake because you are afraid to ask. It’s highly likely that if you don’t know the answer, others have had the same question in the past and we have the answer for you. Ask away at anytime!
  2. Speak to a lender about financing early in the process
    • Considering buying a home in the next year? It’s not too early to start the conversation with one of our lender partners! Our partners can speak to you about the programs available and help guide you towards a price point of home you can afford. By reaching out early, you give yourself plenty of time to save for that downpayment or clear up any credit issues.
  3. Employ the help of a trusted real estate agent… it’s free!
    • Most first time home buyers are confused about the role of a buyer’s agent in the process. You are best represented by reaching out to a trusted real estate agent who can work with you across the market on any home that is listed, not just their listings. This allows you to have an advocate for your interests! By reaching out directly to a listing agent, you have limited representation in the process. Lastly, employing a buyers agent costs you nothing! Those costs are paid by the sellers.
  4. Plan for expenses above and beyond your mortgage payment
    • Buying a home isn’t like renting. When you take on home ownership, you must plan for unplanned expenses and maintenance. Over time you should update items throughout your home to maintain it’s livability and value. Also – things break. Don’t put your bank account into the red when the dishwasher decides to quit working!
  5. Don’t get caught up on the little things
    • We like to say there is no such thing as a perfect home (even one that you build). When you’re looking at a home, it’s easy to get caught up on superficial details like paint color, fixtures and carpets. These features are easy to change once the home is yours, so don’t let those little details get in the way.
  6. Plan out your “Must Have” list and your “Would Like to Have” list
    • Like we said, no house is perfect, but you need to know which items you are and aren’t willing to compromise on. This helps you narrow down your list of homes to look at and insures that even with some compromises, you are going to find a home that you love!
  7. Make sure you understand the neighborhood
    • You’re not just buying YOUR house, you’re also committing to the neighbors, the neighborhood and the surrounding area. Make sure you consider things like crime levels, commute times, and proximity to places that matter to you before buying. 
  8. Don’t buy the most expensive house in the neighborhood
    • Although the biggest house in a neighborhood may seem like a great value compared to similarly sized homes in nicer neighborhoods, there is a reason for this. These homes’ values generally are brought down by the properties around them and don’t appreciate nearly as much. We are here to guide you on what will be a good long term investment!
  9. Be prepared to act quickly and decisively
    • Today’s market is moving very quickly! When a home comes on the market, it’s likely that we need to take a look that day or it could be on. Reach out to us about getting setup on our listing portal to make sure you know of properties that match your criteria the minute they hit the market!
  10. Don’t wear your heart on your sleeve
    • It is easy to walk into one of the first homes you see and fall in love. You can see your family making memories in the home right away and then boom… you get beat out on the house and you’re devastated. We always say that things have a way of working out the way they should. You might get beat out on a few homes or choose to walk away from others that are unreasonable on terms of the sale. In the end, we will work hard to insure you land in the perfect spot for you!

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