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Considerations for First-Time Homebuyers

July 5, 2018NewsNo Comments »

You are awakened before the crack of dawn every morning, not by choice, but due to the noise coming up above. The sound of children slamming their toys and their mother shouting at them to keep the noise down. You’ve grown tired of sharing walls with neighbors and seeing no return on your monthly rent. The time has come! It’s time to make the most important financial purchase of your life; buying a home. First time homebuyers may be inclined to be a little nervous when making the decision to buy a home, but it is very natural to feel this way. There are a few considerations every new homebuyer should consider. Don’t you worry; we’ve got you covered!

Equip Yourself With An Agent

Having an experienced real estate agent at your disposal is crucial when you are purchasing a home. Look to find a full-time agent who sells at least five or more properties per year and that is well educated on the process and location where you plan to live. An agent can help you in many ways, including the following: price negotiations, leading you through the buying process, helping narrow down your search down for a home and they can also help determine how much you can afford when purchasing a home. Your real estate agent will ensure that all necessary steps are completed, such as securing a loan, getting an inspection, completing a title search, and so on. Most importantly, make sure that you’ll be comfortable with working with the real estate agent that you choose.

Educate Yourself

Being a first-time homebuyer can be exciting, but it can also be a very anxious time as well. Purchasing property is one of the most complex, riskiest and most expensive things that you will ever do. Educating yourself by doing your homework will help minimize any risk. Educate yourself by talking to family members and friends who have already purchased a house and listen closely to their experience. Take a ride to seminars where they are educating first time buyers. Do some research online. The more time you put into educating yourself, the better the chances minor issues can be avoided and don’t turn into major headaches. 

Find Affordable Property

Take full advantage of all the resources that surround you for finding affordable homes on the market. Networking, using your real estate agent and searching your online listing will help you find the home that fits perfectly into your budget. The real gems in real estate are the nice, moderately priced, boring houses, town homes and condominiums that are in decent shape and within your budget. Buyers have a tendency to want to purchase the most expensive property that they can afford. This type of thinking can get buyers into trouble. What if you lose your job? You want your home to be an asset that you can afford!

Take Your Time

Don’t settle for something that you may not be happy with six months down the road. Be sure to take your time before signing on the dotted line. This principle relates to not only the search for that perfect home, but also to figuring out the terms of your home mortgage loan. Eventually, persistence will pay off in a big way. If you feel uncomfortable with the price and interest rate that goes along with it, don’t settle!

Don’t Be Afraid to Ask A LOT of Questions!

Before you go signing off on anything, make sure that you ask all the questions that you can possibly think about! As a new homebuyer, you’re not experienced at purchasing a house. Ask your real estate agent anything that you are unsure about, at the end of the day they’re getting paid to help you. Buying a home is the first significantly large purchase a first homebuyer has made. You should not be afraid to ask all of your questions until you get an answer that you are comfortable with.

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