In the United States, the average age of a first-time buyer is 33. For many, the experience of taking the first step on the property ladder can be overwhelming. From mortgage approval to dealing with hesitant sellers, buying your first home can often be a stressful experience.
When we factor in other things like finding the right place to buy, sometimes it feels as though the pressure won’t let up. This COMMERCIALCafé study shows why even a good choice on the surface can look completely different from another perspective. Luckily, with a little planning and composure, the process of purchasing your first home doesn’t have to be so daunting.
Read these tips for some essential pointers and take a deep breath!
5. Get Your Finances Right
What we would suggest before you even begin to look for a property is to know what you can afford.
While the bank may be willing to lend a certain amount, can you afford it? In order to live a comfortable life, you will need to ensure you can keep up payments. You should be aiming to cover both mortgage payments and costs associated with property maintenance. You should – at very least – know your budget.
4. Narrow down your Searches
Whittling down the areas you have your heart set on may sound easy.
In reality, almost everyone would like to live in the most affluent neighborhoods. Maybe you and your partner both have different ideas about where you should purchase. If you are thinking about having children, proximity to schools will surely come into the equation. Make a shortlist of a few areas and stick to it.
3. Hire a Trusted Realtor
This will certainly help you attain the knowledge required to make a sound decision.
Local realtors with great reviews and solid reputations can be a Godsend to first-time buyers. You should do your absolute best to look for the right man or woman for the job. Read reviews, ask around, do everything you can to find the right agent. If the same name or names keep popping up, you might find it easier to make a decision on your future.
2.Back to Your Finances: Closing Costs!
Once again, this is where a trusted realtor can come in very handy.
Paying for buyer/seller agreement reviews and home appraisals can be unexpected expenses. In reality, there may be a few little surprises along the way which can add up to extra cash you simply did not account for. Always ask a realtor to help you find out what the closing costs are before you buy.
1.Look at Comparable Homes in the Area
The golden rule.
Look at the prices which houses in the area sold for. Try and find properties which best match the one you wish to buy. This will give you a good idea of just how much you will be looking at spending. It will also keep you from overspending or being fooled into paying more for a home than you could have.