Advice for First Time Home Buyers
Buying your first home is exciting… it’s scary… it’s confusing… it’s rewarding… while we could go on and on, we won’t. You’ve obviously already got a lot on your mind. So, how about putting some order to all that information and advice you’ve been receiving? Buying your first home is HUGE! It’s likely your biggest expense, your biggest investment… it’s your life! And, that’s exactly where you should start. Think about where you are in your life, where you’re going and if you should be looking to buy now or not. If you’re not financially stable or if you move around a lot, maybe now is not the best time? If you know you’re ready, listen to your mom and “shop around,” starting with a loan. What are you looking for? Good interest rates and even better loan terms. Once you find a lender that meets your needs, you can get preapproved for a loan, so you know a good price range to start looking in. And, don’t forget – the initial sales price of the home you choose isn’t the only important factor. Make sure you’re aware of the other fees that are involved. So, you’ve decided you’re ready to buy; you’ve locked in a lender; now, go find your first home! (Sounds so good, doesn’t it?) Make a list of all the things your first home HAS to have and even include some things you’d love to have, but could do without. Research neighborhoods in the areas you’d like to live in. You can even find an agent who will arrange home tours for you. Do your online research; then, go see some homes for yourself! While it is not likely the first home you walk into will be a perfect match (but, it COULD happen), once you do find the first home of your dreams, your work is not done. It is very likely you’ll make an offer and the seller will counter it… negotiate, negotiate, negotiate! Once you come to terms you’re both happy with, have a contract drafted and let the closing begin. During closing, you’ll need to have the home appraised, titled, inspected and insured. If it sounds like a lot, it is… but, there is help! Finally, the end result? A few more signatures and keys in your hands! Ready to start the homebuying process? Start searching for your first home now!
