Last updated on July 20, 2020
Whether purchasing a car for the first time, a home for the first time, or anything for that matter for the first time, it can come with much confusion, a high level of uncertainty, and even some stress. The home buying process is often seen by many as a “daunting” process. This doesn’t have to be the case, though if the proper preparation and research is done.
Each and every person who purchases a home normally will have different experiences, hurdles to overcome, and ultimately have their own opinion on the home buying process, so beware of many opinions when talking with family, friends, and co-workers. Even though the majority of home buyers are different, the home buying process is usually the same. There is a general outline that should be followed when buying a home for the first time.
Here is several first time home buyer tips and some advice to help make the process of purchasing a home for the first time much less stressful and seamless!
How Much Can You Afford
Whether a consumer is purchasing a car for the first time, a home for the first time, or a set of golf clubs for the first time, it’s important to know how much can be afforded! This is an extremely important part of the home buying process. Many first time buyers don’t realize or understand that it’s extremely important to know how much they can afford before looking at Buy Apartments and villas in Goa! It’s important that the first time home buyer understands what the costs of buying a home are but also why they are involved.
In addition to the general overview of the first time buyer’s financials, the lender usually will pull a credit report to make sure the credit scores are within the required guidelines of the different loan programs.
Set Realistic Expectations when purchasing your first home!
When buying a home for the first time, an extremely important tip is to make sure expectations are set. By setting realistic expectations, the chance to be disappointed or let down is minimized. So, what type of expectations should be set before purchasing a home for the first time?
Once a buyer knows how much they can afford, it’s important to figure out what will their money get them? When buying a home for the first time, it’s important to do it with a purpose and a realistic goal in mind. How big of a home can be afforded? What style of home is desired? What are the acceptable locations of the home? It’s important that first-time buyers have a strong feeling on items like these but also a good idea on which items they are willing to be flexible with. It is a great idea to prioritize these items in order of importance.
Buying a home with no expectations or goals in mind is no different than going to a grocery store with no list or budget. By going to a grocery store with no idea what will be purchased often will end up in lots of wasted time walking around aimlessly and ultimately not getting the results that would be expected. By having that strong grasp on the style of home, the size of a home, and other characteristics that are desired in a home will save a first-time buyer lots of time and also ensure they are purchasing their first home while staying within the range of what they are able to realistically afford.
Learn About the Home Buying Process
The home buying process is exactly that, a process. There are certain steps that need to be taken to ensure the process of buying a home for the first time, goes smoothly. By understanding the process, it greatly reduces the chance that a buyer is disappointed, let down, heartbroken, or frustrated. There are many things that a first-time buyer should be doing before looking for homes, such as getting a pre-approval, but also many things that a buyer should be doing once they are under contract in their future home. Many first time home buyers don’t understand why it generally takes somewhere around 60 days from contract to closing.
Get Educated on the Local Real Estate Market
When purchasing a home for the first time, it’s important a buyer understands the local real estate market. There are many ways this can be accomplished. The internet has completely changed the way the real estate industry works in 2017! There is so much information available on the internet that can certainly help a buyer understand the local real estate market. The internet is great for providing a wealth of information, however, it’s also important a buyer understands that not everything that is on the internet is true. Really it isn’t! There are many third-party real estate websites on the internet that provide some very inaccurate information.
Are There Any Loans Available
First time home buyers are often able to take advantage of Home Loans. It’s important that the first-time buyer understands that every lender is different. From the interest rate they are able to offer, the type of loan products they offer, to the incentives or grants they are able to offer. When selecting a lender, it’s a good idea for a first time home buyer to research all of their options
Consider All Expenses Involved in Owning a Home
Many first time home buyers make the mistake of not considering the costs of owning a home. It’s common that a first-time buyer purchases a home that is the absolute maximum they can afford according to a lender. This can lead to problems once the buyer realizes the other expenses involved in owning a home. First time home buyers often forget about additional expenses of utilities, furniture, appliances, insurance, and groceries, to mention only a few.
The above advice and tips are extremely important to a first time home buyer. By understanding these tips, it can make the process not seem as “daunting” or difficult! A first-time buyer needs to understand and feel comfortable with the professionals they are working with that “no question is a dumb question!”