Suggestions For A First-Time Home Buyer
Being a first-time home buyer is exciting because you're looking for a permanent home you can call your own. Yet, it can also be frightening since so much money is involved. You want to make wise decisions since a real estate mistake could haunt you for years. Here are some suggestions to help you buy your first home.
Find A Buyer's Agent You Trust
One of the very first things you'll want to do is find a real estate agent to work with. You want a buyer's agent since they can help you tour homes no matter who lists them and they'll look out for you rather than the seller. It's always good to work with a real estate agent when you buy a house, but it's especially important when you're buying your first home. An agent can help you determine if a home looks like a good investment for your financial situation, and then they can guide you through the buying process. An agent can also give you referrals to mortgage lenders that handle loans for first-time buyers.
Get A Mortgage Pre-Approval
While a pre-approval doesn't guarantee you'll qualify for a home loan since that can't be known until you actually apply for a mortgage, when you get pre-approved, you'll have an idea of how much money you'll be able to get and it gives buyers confidence that your loan will go through when you bid on a house. A mortgage lender can also help you find the right mortgage for your financial situation, whether you need something that requires a low down payment or you have less than perfect credit. There are also programs available for first-time home buyers that can help you get into your first home.
Decide What Is The Most Important
Looking at homes for sale is fun and interesting, but you'll quickly see that it is nearly impossible to find a home that has everything you're looking for. You'll have to decide on what is most important and then compromise on everything else. The neighborhood could be the most important to you and you could be willing to live in about any home as long as you're in the neighborhood you want. On the other hand, you may not be willing to settle for a home without a pool, or at least one that has space to have a pool put in. Knowing what your deal breakers are can help the real estate agent screen homes for you so you can tour only those you might like.
Know If You Want A Home That Needs Repairs
As a first-time home buyer, you may not have experience fixing up homes or doing repairs yet. You may want a new home that no one has lived in and that has a home warranty. However, you may be willing to buy an older home that needs some work if you have the skills to make home improvements. The amount of work a home needs will affect the price, so you could move into a fixer-upper for less cost. However, you'll need to spend a lot of money in the coming months or years to get the house in the shape you want.