Buying your first home can feel downright overwhelming. It’ll likely be the biggest purchase of your lifetime, and there are many factors to consider. But despite all the time and effort that goes into the process, remember that you only get to buy your first home once; get familiar with the following things to know when buying a home, and enjoy the experience with confidence!
- Ask Yourself if You’re Ready
If you’re tired of dealing with landlords, living in outdated apartments, and fed up with moving every other year, you might be ready for a more permanent living situation. Readiness, however, includes more than just being emotionally prepared. Compare the average price of renting to that of home ownership in your area, and weigh the pros and cons from there. You may find, as in many cases, that home ownership may be cheaper in the long run than renting.
- Familiarize Yourself with the Process
It’s impossible to do too much research before delving into home buying. Even if you’ll be hiring a real estate agent to guide you through the process, having a working knowledge of what’s going on will help avoid any mishaps or miscommunications.
- Find a Good Agent
Most home buyers turn to real estate agents to help find and close on their new home. Using a trusted real estate agent helps protect you from manipulative listing agents who are just looking to pocket as much commission money as possible. It’s much like hiring a good wedding planner; you could do it yourself, but you save a lot of stress and potential mistakes by spending the extra money.
- Find the Right Fit
This one is a doozy. Finding the right fit can mean anything from affordability to square footage. If you are a relaxed buyer and able to take your time choosing a property, don’t settle! Buy less house than you can afford, and don’t spring for it if there are flaws with the house that will be costly for you to repair. If you’re walking into every room of a potential home and seeing major floorplan changes you’d make, skipit and move on to your dream house.
- Consider Longevity
Any real estate agent worth their salt will advise that you not buy a new home if you aren’t planning on living there at least 5 years. Living there any shorter than that will virtually guarantee a loss of money, especially considering that your first few mortgage installments aren’t even going towards the principal amount. The longer you stay, the more equity you build.
- Slow Down!
If at all possible, don’t start the process of finding a new home under duress. Rushing into a large purchase is a great way to make costly mistakes. Take the time to educate yourself on what a good agent looks like, what you should be looking for in a home, the home buying process, as well as the surrounding area (school district, nearby recreation, etc). Analyze your finances, take time to find the best mortgage, and know enough to make the best offer on the house of your dreams. For more details, contact REAL DEAL Brokers at (404) 200-4334