As a first-time home buyer, it is both exciting and scary to invest so much money into a property. Families often have dreams of cozy evenings, parties with friends and neighbors, and a place where memories can be created over the years.
As you are preparing to buy a home, there are a few things that need to be considered to ensure that you find a property to match your desires. Here are five tips to help you get started:
- Create a List of Priorities: This common tip shouldn’t be overlooked! A general idea of what you want isn’t enough. You need to have clarity about the must-have features and design details to ensure a quality property for your family. Consider the needs of your loved ones, then choose a home that matches your wish list. Make sure this information is provided to your real estate agent who can help you find new homes recently listed on the market.
- Talk to a Lender about Preapproval: It can be disappointing to find the home of your dreams, only to discover that you can’t get the financing necessary for the purchase. Instead of making assumptions about the amount that you can afford, make sure to talk to a lender early in the process. A financial expert can help you evaluate the overall costs of owning the property, including mortgage payments, utilities, insurance, maintenance, and more.
- Look at Comparables in the Area: Your real estate agent can help you evaluate the local market to find comparable properties in the area. This research is essential to ensure that you are getting a fair price. Also, you can determine the potential for resale when you need to move in the future.
- Trust in the Experience Offered By Industry Experts: Even though it might be tempting to save a little money with a For Sale By Owner (FSBO) approach, it could cost you thousands of dollars in unanticipated costs. A good real estate agent and experienced lender are essential resources to help you get the right deal for your property. Lean on their advice, knowing that your team has your best interests in mind.
- Be Careful with Your Offers: When you submit an offer on a property, then it could be costly to get out of the agreement if you change your mind. Sometimes, homeowners make the decision based on emotion, feeling a time-sensitive urgency because of the low inventory in the real estate industry. Approach the offer with careful consideration. At the same time, be open to changing plans if something comes up. For example, if a weak foundation is discovered in the inspection process, then it might be best to forego the home that you thought you wanted and delay the purchase to find a better fit for your family.
At DUFFY Realty, we have experience helping homeowners make their dreams come true! Whether you are buying a new home or ready to upgrade your property, we are here to assist. Call today to learn more: (678) 318-1700