First Time Home Buyer Tips

Home buying or selling is stressful. It’s worth knowing what to look out for –and what mistakes to avoid – when buying a home.

Be sure to have your loan pre-approved, not just pre-qualified before going house hunting. You want to be in the best negotiating position. Shop around and then meet with a financial institution to help you understand the mortgage process and your own financial situation. They will be able to better prepare you on knowing what type of down payment you can afford and help you to not make the mistake that is often made – spending all on the down payment and closing costs. You want to be able to cover any unexpected repairs or necessary renovations.

Get the home inspected by a reputable inspector. The seller will have had the home appraised, but you will want to have an inspector look for problems all throughout the home. He will look at the roof, foundation, plumbing, electrical system and make sure the home is functional when you move in.

Keep your emotions in check! Hire the best, most experienced Realtor and he or she will help you to remain level-headed. Take in all of their advice and use their knowledge of the real estate process. There will be many emotional ups and downs when you are buying a home, and your judgment can get clouded. Knowing your price range is important. Do not look at homes over your budget – that is the easiest way to get emotionally sucked in.

Owning a home can be a great investment. As a homebuyer, search for a home that you can add value to, as this ensures a rise in the equity to help you climb the property ladder. Having an experienced Realtor is key to learning about the best location and which neighborhood will always be one that grows. Often it’s best to buy the smallest home on the nicest block of big homes. Doing this will give you plenty of room for building equity as you update the home.

The Bottom Line: It can take weeks or months, even a year to find the home you want to buy. After some time, stress and exhaustion can have a hand in making rash decisions. To stay away from the common pitfalls, having a Realtor by your side is one of the best decisions you can make. He or she will negotiate real estate deals, guide you through the process and give you professional opinions and recommendations, as well as help you keep your emotions in check.