Buying your first home can be a very exciting time, but some aspects can also be stressful or discouraging. As a first time home buyer, it is important to understand the home buying process and know what to expect on your journey to owning your first home. If you are a first time home buyer, use the following tips:
Make Sure You are Pre-Approved for a Mortgage
Most people do not have enough money to buy a house with cash, so a mortgage is needed. Before you even start looking at homes, it is essential to be pre-approved for a mortgage loan. The pre-approval process involves submitting a lot of financial records, but after you are approved you will know exactly how much you can spend which can help you avoid looking at homes that are outside of your budget.
Find a Reputable Buyers Agent
When you're buying your fist home, your real estate agent will be one of your most valuable resources.It is a good idea to meet with several different agents and be selective in regards to the person you choose to work with. Your agent should have a lot of experience in assisting buyers in the area that you're interested in, and also be able to answer any questions that you may have as a first time buyer. A great agent will be available for showings, and should also be able to offer advice on making offers.
Know What You Need vs. What You Want
As a first time home buyer, there is a good chance that you will not find a home that has every single feature and amenity that you want in your price range. That is why it is important to make a comprehensive list of "must haves" vs "would like to have" when searching for your first home. This list will make it much easier for your real estate agent to find homes in your area that may meet your needs. For example, the size of your family may make a certain number of bedrooms a "must have", while a house with a pool may be a "like to have".
Be Prepared for Some Disappointment
It is normal to be very excited about buying your first home, but it is a good idea to be prepared for some possible disappointment. You may make an offer on a home only to learn that the seller chose an offer from someone else, or their may be problems during the inspection period or escrow. Try to stay calm and know that you will find the best house for you, and it will all be worth it.
For more information, contact a company like Chris Calhoon Real Estate.