In 2020, 31% of home buyers were first-time buyers. Buying your first home can present its own unique challenges. Navigating the mortgage process, searching for a home, and figuring out what you need to do when buying a house can be quite confusing. Luckily, if you take the steps one by one, it will make the process much easier. Let’s dive into what you need to do to find your perfect home as a first-time buyer.
Set Your Budget
Determining how much you can spend on your new home is a key first step as a first-time buyer. You need to figure out both how much you can be approved for a mortgage, and how much you are personally willing to spend.
Start by shopping around for the best rate and lender. Then, set up a time to meet with your lender. They will walk you through the application process to determine how much you will be pre-approved for.
Just because you are pre-approved for a certain amount, does not mean you need to spend it all. Take a look at your budget and remember you may also need to pay for closing costs, moving, and other expenses too.
A real estate agent can make choosing a house much easier, especially if you are a first home buyer. They can help you find a house and walk you through the negotiations and closing. Real estate agents are especially helpful in areas where homes are sold quickly.
Find a real estate agent that has at least a few years of experience and good knowledge of the local area. You can start by asking friends and family for recommendations or search online and read reviewers from past clients.
Make a List
Before you actually go to look at homes, start by thinking about what aspects you consider the most important in your perfect home. This can help you narrow down the field of homes to see. It can also make it easier when you go to viewings.
Along the same lines, make a list of questions that you want to ask during the viewing. You might want to ask about what is included in the home, questions about the home’s history, and about what work has been done on the home already.
Look at Homes
Looking at the homes themselves is the most fun part of finding a house. However, it is critical that you are well-prepared when viewing homes. Many people find it helpful to bring along a partner or friend to get a second opinion during the viewing.
Drive by the house before the viewing. You’ll be able to see what condition the exterior is in, which can give you a good first impression. You can also see what the neighborhood is like. Try to drive by during both the day and night to get a more thorough idea.
Bring your checklist of questions and important aspects of your new home so you can make sure you don’t miss anything. Jot down notes during the viewing so you can look back at it later.
Find Your Perfect Home as First-Time Buyers
Finding the perfect home as a first-time buyer doesn’t have to be draining. Start with a budget and find a reputable real estate agent. If you carefully consider each home when viewing it, you’ll be able to find your perfect home as first-time buyers.
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