Tips For Buying Your First Home
So you have made the decision to purchase your first home? There’s no time more exciting than the anticipation of buying a home the first time. Preparing yourself with the information that will make the process as smooth as possible is the important first step. As a first time home buyer you may be feeling a little overwhelmed about the process and how to proceed. Buying a home doesn’t have to be stressful or problematic if you approach it the right way
First time home buyers tend to buy a home simply based upon emotion because they have fallen in love with the way it looks, its layout and the neighborhood that it’s in. It’s important to leave emotion out of the equation as it clouds judgment and complicates the decision making process. Sure, appearance and location are important as well but there are plenty more things to consider before you make your final choice. Here are a some good tips to help you get started.
First you need to know how much you can spend. These days and due to the current state of the economy, very few people can actually afford buying a home outright unless they have inherited a huge sum of money, this can be quite impossible. You are probably going to need to obtain a mortgage in order to buy your home. It sounds a little daunting but if you choose the right people to borrow from and get your finances straight, it should be no problem at all.
A few facts about mortgages are in order. The amount that your mortgage lender would be willing to lend you totally depends upon your current income, the debts that you have, as well as your savings,how long you have been at the same job and your credit history. Getting pre-approved for a specific loan amount will hasten your buying experience. Doing things that way would make it easier for you to find homes within your price range and avoid spending too much.
Once you have the finances figured out it’s time to begin looking for a home. Real estate agents are invaluable professional to have on your side for the single largest transaction of your life. Take your time and interview a few different agents to find one that you are comfortable with. You can also use the internet to search for homes without even leaving the comfort of your own home. All of these would provide you with enough options when it comes to houses within your price range.
Once you have found a home that meets your needs in terms of price, size, location and style it’s time to make an offer. Your real estate professional can do this for you, however if you’re buying a house directly from the owner then this would allow you to make an informal offer to your seller.
The offer contract should state just how much you’ll have to pay to buy the house, all the things included in the sale (such as furnishings, outbuildings etc.) and the date when you can move in and any contingencies such as inspections and financing that you want to protect yourself.
The process is time consuming and somewhat complicated but within the reach of anyone. Buying your first home is daunting and there’s no doubt about that. But you needn’t be scared because as long as you know and understand everything that comes with buying a home, everything would be just fine. Happy house hunting!