Buying your first home can be an exciting and terrifying experience! There are so many thoughts and emotions that accompany the foreign process of buying a home. Our job at the Eakin Group is to make this process smooth and enjoyable for you.
We’ve listed some important things to keep in mind when buying your first home:
1. Don’t Overspend. You need to know how much you can afford before you start looking at properties. Look at your current expenses and put a budget together. Be realistic! Meet with a lender and get pre-approved for an amount you can afford. Remember, you don’t have to spend the entire amount you are pre-approved for – think of your pre-approval as a cap.
2. Get Organized. Organization is one key to making an otherwise complicated process efficient. Keep all of your information in one place because you will be flooded with information ranging from mortgages, to property searches, to paperwork relating to various aspects of home buying.
3. Create a Wish List. Especially as a first time home buyer, you will more than likely have to make a concession or two. Create a prioritized list of the various things you’re looking for such as location, quality of home, schools, property, amenities, size, etc. Decide which of these features is “nice to have” and which are “must haves.”
4. Do Not Hesitate. No one will tell you not to take your time as a first time home buyer. However, being confident and organized leads to a more decisive process. When you find the right home, analyze your decision carefully and efficiently and move reasonably quickly in the deal making process. Find the right balance – don’t make a rash decision but also don’t hesitate.
5. Have Your Agent Negotiate. Some home sellers do not price their homes properly. Others do. Each home is different, so there cannot be a set formula when looking for a “bargain”. Your agent should be proficient in pulling comparable homes and letting you know approximately how much the home you’re making an offer on is worth. Don’t just offer asking price or a flat % below asking price. Do your homework and negotiate if necessary. Use real data – there is nothing more powerful.
We have a lot more tips and would love to help you. Check out our listings and contact us if you want to begin searching for your first home!