First Time Home Buyer's Guide
First Time Home Buyer's Guide
First Time Home Buyer's Guide
The benefits of buying a home are many. Appreciation, tax write-offs, and stability are among the most important. If you've saved up a sizable down payment and have been careful with your credit, you should be in good shape to take advantage of the lowest interest rates and lock in a low payment.
Nowadays, most home searches will start on the internet. Buyers are technically savvy and know the benefits of virtual tours and online listings. They also understand how to map out the property and even get satellite views of the house, as well as see how it looks from the street. Getting a decent idea of what you want can be accomplished with an evening of clicking around on the internet.
When you find a few homes that you're interested in looking at, call one of the agents that have the homes listed. Unless of course, you already have an agent you're interested in working with. First time buyers are often surprised to learn that any real estate can take them to see any home- not just the ones that they've personally listed. Find someone that you are comfortable working with, and that returns your calls promptly, and it should be a fruitful partnership. Be sure that they only show you houses that match what you're looking for, and that they look at the houses first to ascertain they match the parameters you've set.
When touring homes, take a notepad and pen with you. After seeing a few homes, they will all become a blur, and you'll remember the kitchen from number two being next to the patio in number four. It is difficult to remember specifics about many different houses looked at in one day, so your notes will come in handy to jog your memory later. Also, pick up available flyers, or take a couple of pictures of features you like, noting which home they belong with by taking a photo of the house number first. Is the location good? Pay attention to the surroundings- watch for parks, excessive traffic or noise, power plants or large electrical towers nearby, as these all detract from its attractiveness, and its price. If it does have one or more of these elements, decide if you can live with it, and bid low. Another trick is to give each house a rating from 1 to 10 as you leave.
If you find a house that is perfect, buy it. Though you may feel you need to keep shopping, why would you? Chances are, you won't find another house that you like as much as that one. If you don't put an offer on it right away, someone else may come along and snap it up.
After looking at a number of homes, you probably have a few that are on the top of your list. Ask to see those favorites again and you will see different things than you noticed the first time you looked at the houses. This is the time to nitpick the houses and keep track of anything negative that you overlooked on trip one.
Choose the home that you decide fits your needs, and make your offer with your real estate agent's assistance. A rule of thumb is to start about 10% below the asking price, unless the market is very depressed, in which case 20% below asking price should not insult the buyer.
Negotiate the purchase price, handle the financing and paperwork with the assistance of your real estate attorney, and enjoy your new home.
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