Tips For First Time Home Buyers

By
Real Estate Agent with The Rockel Group 244520
https://activerain.com/droplet/Skq

Tips For First Time Home Buyers

 

There are some very important tips every first time home buyer should know before buying a home. As a real estate agent, I love working with first time home buyers. One, it gives me a chance to help educate them on the home buying process and hopefully help them make a wise financial investment. Two, I really enjoy watching and hearing the excitement when they find out they can actually buy a home and when they actually find the home they love. I love those moments! Certain tips for first time home buyers should not be skimmed over or skipped, this will cause frustration and resentment in the whole home buying process. As a first time home buyer, you should look back on the experience and have positive things to say, it can and should be a fun time.

 

My top 10 tips for first time home buyers are very important. This will help a buyer to understand the home buying process, if not, then you should ask questions and get answers before making one of the largest financial decisions in your life.tips for first time home buyers

 

  1. Find a top notch real estate agent that will work for you through the home buying process. This agent should be a full time realtor, not someone who does it part time, you want someone that is active in the daily market and up to date on things going on. This person is going to be on your side and help negotiate on your behalf to help you get the home you want. He or she will also take time to explain the process to you and let you know what to expect along the way. hey should go over your needs and wants (needs analyst), help recommend a good lender for pre-approval, work for you and not the seller and go over agency (seller’s agent, buyer’s agent and dual agent). A very important question to ask your real estate, do you work for me or the seller? They will also go over the out of pocket expenses you might occur throughout the home buying process. This agent will help educate you along the way. They will be your go to person for any and all real estate question before, during and after the closing. It’s always important to listen to your agent, they have been doing this for sometime and know the local market, it is their job and they are the expert. The majority of my clients, become lifelong friends after the closing.

  2. Get Pre-Approved BEFORE you start looking at home. This way you will understand your buying power and not get your hopes up on a house that you can not afford. This will also help eliminate anything that might show up on your credit report or give you time to fix it, should something come up. Sometime you might find out that you need to build credit and the lender can give you tips on how to do that before they can be approve for a loan. Plus, it’s not fair to the seller, the real estate agent or yourself to be looking at home when you can not qualify for a loan. Your real estate agent can recommend some of their preferred lenders to help you with this process. It’s ok to talk to different lenders and compare apples to apples on fees, you want to make sure you are making the right financial decision.

  3. Explore the different types of loans available today. Great question and topic for you and your lender to discuss. Ask about first time home buyer programs like U.S. Department of Housing and Urban Development (USDA Loans), VA loans, FHA Loans, Conventional Loans, NC Housing programs. Some of these loans might have programs to assist you as a first time home buyer, it’s always good to know your options. Plus it will let you  know some of the expenses associated to purchase a home.

  4. Make a list or checklist of your wants and needs. This can be more realistic once you know what you can afford. Somethings to think about while doing this list; drive time to work, stores, schools, hospitals and activities. What part of town would you prefer to be in? City vs county? One story home, two story home, fenced in yard, home owner associations, pools, double garage, large kitchen, garden tub, dual vanity in the master, bonus room, formal living, formal dining room or master bedroom downstairs? These are just a few things to think about. Remember to be realistic with your approved price range and what you can actually get in a home vs your wants. Sometime you have to give and take in  the home buying process.

  5. Attend first time home buyer seminars. Most of these are free and you can learn a lot of great information about the local market, tips on buying your first home, financing types and tips to help take care of your new home.

  6. Know and try to understand the home buying process. You won’t be a pro after your first home, but you should have a better understanding about the process. Get copies of all the signed documents, know the important dates for inspections, Due Diligence period, any fees you will incur and the closing. Your agent should  help you through this and provide you with what you need. If you don’t understand something or have questions make sure to ask them and make sure you get an answer. It may not be the answer you want to hear sometime, but you never know if you don’t ask.

  7. Know and understand how much you can truly afford. Just because you got approved for a certain dollar amount does not mean you have to go to the max price. Remember, when you get approved, they do not take in consideration other living expenses like your gas, eating out, cell phone bill, cable, internet, utility bills and maintenance on your new home. You don't want to be in an expensive home and not be able to enjoy it, that would be very sad. I always recommend to my first time home buyers, lets start on the low end and work yourself up gradually, this is if we don’t find anything you're happy with in the lower price ranges.

  8. Get a home inspection! This is money well spent up front and can save you the headaches down the road. You will have a better understanding on what’s going on with the home before you buy it. Plus it gives the seller a chance to fix these items before you buy it. You will feel more confident in your financial decision after you've  had one done. Always use a recommended home inspector and not the person you found online that can do it the cheapest...sometime you get what you pay for. Your agent will have a few good recommendations for you.

  9. Be realistic when looking at homes. What I mean by that is, don’t look at 20-30 homes just to look at homes. If you know what your needs and wants are, then you and your agent should be able to narrow the list of homes down to 5-10 homes max. If you don’t find the home you want to write an offer on within that list of homes, then you and your agent need to sit back down and look over your wants and needs again to see what changed. Yes, there will always be more homes coming on the market and you might miss something, but you might also miss the home you really like because you are chasing the market. Also, listen to your agent, they know the local market and just because your relative or friend got a house for $30,000 less than the asking price where they live, it has nothing to do with the local market in and around Fayetteville, NC. Your agent can help you with your offer and give you advice on the negotiation of terms.  

  10. Stick to your budget! There is a reason we all have a budget and you   

         should not sway from that during this process. It is very important to  

         be firm with yourselves before starting to look at homes. Your first

         home might not be your dream home, but a home you really love.  

         Let that dream home be down the road after you have established

         yourself more. Just my unsolicited advice.


If you want to talk about any of these tips for first time home buyers or  considering buying your first home, I would love the opportunity to sit down with you or have a conversation over the phone. I specialize in working with first time home buyer’s and that is one of my passions as a full time Realtor, let me help you become a homeowner. Call 910-583-3817, email or visit my website to start viewing homes.

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Roger D. Mucci 03/19/2013 11:07 AM
  2. Bruno & Noel Tarquinii 03/19/2013 09:25 PM
Topic:
Real Estate Best Practices
Location:
North Carolina Cumberland County Fayetteville
Groups:
Active Rain Newbies
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Introducing Newbies in Active Rain
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Tags:
1st time home buyer
tips for first time home buyers
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buying your first home in fayetteville

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Ambassador
336,615
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Katrina~ That is great advice for first time home buyers in and around the Fayetteville NC area...and for all parts of the country for that matter!! Good job!

Mar 18, 2013 01:55 PM #3
Rainer
171,515
Mike Warren
Real Estate - Colorado Springs, CO

Good post. These are helpful tips for first time home buyers.

Mar 18, 2013 06:59 PM #4
Rainmaker
3,584,319
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Katrina,

Excellent post for any new home buyer. I would have this printed out and give to the buyers you work with..great points!

Mar 18, 2013 07:01 PM #5
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Thank you Melissa and yes, this can fit all markets.

Thanks you Mike, hope this helps buyers understand the process a little better.

Thanks Dorie, I am adding it to my material now.

I will have to figure out how to put it on my website Pam, so thank you for reading it!

Mar 19, 2013 03:46 AM #7
Rainmaker
78,134
Shawna Green
Keller Williams Realty-Fayetteville - Fayetteville, NC
The key to your real estate needs!

Great job!  The info is right on and makes the entire process easier!

Mar 19, 2013 05:55 AM #8
Rainer
170,637
Trisha Bush-LeFore
Preferred Properties Land & Homes - Walla Walla, WA
Providing Realtor Services in the Walla Walla Area

Great advice! Thanks for taking the time to write something out like this. Very informative.

Mar 19, 2013 07:53 AM #9
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Congratulations on a well deserved Featured post Katrina.  Excellent information for first time home buyers and so well presented.  You are well on your way!

Mar 19, 2013 09:39 AM #10
Rainmaker
386,300
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Katrina, Great post, very detailed and informative. Congrats on the Feature!

Mar 19, 2013 09:48 AM #11
Ambassador
336,615
Melissa McKinney
McKinney Realty Group - Fayetteville, NC
Realtor, www.LivingFayetteville.com

Katrina~YOUR FIRST FEATURE!! Great job and great information!!

Mar 19, 2013 10:44 AM #12
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Thanks Shawna, it's our job to help buyer understands the expectations upfront.

Thanks Trisha, hope everyone can benefit from this blog.

I am so excited Roger and Mark, thank you!!!

Mar 19, 2013 10:50 AM #13
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Thank you Melissa!!!

Mar 19, 2013 10:51 AM #14
Ambassador
1,398,677
Erica Ramus
Erica Ramus - Ramus Realty Group - Pottsville, PA - Pottsville, PA
MRE, Schuylkill County PA Real Estate

Good, thorough list there Katrina! This should get reblogged tons of times for you.

Mar 19, 2013 12:00 PM #15
Rainer
368,465
Erin Bates
CMG Financial and Expansion Marketing Services - Aurora, CO

congrats on your first feature! AWESOME

Mar 19, 2013 12:32 PM #16
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Thank you Erica and Erin!!

 

Mar 19, 2013 12:37 PM #17
Rainmaker
432,489
Debbie Cook
Long & Foster Real Estate, Inc - Silver Spring, MD
Silver Spring and Takoma Park Maryland Real Estate

Excellent tips!  It is thrilling to see the happiness after a first time homebuyer has closed on their first home.  

Mar 19, 2013 12:39 PM #18
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Yes Debbie, my favorite part!!

Mar 19, 2013 12:42 PM #19
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Thank you Roger for the re-blog!!

Mar 19, 2013 12:46 PM #20
Ambassador
4,217,687
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Katrina, #2 - pre-approval --- believe me, that's one thing buyers want to delay as much as I want to see it before we preview any home - and that helped me today ---- a million dollar buyer could get approved for little less than that so....

Mar 19, 2013 02:46 PM #21
Ambassador
1,200,879
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

This is a great article Katrina.  Every first time home buyer should read this!  Congrats on the feature.                                    

Mar 19, 2013 10:23 PM #22
Rainmaker
50,601
Katrina Rockel
The Rockel Group - Fayetteville, NC

Praful, I made it my practice a few years back that I would not take buyer's out that were not already approved.

Thank you so much for the wonderful comment The Christiansen Team :)

Mar 20, 2013 12:57 PM #23
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