Making the decision to buy your first home can be exciting, but it can also be daunting if you aren't sure where to start. Here are a few tips that may help you achieve your home ownership goals.
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Get Prequalified. Getting a prequalification letter from the bank is a great first step to buying a home. Aside from helping you determine a price range for your first home, being qualified shows sellers that you are serious about purchasing a home and it helps the process move smoothly and more quickly.
- Target Your Territory. It can be overwhelming looking for a home in any town, but being too open about where you want to buy can drive you crazy. Try to identify a specific part of town that interests you and focus on that area. Drive by the neighborhood, talk to people you meet about what they like or don't like about where they live and just get an overall feel for that part of town.
- Make Priorities. It can be helpful to make a list of what is an absolute must in your first home, and what you are willing to compromise on. How important is location, price, condition, and other amenities to you? Be truthful about what is important to you and realize that while you may not be able to check off everything on your "must-have" list, you may be able to check off many of them.
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Know Your Budget. You may think you know how much house you can afford, but instead of guessing it's best to talk to a professional to discuss numbers. Getting pre-approved for a loan can give you a ball park figure with which to work with, and help you know what is realistic for your first home.
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Be Realistic. It can be fun looking at homes as they come on the market, especially gorgeous luxury homes, but remember to be realistic about what you will be able to find in your price range. If you've been pre-approved for a certain amount, avoid looking at homes above that price point and avoid disappointment.
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Act Quickly. In many markets, especially here in the Denver metro area, homes are selling like hot cakes, with many going under contract within just a few days. What that means is that you should check out new homes as soon as they become available.
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Pay Closing Costs. In a hot market, you need every advantage you can get. That may mean offering to pay for the closing costs. Asking a seller to pay for closing costs can make your offer appear weaker, especially if there is other interest in the property.
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Accept Defects. Be reasonable about what you request from the seller. Unless you are applying for an FHA or VA loan, asking for the sellers to repair every little thing can weaken your offer.
- Get Educated. Being well informed about your local housing market can give you the upper edge when you're looking to purchase a home. Getting in touch with a RE/MAX Professional is a great way to learn about the conditions in your local market and help you navigate the exciting adventure of purchasing your first home.
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