Buying a home or a property is an exciting phase in your life, especially if you are a first-time home buyer. Realistically, it entails hard work, patience and perseverance. Keep in mind that if you play your cards right, you will be a step closer to owning your dream home. Otherwise, it could lead to a nightmare with which you can avoid. Here are some useful and effective tips that you should consider when buying your first home:
1. Create a checklist – this is quite imperative as buying a home could be an emotional process. Don’t just settle for a property because of the kitchen cabinets, backsplash, or the swimming pool at the backyard. List down all the essential things that you would want for your future home – for example: how many rooms would you need, facilities, etc. When you are ready to view home for sale, make sure that you bring your checklist with you so that you will know that if you like a property and considering of buying it but it does not have something on your checklist this will give you time to pause and consider the options. Sooner or later, you will know that you have made the right decision.
2. Don’t overspend – price is the key factor in order for one to decide whether to buy a property or not. Think about your price range so that you will be able to gather an adequate option for your target future home. Consider your salary for the next 2 years and your job security. Will you be able to pay for the mortgage on a long term basis or will this investment move break your bank and will leave you and your family struggling to make those repayments? Consider the fact that if you were renting, you will only be paying for the rent solely. But owning a home could also mean not just mortgage repayments but as well as homeowner’s association fees (depending on where your property is located), property taxes, and maintenance costs. Think about your future as change is the only thing consistent, do not just rely on what you think you will be earning over the next year or so. In short, don’t chew more than you can swallow.
3. Consider home inspection – getting a home inspector will surely be useful when you have found a perfect candidate for your future home. However, also keep in mind if they have performed a thorough inspection. Here are some things you should consider:
- Exterior and structural elements – these includes foundations, roofs, ceilings, landscapes, drainage, doors, windows, lights, etc.
- Plumbing – this is to ensure that the plumbing system does not require major repair or the house does not have any leak that could lead to potential high costs of repair and renovation
- Electrical – this is to ensure the safety and prevention from fire hazards.
- Roof and attic – this includes flashing and gutters as well as ventilation and framing.
- Appliances – range and oven, dishwasher, garbage disposal and smoke detectors.
While this may include all or some, getting a home inspected before buying will be able to give you the convenience and peace of mind. It is a given fact that no home is perfect; however considering this step would surely be somewhat beneficial for you in the future. If the property has a little flaw, talk to someone reliable about the cost of having it repaired/ fixed. This way, it could lead you to getting an informed decision.
4. Consider your financing options – first time home buyers will get a wide variety of options to help them secure that dream home. Each state has its first-time homebuyer program that would surely be helpful for you.
5. Have a professional real estate agent - some have the notion that professional real estate agents would only cost more money, but think about the bottom line – investing for your first time home or property could mean certain legalities. Agents know both inside and out of these area as well as give the buyer informed advice as to the value of the property in the future. Sellers would always want the highest price for their property with which an agent can help to negotiate for the price and get you the best value for your money.
Contact me for more information about my Buyer Representation Services to help you buyer your new home!
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Alaskan Spirit Realty | (907) 868-2811
Real Estate Brokers of Alaska | 1577 C Street, Ste 101 | Anchorage, AK 99501
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