Buying a home is an exciting time. It can also be stressful and confusing, especially if you are buying your first home. We asked our agents for their best advice to first time home buyers to help ease the process. Here are the top ten tips we got…
1. Get your own Representation
Don’t use the listing agent, you simply won’t get the right type of representation and it won’t save you money. Realtors are paid a commission based on a percentage of the home’s sale price and this commission is usually predetermined and paid by the seller at closing. This means the work of your agent comes at no cost to you. They will be there to guide you, answer questions, let you know when things first come on the market and navigate the often confusing world of real estate.
2. Be Patient
The process, paper work and terminology can be overwhelming. Having patience with the process, your lender and the market will make the whole process easier on you. Keep in mind that everything will take longer than you want. Don't rush or force the process. Take your time to find the right home that fits your needs.
3. Prioritize
Make a list of your top five priorities in a home before you start looking at houses. Then as you go keep a score for each home to help keep your objectives clear. Another nice list to have when home shopping is to write down your must-haves, nice-to-haves and things you can do with out.
4. Pre-Approval
Get your letters of financial approval from your lender before you start looking at homes. Your lender will review your financial status and issue a letter with the amount you are qualified to borrow. This will streamline your house hunting because when you know what you can afford you are able to filter your home search to properties that are within your budget. It also helps sellers take you seriously. An offer is less likely to be accepted from a buyer without pre-approval. Plus, if you are in a multiple offer situation, your offer will likely be passed over.
5. Use a Local Lender
When trying to find a lender, especially if it’s your first home, go local! It’s nice to have an actual person to talk to about the process rather than someone whom you only talk to over the phone or via email.
Click here to continue reading and see the last five tips for first time homebuyers!
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