What First Time Home Buyers Need to do
Whether you’re thinking to buy a home in the next couple of years or purchasing it in the next month, you won’t deny that buying a home is a big deal. Besides the thrill and excitement you would go through thinking about having your own property, purchasing a house can be intimidating if you don’t have knowledge of the real estate market. Although owning a home is undoubtedly is a good investment, keep in mind that it’s a big commitment.
Property investment is an intricate process and requires an eye for detail and critical thinking when making key decision. Often times, interested people, especially first-time home buyers, overlook certain things and later experience unexpected yet big losses on their investment.
So, if you’re planning to buy a property, you need to know certain important things so that you make the best decision.
Consider your Finances
The first thing you need to do is to make sure that your finances are in order. This is important because your financial strategies and saving processes are the two most important determinants in making your credit history more appealing to a lender.
For instance, you can review your credits reports to manage your finances more efficiently. Not to mention, the more debts your credit report includes, the less likely a lender will consider giving you a loan.
Besides, you will need to determine your savings to evaluate how much you can pay as down payment and how much you will be able to afford to pay off your loan. Once you’ve analyzed and determined your financial situation, the next step is to hire a real estate agent.
What to Look for in a House?
After hiring a real estate agent, you will need to sort out your preferences so that your agent can find a couple of homes for you. These preferences may include the number of bedrooms, home condition, size of the property, and related amenities.
Once you get a list of several homes that seem right for you, go for a tour with your agent to check out the condition.
After you find your dream home it’s time to make an offer on the property. Well, it’s vital to keep in mind that when you’re making an offer, you must keep several factors in mind, including age and size of the property, condition of the home, and the type of neighborhood.
Preparing to Own a Home
Whether your negotiations on terms or rates worked out or not, remember that due diligence on the home is extremely crucial before signing a contract. For that, you need to conduct a home inspection with the help of a professional home inspector.
By doing so, you will be able to determine any potential issues that should be fixed before you move in. After that, make sure to visit the property one more time, ideally a day before closing the deal. It helps assure that there isn’t any additional damage to the home.
Furthermore, you need to save some amount in addition to the down payment and closing costs for other expenses that include appliances, furnishings, fixtures, and any improvements you may want to make after you move in.
Buying a home is certainly one of the biggest investments of your life; therefore, you must make this decision carefully. These tips will surely help you avoid the common mistakes many first-time home buyers make.
Christopher O'Neal Licensed Realtor Professional, VA
Samson Properties 1440 Central Park Blvd, #210 Fredericksburg, VA 22401
Multi-Million Dollar Sales Club
CHRIS O'NEAL WILL CLOSE THE DEAL!