7 Tips for First Time Home Buyers

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Real Estate Agent Mar Vista | 7 Tips for First Time Home Buyers

Purchasing a home is an exciting but complex process. It’s not something that should be taken lightly or done without the proper preparation. This can be especially daunting for first-time home buyers, who may not know what to look for or how to get started. Here are seven tips to help make the transition from a renter to a homeowner as smooth as possible.

Secure Financing Early

Before you even begin looking at homes, it is important to secure your financing by getting pre-approved for a loan. A pre-approval will give you an idea of how much house you can afford and will also serve as proof that you are able to obtain a mortgage when submitting an offer. Your real estate agent may require a pre-approval letter before they take you out on any showings, so this is something that should be done early in the process.

Make a List of Needs vs Wants

It can be easy to get carried away with all the features that homes have to offer these days — from heated bathroom floors to smart thermostats and beyond — but before you start falling in love with all of these fun extras, it’s important to focus on the basics. Make two lists: one for needs (must-haves) and one for wants (nice-to-haves). Keep this list handy throughout your search so that you don’t lose sight of what matters most when making decisions about offers and negotiations.

Do Your Research

It is essential that first time home buyers do their research on both the area they are interested in purchasing in, as well as on any properties they consider making an offer on. Researching things like local crime rates, schools, and transportation options can help give you peace of mind when deciding where you want to live long term. Additionally, research things like recent sale prices, comparable properties, and neighborhood trends so that you have a better understanding of what constitutes a fair price for the home itself when putting together an offer or negotiating terms with the seller.

Don’t Skimp On Inspections

It is always recommended that potential buyers hire qualified professionals such as inspectors, appraisers, and surveyors when purchasing a property. They can uncover hidden problems or issues that may affect your purchase decision or lead to costly repairs down the road if left unaddressed now; having professional inspections also provides valuable leverage during negotiations with sellers if anything does come up during the inspection period. 

Work With A Professional Agent

Working with a professional real estate agent can be invaluable during your home-buying journey. Agents have access to listings that aren’t available through public websites like Zillow or Trulia, which means they can sometimes find homes that fit within your budget but aren’t listed publicly yet. They also have extensive knowledge about local markets and current trends, which can be helpful when trying to decide which neighborhood is right for you. Finally, agents can help negotiate on your behalf with sellers so that you get the best deal possible on your dream home! 

Be Prepared For Additional Costs               

In addition to paying for the cost of the property itself, there are other costs associated with buying a home such as closing costs, inspection fees, attorney fees, taxes, and insurance premiums, etc., Make sure to factor these additional expenses into your budget when determining how much house you can afford so there are no surprises down the line. 

Have A Contingency Plan In Place               

No matter how well-researched and prepared you are before entering the market, there is always the potential for unexpected issues or delays during the purchasing process; therefore, it’s important to have contingency plans in place before making any commitments or signing any paperwork related to buying a property. Having backup plans in case something goes wrong will save both time and money! 

Buying a home can be both exciting and daunting — especially if it’s your first time doing it! But by following these seven tips — securing financing early, making lists of needs vs wants, doing your research on both area and property specifics, and hiring qualified professionals such as Real Estate Agent Mar Vista — first time home buyers can make sure their transaction goes smoothly and ensure they end up with their dream home!

To get answers to other frequently asked questions visit our website and blog section: Real Estate Agent Mar Vista and Real Estate Agent Mar Vista Blog

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Comments (8)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Securing everything early is probably the best advice you could ever give for a long-term plan like this. :

Dec 10, 2022 11:52 PM
Marcus Anderson

Thank you, Laura Cerrano!

Dec 11, 2022 07:00 PM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH

Great information Marcus, thanks for sharing!!!

It is always recommended that potential buyers hire qualified professionals such as inspectors, appraisers, and surveyors when purchasing a property. They can uncover hidden problems or issues that may affect your purchase decision or lead to costly repairs down the road if left unaddressed now

Dec 11, 2022 04:21 AM
Marcus Anderson

Thank you, Sham Reddy CRS

Dec 11, 2022 07:01 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Marcus, this is excellent information to share, and when the market was frenzied, many did skimp on inspections, and was a BIG mistake.

Dec 11, 2022 06:43 AM
Marcus Anderson

Thank you, Joan Cox!

Dec 11, 2022 07:01 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Dec 12, 2022 02:30 AM
Marcus Anderson

Thank  you, Richard Weeks!

Dec 13, 2022 12:04 PM
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Marcus Anderson - Congratulations on your FEATURED post! Wishing you success and happiness. 

Dec 12, 2022 04:56 AM
Marcus Anderson

Thank you, Patricia Feager, MBA, CRS, GRI,MRP!

Have a productive December and Happy Holidays!

Dec 13, 2022 12:06 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

A very informed post but one where working with a real estate professional should have been better positioned as it really starts there

Dec 13, 2022 08:03 AM
Marcus Anderson
MortgageBrokerSantaMonica.com - Santa Monica, CA
Mortgage Broker & Agent | Westside Los Angeles, CA

Thank you for the feedback, Ed Silva! I will take note to improve my future posts. 

Dec 13, 2022 12:08 PM
Charles Ross - (785)-819-6944
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Good information Marcus, Thank you for sharing. Have a wonderful day and a blessed week.

Feb 05, 2023 03:16 AM