Get Familiar With The Territory
As daunting as it may seem before you start, there are only a finite number of things that you need to know to be a confident first time buyer. Your quest for home ownership is exciting to you but it is not a new thing; people have been buying real estate since the times of the Roman Empire, more than 2,000 years ago.
There are books on the subject by the thousands and great resources online, such as this website. You owe it to yourself to educate yourself as much as possible about the process before you begin. The information is out there and, as they say, knowledge is power. So, be a first time buyer in a position of strength by building your knowledge of the business before you dive in.
Find Professionals To Work With
You are going to need to have the right representation and a source for financing when you buy your first home. You will need to pre-qualify for a home loan and find a realtor that you are comfortable working with. You may end up spending a lot of time with the realtor and they are going to be advising you on a very important decision. So, it is important to find one whose reputation is strong and with whom you get along.
Sellers and their realtors will take you much more seriously when they believe that you have the capacity to strike a deal. For most buyers, that means that they have received agreement in principle from a lender to fund a specific maximum amount for a home loan. The process of getting pre-approved for a home loan will cover all of the aspects of the loan that involve you being personally approved and judged as credit worthy.
Do Not Bite Off More Than You Can Chew Each Month
Do not set your sights on the biggest, most expensive home possible. Go for the one that suits your needs and which gives you a little breathing room if finances get tight for a while. You will be able to put more down and pay it off more easily. Later, when you are ready you will find your first time buyer home is the leverage you need to get the palace of which you dream.
Be Prepared To Let Go
Go into your first home purchase with your eyes open and your heart tucked away safely. It is when your emotions take control that you are vulnerable to paying too much or buying more than you need. Buying a home can be a long and frustrating process, until you find the right home. Not the one that makes you feel needy and greedy but the one where the numbers look right and the general features are adequate for your needs.
In real estate you earn the money when you buy. This is because you either lock in the equity or the potential that will grow until you are ready to sell. If it is a bad deal at the beginning of the process it is not going to get any better later. So, be prepared to let go of the deal in hand if it is not the right one for you.
Buying your first home can be a challenging experience. It is also one of the most rewarding things you will do as long as you follow these five simple common sense rules that will make you a happy first time buyer. For more information about First Time Homebuyer Tips, please contact Anthony DiLeo at (732) 264-2700 x18, email at [email protected], or complete a Fast Quote request.