First-time home buyers who aren’t familiar with what goes into buying a home, need all the help they can get. While going car shopping can bring enough anxiety, some say that the home purchase process can be one of the most stressful life experiences. If you’re in the process of buying a home, paying attention to new home-buying regulations save you a lot of money. For other first-time home buying tips, read on.
Hire an Agent:
With so many online real estate resources, many people forego hiring a buyer’s agent to do it themselves. Sometimes that’s a bad idea since a buyer’s agent is bringing experience to the table. A buyer’s agent can access listing directly from MLS and curate them for you, helping you find suitable homes more quickly. Sometimes these buyer’s agents get the drop on homes that haven’t been listed on the MLS system but will be soon. Agents offer a valuable resource in that they preview home candidates and present you with the best choices, saving you time and money. These agents can also help you spot overpriced listings and avoid getting taken advantage of as first-time buyers.
Getting A Loan:
Getting pre-loan approval before beginning your home search can significantly boost your chances of getting the home you love. Pre-loan approval also means you have a budget for your home, so you don’t look at homes beyond your means. Sellers want to find a motivated buyer and are more likely to consider a buyer who has pre-approval over one who has none. The type of loan you get will depend on your individual needs. FHA loans are popular among first-time home buyers because the down payment is much smaller than conventional loans.
Negotiate Your Offer:
Sellers can ask any amount they want for their house, which can lead to inflated prices. A buyer’s agent can help you send a serious offer by showing you the actual sale prices of similar homes listed in your area. These prices often go for thousands less (sometimes more) than their actual listing price. Buyer’s agents help establish reasonable expectations for the home buying process and will find a reasonable price range for the offer negotiation process.
Always Get A Home Inspection:
Before you put an offer on a home, make sure a home inspection is conducted. The process for a home inspection will differ based on your location. If problems arise during the home inspection, you can request the seller fix the issue, but they are not required to make the repairs. They may send you a new counter-offer with compensation for the damage instead.
Manage Your Expectations:
As a first-time home buyer, it’s easy to want the world from your new home. But you should be willing to make a few compromises on your dream home because no existing home will tick all of your wants. When you draw up your list of features, pick a few that are non-negotiable and put the rest in a the “nice, but not necessary” category. If the homes you see meet these core expectations, then you can decide based on the other features.
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