Are you ready?
Wow, what an exciting place to be. Moving out of your
apartment, rental home, or parents home. Maybe you just
graduated college and are ready to leave the dorm.
Finally... your own back yard!
There are tons of articles out there that will help you out
along the way. Here are some pieces of advice that I find
myself giving first time homebuyers time and time again...
1) Take your time, but be realistic. What I run into most is a young couple with a limited budget, looking for the perfect home. Sometimes, that just doesn't exist. Look at the things you cannot change... ie, location, lot size, promity to schools/amenities, and crime rate in the area. Don't pick the ugly wall colors, old carpet, and wood panels in the living room apart too much. You have time to make the home your own, and you can't always have champagne on a beer budget.
2) Find a Realtor early. Visit my "Other Real Estate Pros" tab, and pick a Realtor to represent you from day one. Zillow, Trulia, and Realtor.com are just not great places to visit when you want to find a home. They give you a good idea of what's out there, but in an environment where homes last 24-48 hours on the market, you need updated information and you need it now! An industry professional can get you set up with the MLS system, and you can receive new homes that match your needs and wants every morning. That way, you're not chasing around homes that are already under contract.
3) Keep your Realtor and Loan Officer in touch. They are going to be working together on your new home for a while, and everyone needs to be comfortable with each other from the get-go.
4) Be pre-approved. This shows you're serious, you've done some leg-work in getting your loan squared away, and now all you need to do is find the home. A pre-approval (vs a pre-qualification) is gold if done properly.
5) Don't get emotionally attached to a home until closing! A number of things can happen during the process; remember it is a business transaction and you can't move in until everything takes its course
6) Don't keep upping your range. Find a comfortable payment and pricepoint, and stick to it. It's easy to go from a $140k home to a $150k to a $165k home, but remember each step up moves your payment up just a bit, and typically your taxes/insurance as well.
7) Do enjoy the process. This is only your first home to buy, there will be others. Make this a great learning process and enjoy looking at homes with an agent that will not be rushing you the whole time.
FINALLY! Give me a call with any questions. I am in the business of getting people into their dream homes. I have resources that can help you out at any stage of the game, and a network that you can utilize to make sure you're working with an ethical person.
