Buying a new home is an enormous decision to make, especially if you are a first time home buyer. You don’t want to make a decision that is not right as it’s a lifetime decision and you have to spend your life in that house. Buying a first home requires a lot of time, effort and money. You have to be up to date with everything: the price of the properties, the real estate agent that is suitable for you, the locality you want to live in, everything.
Buying a house is no cakewalk, so make sure you take enough time before making a decision.
Millions of people purchase new homes with ease and safety. They are required to be knowledgeable about what they are doing. Nowadays, even young people have started to make their investments in the real estate industry. Gone are the days when people used to think buying a home is just for older people. Innumerable youngsters have started to buy their first homes even if they are small in size. They look at it as an investment in their future.
We all agree that buying a home the first time is a huge decision but it’s not an impossible task to do. With the correct guidance, you can easily make a decision that works the best for you.
Are you also worried that you will decide on something that you are going to regret or are going to be stuck with a realtor who is not perfect for you? You are not alone. Many people feel like this when they are buying a house or property for the first time. Well, below are some simple home buying tips for first time home buyers.
Home buying/owning tips for first time home buyers:
1) Start saving and look at how much you can afford:
If you are planning to buy your first home, you should start saving your money. Buying a new home is a very costly affair. You need huge investments, and for that, you need to save money. Have a look at your existing savings, and then estimate the amount you spend on buying your home.
Make a list of all the expenses that will occur for buying a house like, the down payment, moving expenses, closing cost, and miscellaneous expenses. It will help you get an idea of the amount that you will have to spend. You can compare this with your savings and get an estimate of your spending capabilities.
2) Stay well informed:
The first important step before buying a house for the first time is to stay well-informed about the real estate industry. You must make a list of the properties you are interested in and get an idea of their prices from different agents. By doing this, you will get an idea of the prices. That will provide you with a chance to compare multiple prices framed by the agents and make a wise decision that is best for you. Also, get an idea of all the first time homebuyers schemes and loans.
3) Choose the right real estate agent:
Once you have your comparison, you can choose the real estate agent that has offered you the best price and deal. Picking the right real estate agent is crucial for buying a house as you cannot perform things the way they can. They have their contacts and can get you the best offers and deals on the home of your choice. Search for a real estate agent who has full knowledge and expertise in the locations of your choice. Pick an agent with superior business sense about the current real estate market. Their experience and understanding of the industry will act as the biggest boon for you.
4) Look and pick the property wisely:
Once you hire a real estate agent, they will start to show you a bunch of properties that are suitable for you as per your requirements. Ask yourself first what all things are looking for in that home. You require a luxury-expensive home or a regular one. By doing this and specifying all your requirements to the agent can save you both time. Mention your spending limit with your agent so that you see the properties within your budget.
Once you are clear with your demands, Start touring these homes and remove the ones not meeting all the essential requirements you want in your house. Look at the homes carefully and check if they require any additional expenses like renovation, paint and repairs.
Make a list of all the things you saw in each home, compare prices, take pictures and make videos. Sit down and put all of these things together. Take your time, list out all the advantages and disadvantages of homes and make a well informed and wise decision.
5) Choose your home location wisely:
Location and neighbourhood play an important factor while making your decision to buy your first home. You are making a lifetime decision, so you must make it wisely, right?
Check the location and the neighbourhood properly, as you don’t want to spend your life in a neighbourhood that is not cooperative and a location that is not safe. If you are married and have kids, you will want a safe and quality environment for your kids to grow. You will require basic amenities like closeness to schools, markets and hospitals.
6) Research for first-time homebuyers assistance and loans:
If you are buying your first ever home, you must look at all the assistance schemes and loan options available for you. You can also compare the interest rate of loans from different banks and institutions.
Many states and cities allow first-time homebuyer assistance, which combines low-interest-rate loans with down payment aid and closing cost support.
7) Hold to your budget and negotiate on the offer framed:
Agents will show you some properties that are way too much from your budget. But you should hold on to the budget that you have. Don’t be too pressurised with your agents. To dodge this financial stress down the road, set a limit based on your budget, and then hold on to it.
Also, try to negotiate on the offer framed by the seller. You may be able to save money and spend that on the cost of repairs you will have to make later. You may also ask the seller to handle some of the closing expenses.
8) Do a home inspection:
You must have a home inspection done on the selected home of your choice. You are buying a home for the first time, there might be a possibility that you won’t be able to assess the property carefully.
A home inspection is a careful evaluation of the property. Some professional people look for potential problems in the property, so you can make a well-informed decision about buying the property.
Buying a first home is very crucial so, Don’t rush yourself into anything. Take a calm and wise decision.
These are the 8 tips that will help you in buying a home for the first time. Remember that the more you keep yourself informed about the process, the less stressful it will be, and the more credible you will be to get the home you want for a cost you can manage to pay. Stick with your instincts and Buy your dream house.
If you are still doubtful about any step, we are happy to communicate with you about it. You can contact us at Hirola Infra Developers, and our agents will connect with you!
Thank you!