Buying a home for the first time can bring a number of emotions to the table. Some people get so excited they cannot even see straight. Some individuals are quite nervous about the whole ordeal and deservedly so. Some of us just want the process to finish up.
Yet, most people tend to experience a flood of different emotions when purchasing their first home. And no matter how you feel about the process you still have to p/ay attention to a few things in order to ensure the experience is a good one.
With this in mind…
Here are 7 tips for first time homebuyers:
Before you begin the home buying process you must take an in depth look at your credit score. Your credit will determine a number of aspects with regards to your financial stability that determine your home buying purchasing power.
You may look at list prices of homes and believe they are in your budget. However, don't forget about costs outside of the actual home purchase itself. Things like transferring utilities, closing costs, new furniture, new cost of commuting to work, homeowners’ association fees, etc. can add up pretty quickly.
Always go in below the list price on any and every home you decide to make an offer on. Find out if any one else has put an offer in as well if you can. If no one has then do not be afraid to throw a lowball offer out there. As well, always attempt to get the sellers to cover the closing costs.
It’s vital to make sure you are not buying a piece of junk, so to speak. In order to guarantee you are getting a home with no secrets you will have to deal with later you must hire a good home inspector. Try to find a home inspector that comes well recommended from friends or family.
You are about to invest a large sum of money into a home. Thus, you have a right to ask just about any question your heart desires about the property. Ask lots of questions about home details, the neighborhood, the home buying process, pricing/mortgages etc. Your agent is there to help you make a great investment.
Do not invest in a home that could foreseeably lose value over the next decade or two. This will only cause you problems and misery down the road. If resell values are predicted to fall in the area you hope to buy a home then consider a cheaper fixer-upper that could become a wise investment down the road.
It’s vital that you not purchase more home than you can afford. Do a detailed budget to see what you can comfortably afford now and in the future. Your mortgage is certainly not your only expense. Make sure you factor in cars, kids, vacation, remodeling, and more into your budgeting plans.