It’s exciting — and a little scary — to think about buying your first home. Even when you know you’re ready to buy a house, you might not be sure where to begin. These tips for first-time home buyers will help you navigate the process from start to finish.
Choose a real estate agent carefully
A good real estate agent will scour the market for homes that meet your needs and guide you through the negotiation and closing processes. Get agent referrals from other recent home buyers. Interview at least a few agents and request references. When speaking with potential agents, ask about their experience helping first-time home buyers in your market and how they plan to help you find a home. You might also ask how they find homes that aren't yet on the market, which can be a handy skill when buyer competition is fierce. You may also want to ensure that your chosen real estate agent is registered with the EAC.
Narrow down your ideal type of house and neighborhood
Weigh the pros and cons of different types of homes, given your lifestyle and budget. An existing home generally costs less than buying a new construction home. But if current stock is low and you have the means, a brand-new home offers enticing options to customize. A flat or a town house may be more affordable than a single-family home, but shared walls with neighbors will mean less privacy.
Search online for a wide range of properties on offer
The Internet is used for just about everything today from applying for jobs and college scholarships to even ordering just about anything to use for your day-to-day activities. The Internet is also one of the first places people start when shopping for real estate and homes. It makes it easy to browse listings on your local classifieds or a property portal such as Propertybook, or view the neighborhood all from the comfort of your home office or bedroom. The ease is unmatched and when you’re ready you can contact a real estate agent through these portals for more information on a certain property.
Stick to your budget
To avoid financial stress down the road, set a price range based on your budget — and then stick to it. The bank may offer to loan you more than what is comfortably affordable, or you may feel pressure to spend outside your comfort zone to beat another buyer’s offer in a bid. In a competitive market, consider looking at properties below your price limit to give some wiggle room for bidding. In a buyers market, you may be able to view homes a bit above your limit. Your real estate agent can suggest a range for your offering price.
Following some of these tips will help you choose an ideal home for you and your family.
