Are you on the lookout for a new house? If you’re a first time home buyer, the entire process of buying property can be overwhelming and incredibly stressful. Should you buy a brand new house or buy one from previous owners? How to find multiple offers to sort through? How to know if an offer is legitimate? If you find yourself perplexed by those questions, just know that you’re not the only one.
Regardless of whether they’re looking for a house in Palmetto Dunes or an apartment in New York City, countless potential homebuyers face the same dilemmas every single day. Thankfully, there are plenty of tools and services available to help you make the most out of your home search and make sure you find the right property for you and your family. This article will help you embark on the journey of becoming a brand new homeowner!
Before you get started, you should know that finding a house involves far more than just walking into a real estate office and picking out the first property you see. If you want to make the right choice, you should set aside some time and prepare for this process.
Here’s the list of things that you need to do before you start your home search:
• Set a budget
• Make a wish list
• Find out about mortgage rates
• Research neighborhoods
• Get pre-approved for a mortgage
• Decide on the type of loan you want (FHA, VA, etc.)
• Compare interest rates and fees of different banks and lenders
• Apply for a credit card (to build your credit score)
• Choose an agent or broker
• Determine what kind of financing works best for you (FHA, VA, conventional)
• Find your ideal neighborhood based on factors like school districts, walkability, proximity to transportation, etc.
• Make a list of homes that meet your requirements and are within your price range.
Now that you have all the information you need before starting to look at houses, it’s time to embark on the journey of looking for your new house!
Before you go start looking at homes, ask yourself if you’re ready to take the leap and buy one. If not, maybe you should consider renting instead. Once you’re sure that buying is the right move for you, you can start looking for your dream home.
It’s a good idea to start with something small like a condo or a townhouse. This way, you can get an idea of whether homeownership is right for you or not.
Once you have decided on the type of property you’re looking for, it’s time to narrow down the number of homes in your area that fit the bill. To do this, use tools like Zillow and Redfin to find homes in your area and match them against your wish list.
Once you have found a few homes that meet your requirements, it’s time to make an offer to the seller. It’s important to be flexible with your offer as sellers may ask for additional conditions in return for accepting your offer over others. For example, they may ask for a higher price or additional closing costs as a condition for accepting your offer.
Sometimes, the seller may agree to pay some closing costs. This is called ‘seller concessions’ and it could be in the form of moving expenses, repairs or other non-monetary concessions.
Negotiating is a vital part of buying a house and can help you save money on closing costs and other fees. It’s very important to do research on your own so that you can counter any arguments made by your agent or lender against making changes to the deal.
While negotiating, stay focused on what you want and remain calm even if the seller gets upset. If there’s something about the property that bothers you or if there are too many concessions involved in the sale, don’t hesitate to bring them up during negotiations. For example, if there are repairs that are needed before closing, let the seller know that you won’t agree to close unless those repairs are completed beforehand.
The key here is being flexible and staying positive about any potential deal-breaking issues. If there are some issues with the property that you want to be fixed before closing, bring them up with the seller but also offer solutions on how they can help pay for the repairs. For example, if there’s a leaky roof and it needs replacing, try negotiating with them so that they can cover half of the cost while you cover the rest.
Homes are living, breathing creatures. They’re not just a collection of walls, ceilings, floors and doors. They have stories to tell and memories to share. While buying a house is a huge responsibility, it can also be incredibly rewarding when you find the right home.
Purchasing a home is one of the biggest investments you will ever make in your life. Even if this isn’t your first home, it still can be overwhelming and stressful. If you follow all the steps outlined here and ask for help from a real estate agent or a mortgage broker, you should end up with the home that you’ve always dreamed of.