Are you ready for the next big step of purchasing a home? It’s exciting but it can also be overwhelming. If you’re a first time home buyer, it’s important to do your research and understand the steps so you’re more informed and empowered throughout the home buying process. Here are some valuable tips to consider as you navigate these waters:
Know Your Budget
You don’t want to be house poor, so this is where it’s important to be realistic about what you can and cannot afford. Understand that a lender may qualify you for a larger loan than is sensible for your budget. You also don’t want to be stuck making payments you have difficulty keeping up with.
Get Pre-Approved
Work with a lender to determine how much house you can afford and get a pre-qualification or pre-approval letter. The pre-approval letter will give potential realtors and sellers confidence that you are a serious, than qualified buyer.
Uncover Your Needs & Wants
Take a smart approach and list your must-haves versus your would-like-to-haves. This will help you narrow down your search and keep you on track while you look at properties.
Shop Around for Your Realtor
Your realtor will work with you through a process rife with potential pitfalls, so make sure you find one who is knowledgeable in the area where you’re looking and has the reputation of being a good negotiator. Interview a few and get references.
Know Effective Negotiation Tactics
Negotiating is a critical part of the home buying process. Many factors can be negotiated during the home buying process, and an experienced realtor can help you decide what items should be the most important to focus on and what would be a reasonable outcome.
Don’t be intimidated by the process of buying a home. Being educated and having a team of professionals supporting you along the way are your best tools to securing your dream home as a first time buyer. Work with your realtor and stay on top of every step to ensure you find your perfect home.
