5 Tips for First-Time Home Buyers
If you are a first-time homebuyer or you are new to real estate, here are the tips that will help you in buying your dream home.
1. Plan and Draw a Budget
If you are interested in purchasing a particular type of home, find out the price of a similar house and decide if you can afford it. You must know what you can afford to avoid problems and other inconveniences. Use an online mortgage calculator to come up with likely monthly payments you can afford after paying the down payment for a mortgage of over 30 years.
2. Define Your Dream House
Even if you are familiar with real estate, you need to make a list of what you want in your dream house. This will serve as a guide when searching for a home within your price range. Factors such as location, styles, square to footage, amenities, etc. must be clearly stated in the list to give a realtor a clear picture of what you are looking for.
3. Choose an Experienced Realtor
The next step is to find a realtor who has in-depth experience in real estate and excellent knowledge of the location you are looking at for your new home. You can ask family and friends for referrals. A good realtor will make your home buying process seamless and hassle-free. The realtor must be patient to listen to your requirements and advise you where necessary regarding your choice. Besides, an experienced realtor would recommend loan officers and real estate attorneys you can work with.
4. Compare Similar Apartments, Houses, and Prices
As a first-time homebuyer, compare different apartments and houses in the area you want to live as well as their prices. You can search for this information online using some online real estate websites. You can check your requirements and see how much such houses are being offered. This would help you when you are ready to bid in the future.
5. Find out Closing Costs
Many buyers and sellers overlook closing costs and end up regretting it. Closing costs typically include the fee for hiring a real estate lawyer to review all documents and the buyer–seller agreement, the cost of a home appraisal (paid by the buyer), and the realtor’s commission (paid by the seller). Be sure to ask your realtor for any additional fees you may need to budget for.
By planning ahead for these expenses—and enlisting a real estate lawyer—you’ll enjoy a smoother, hassle-free home-buying experience.
The Osborne Goddard Team
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