For first-time home buyers, the processes these transactions entail may seem overwhelming and stressful. The good news is that it doesn’t have to be! Even though teaming up with experienced real estate experts would provide the most security and stability for such an investment, these tips below will give you the foundations needed to begin the search for your dream home!
1) First-Time Home Buyers & Budgets
We know how exciting it is to make the decision of buying your first house. However, before beginning the search for your ideal neighborhood and dream home, it is crucial to understand where your budget and boundaries lie. As a first-time home buyer, the real estate atmosphere may strike you as daunting, and one of your best defenses against unwanted predicaments is knowing exactly where and how you can allocate your budget. A quick search for “new home calculator” will bring up a variety of tools you can use to estimate how much of your budget could be spent on the purchase of a new home. However, keep in mind that these are just estimates and don’t take into consideration the external variables in life that arise beyond our control. To truly ensure their own investment and happiness, first-time home buyers should consider working with an experienced, honest, and knowledgeable real estate team to deter any future predicaments.
2) Find a Balance Between Needs and Wants
When you think of making such a significant investment, your mind is likely thinking of different upgrades, amenities, and attributes you want your home to have. Although this is completely natural, take heed of what you consider a necessity, versus something that may just be a desire. In the same way that your budget needs to be prioritized and understood, differentiating between wants and needs will aid you in spending your money in the most efficient ways.
3) Work With a Professional Real Estate Team
For first-time home buyers, the surmounting pages of contracts and information overload can sometimes lead to overlooking the fine print. Since it is your very first home purchase, you should consider finding a team of agents that takes your best interests into account. The Mehri & Jerry Team has become known for our integrity and experience, as we develop a specialized plan that takes into consideration your specific needs and desires. A seamless first transaction can lead to sustained future happiness and prosperity of your dreams. With so many factors at play in the home buying transaction, we want you to rest-assured that your hopes and aspirations are represented to the fullest.
4) Do Your Research
After you look through the nooks and crannies of your expenses and budget, start brainstorming ideas of the communities you’d like your first home to be! As first-time home buyers, there are a great deal of things that should be taken into consideration, some of the core components including:
- Community amenities (i.e. parks, outdoor trails, pools, etc.)
- Specific attributes you want in your home
- Surrounding schools if considering children
- General home prices in the vicinity
- Career opportunities in city
- Extra Home-Owning Fees
- Access to shopping centers, grocery stores, public transportation, and other necessities
- Overall neighborhood condition (sidewalks, streets, streetlights, etc)
5) Lending & Pre-Approval
Even if you haven’t decided on a specific home just yet, it’s never too early to get information about the processes of lending and look into potential pre-approval. By knowing where you stand with lending amounts, interest rates on loans, and the first stage of approval from your bank, you’ll be well-equipped with necessary knowledge of the home buying process. Although a proper real estate team will be able to alleviate these worries, getting a jump start will keep you ahead of the game, making the transaction even more seamless and hassle-free.