First Time Home Buyer Tips
Tips for first-time Homebuyers
1. It’s okay to be picky, but be realistic. Even a new home is never perfect!
2. Do your homework before you start shopping. Decide what you really want from a home and keep that in mind. Search for your home at www.KCRealtor4you.com .
3. Make sure your finances are in order. Review and double check all your credit reports and ensure you have enough saved to cover both your down payment and your closing costs.
4. Don’t delay in getting your loan. Work with a lender to get pre-approved for a mortgage before you start looking. This will always lend you credibility when negotiating on a property.
5. Decide when you would be able to move. How long does your lease have to run? Do you need to still sell your home?
6. Think about the long term. Do you want a starter home with the idea of moving bigger in a few years or is this a long term, family investment. Making this decision may dictate what type of home you should be looking for as well as the type of mortgage that may suit their needs.
Don’t let yourself become over leveraged. If you invest all your financial resources to buy the biggest home you can afford, you will likely find yourself without any funds left for maintenance or decoration and/or to save money for other financial goals.
Do not be naïve or cut corners. A smart buyer will insist upon a home inspection, and ensure any major defects discovered be fixed before closing.
Find a real estate professional whose style and principles match yours. Consider working with a buyer’s agent. Home buying is not only a big financial commitment, but also a highly emotional one. It’s very important that the agent you choose is both great at their job and a good fit with your personality. Unlike the listing agent, whose first duty is always to the seller, a buyer’s representative is working for you and your best interests only. Often buyer’s agents are paid out of the seller’s commission payment.
If you find that perfect home now. Don’t second-guess the interest rates or a possible change in the housing market by waiting. Such changes don’t usually occur fast enough to make that much difference in price and great homes won’t stay on the market long.
Understand that there is no such thing as a completely perfect house. Focus on finding the things that are most important to you and consider letting the minor flaws go.
Don’t negotiate yourself out of the game. Negotiation is certainly a big part of the real estate process, but trying to gain by looking for an extra-low price may lose you the house.
Make a post home buying budget. Factor in all the decorating and repair costs. Even the newest of homes needs a little work. Even if you buy a new home, there will be some costs. Don’t leave yourself short and let your home deteriorate.
Some buyer’s remorse is almost always inevitable but it will pass. Purchasing a home, especially the first one, is a huge commitment, but the investment yields great returns.
Shelly Rampetsreiter 816.582.8723 ShellyR@infinityrealtysells.com Infinity Realty 304 SE Third St. Lee's Summit, MO 64086