First time homebuyers have an exciting adventure ahead of them. Buying a home can be a challenge at times, of course. The investment is a significant one, and savvy homebuyers take the time to plan, research, and make a thoughtful decision. The process of buying a home requires patience, careful consideration, and a willingness to balance emotions against good judgment. But when the homebuyers sign the papers for the home of their dreams they know that the experience has been worth it. For first time homebuyers just getting started in the process, here are a few tips.
Know What You Really Want
Selecting a home requires moving out of a theoretical mindset and into a practical one. Most first time homebuyers have a mental list of the ideal things that they would like in a home. Short of constructing a brand-new property, very few homes - if any - will fit this list perfectly. As a result, potential home buyers have to review the list and determine what is an essential feature and what is not. A fourth bedroom may be an essential; a butler's pantry might be a great addition but not a deal breaker. A big backyard may be necessary for the three family dogs; a swimming pool may be nice, but it may have to take a backseat to other needs. Homebuyers should be willing to establish priorities on the list to avoid making a costly mistake.
Spend Some Time Researching Properties
With the wealth of real estate information currently available online, homebuyers have no shortage of options for researching properties. Mainstream websites offer expansive searches and allow property hunters to narrow the search as closely as possible. Local real estate agency websites also feature homes for sale, and in some cases these agency sites have a wider scope of information than the nationwide searches. Utilize several databases to ensure that you get the full picture of what is available in your price range and with your preferred features. Research housing prices to make sure that you have a good idea of how the market is moving and whether or not a property is overpriced.
Hire a Professional to Help
After you have a good idea of what you are looking for, contact a real estate agent to assist you in your search. Real estate agents know local areas very well, and experienced agents have a knack for picking up on what buyers are looking for. In some cases, the real estate agent can find exactly the right property, because he or she knows the market well and is familiar with what is available and what will suit the wants and needs of the buyers. Real estate agents can also assist homebuyers in recommending lenders, making an offer on a property (and working through the negotiation process), getting an appraisal, and closing.
Consider the Options
See as many homes as you can. The more homes you check out, the better you will feel about your decision when you make it. In some cases, homebuyers end up purchasing the first or second home that they viewed. But they were able to make this decision by seeing twenty or more homes. By the twentieth property, they felt comfortable that they knew what was available and what fit their preferences. Also, spend plenty of time walking through the homes that interest you the most. Imagine yourself in that home; walk through it as though you are living in it. Make sure that you are as comfortable as possible with the home or homes that interest you.
Make a Decision
Once you have eliminated the properties that do not fit your needs, make a list of the top homes that interest you. If possible, make a list of the top three, and begin working through the decision from there. Identify the pros and cons of each, and place a weight value on these pros and cons. One positive feature in a property might outweigh two smaller negative features in another property. Think through the choices carefully before arriving at your final choice.
About
Richard Hector is the owner of Lucky 13 Home Investments, which is an independent real estate firm committed to providing outstanding service and value to the first time homebuyer. For the last 10 years we have been widely recognized in purchasing real estate in South Florida. Our purpose is to revitalize the communities we live in by buying vacant foreclosed homes and remodeling them for families eager to take advantage of today's housing prices. For more information, visit lucky13homeinvestments.com lucky13homeinvestments.com.
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