Are You a First Time Home Buyer?
Is it time for you to consider buying your first home? Is it a scary thought? Hopefully this article will give you the confidence to begin shopping as a First Time Home Buyer.
Things to Consider when Purchasing Your First Home
Working with a Realtor / Buyers Agent
It is a good idea to appoint a Buyers Agent to work for you when you are considering purchasing a home. The Buyers Agent will be the expert to guide you through the process and to look after your best interests in the negotiation. He/She would have done it all before and will make sure you are getting the best deal under the best circumstances to suit you. He/She will stand up for you, be your voice in the negotiation and will make sure that you have found the best property under the most favorable conditions and to suit your budget. Buying a home is an emotional rollercoaster and your Realtor will be your rock giving you objective advice and a knowledgeable opinion.
Choose a neighborhood that makes you feel comfortable
Does the neighborhood reflect your own lifestyle? Have you driven around the area that you would like to live in - during the day and at night? Do the people in the neighborhood reflect your home values and your lifestyle? If you have stopped your car and chatted to a few people, taken a look at the amenities and it feels right for you, then it could be a place to consider buying your first home.Have You Been Pre-Qualified By a Mortgage Consultant?
In order to know exactly how much money you can afford to spend on a home it would be a good idea to see a Mortgage Consultant and chat to them about your financial position. They will ask many questions, look at your income and expenditure and help you find the right amount of money to spend on your first home. Furthermore, they will assist you with a loan pre-approval, so that you can shop for the perfect home to suit your budget and you can shop with confidence.
What size home can you afford?
Its all good to have a figure you can buy for, you do need to feel comfortable with the mortgage repayment. Remember there will always be little things you need to do and items you want to buy for your home, so be comfortable with the budget you have set yourself and the monthly figure you need to pay on your mortgage.What Features in your first home are non negotiable?
Make a list of things that are non negotiable in your first home. If a shower is a must, write it down. What about a garage? Make sure the home you choose to look at has these non-negotiable items on the list before you go and view the home.
Is there Room To Expand?
What are the goals and intention for this home? Is it in your 2 year, 5 year etc plan? Its important to equate whether you are planning on staying a long time or will you be selling it within a few years. If you are going to stay in the home for a long time, then is there room to expand and does the house have growth potential without overcapitizing on your investment. In other words, if you were to add on to the home, could you recoup your investment and more?
What Other Costs are Involved in Purchasing a Home?
Ask your Real Estate Professional and your Morgage Broker what other costs are involved in the purchase of your home. You would need closing costs, possibly a home inspection and costs relating to securing your Mortgage, however you can ask your Real Estate Agent for a comprehensive list.
Monthly Fees
If your home is in a subdivision that has a homeowners association, you will be responsible for your Home Owners Association Fee. You need to consider the property taxes and insurance on the property and of course utilities including water, refuse and electricity. You should also consider putting aside a little amount every month for maintenance for the property.
Your First Offer To Purchase
When the time is right for your first offer, be guided by your real estate agent. You can ask your agent for the comparable properties in the area in order to assist you to give a fair offer to the seller with terms to suit you. Sometimes you may find that the property has multiple offers and you need to get your offer in quickly and with the most beneficial terms and conditions to suit the Seller. Either way, a good Realtor will guide you every step of the way.
Appointing an Agent
If you are looking for a knowledgeable Real Estate Agent to represent you when purchasing your first home, then lets have a chat. It is really important that you relate to the agent who is going to be looking after your best interests.
I pride myself in my superb referral business. I have worked with the same clients and their families, friends and colleagues over the years and I get their repeat business and referrals too. There is no better compliment to me than the referral my past clients give me. It means I have done something right!
I don't just want to be your Realtor, your buyers agent. I want to be the person in the transaction who fights for you, looks after you and the same agent that you would want to tell your friends, family and colleagues that I looked after your best interest! I am in business for the long road and your home, your new beginning is my business!
I'd be honored. Call or text me on 704-534-9334 or drop me an email and lets set up that important first meeting.
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