When you buy a home, especially for the first time, you need all the professional guidance and tips you can get to help you through the process. Here are three tips to help you successfully begin the process of buying a home:
Hire a Real Estate Agent
One of the first steps you should take in buying a home is to hire a real estate agent to help guide you through the purchase process to make sure you take all the necessary steps to get the home you want at a good price. Your agent will help you with items, such as finding homes for you with their online listing database, determining if a home is priced right, helping you complete the contract to submit an offer, and preparing to close on a home.
As a buyer, your agent's commission is paid for by the seller of the home you decide to buy, so you don't have to worry about paying them any money out of pocket. Be sure to find a real estate agent you are comfortable working with, and you will have a fun experience searching for and buying your home.
Determine a Home Wish-List
It is also important to make a list of what amenities and features you want in a home. This includes features in a home you absolutely do not want and other features you may be able to compromise on. List features you want to have, such as a specific floor plan, a garage or a carport, a wood burning fireplace, or is located in a specific neighborhood or school district.
Making a list of amenities you want in your home can also be helpful if you are shopping for a home with your spouse or another person and their opinion matters in the choice. Be sure you are on the same page in regards to the home's required features and decide to compromise ahead of time on any difference of opinions between you and the other person.
Before you begin shopping for a home, it is a good idea to find out how much home you can afford. This requires you to talk to a mortgage broker and get pre-approved for a mortgage amount. Your mortgage broker will look at your income and credit to determine a maximum price you can get financed for.
Keep in mind if you are buying a home that will need repairs, you will need to allow for extra money each month to pay for the repair expenses. In this situation, you may not want to buy a home for the maximum amount you are qualified for. You can also talk to your mortgage broker about financing some of the repairs in with your mortgage.