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First Time Buyer
For many first time home buyers, the home buying process is like a roller coaster ride. Looking at homes can be like a slow twist that doesn’t seem to end whereas the final closing period is as fast as a roller coaster that suddenly goes into a freefall. The most important thing for the prospective first time buyer is to not lose your head! The last thing you want after you purchase anything is to feel some kind of buyer’s remorse. Considering the cost and the responsibilities you will have as a homebuyer, you definitely don’t want to have buyer’s remorse when it comes to buying a home. The first thing to do as a first time buyer is to locate that home you want. What is important here is to be realistic.
Make a checklist of what’s important to you and determine what you value most. Are you more concerned with location or is it imperative that you find the house with the most space? It is so important for you to know exactly what you want as in many situations, the first time buyer has to sacrifice one preference for another. In addition to figuring out what you want, it is important for you to determine that you have the necessary amount of money to afford your new home. It isn’t necessarily the best idea to buy a gigantic mansion if you are forced to work extra hours to afford it.
Financial experts recommend that new home buyers use less than 35 percent of their income on all housing costs and most banks suggest that less than 30 percent of a person’s income be used to support a mortgage. Once you have determined a realistic price range, you can now look for that perfect home. Although in the past, many first time buyers were reliant on real estate agents to help them search for available homes for sale, now you have the option of searching the Internet for available local real estate listings. These real estate blogs often offer virtual tours of homes and offer homes for sale by owners. This can eliminate the need for a realtor and reduce the cost of buying a home a bit. However, the reason why there are realtors available is because they are experts at their field. If you have any specific questions, these may be the best people to ask. They are also available to help you search for local homes for sale. When you are looking for homes, it is important that you don’t try to overload your senses. Try to space out the number of houses you see in a day.
After all, it is possible to see 15 houses for sale in one day but can you realistically remember all those small things that are important when you buy a home? Also, remember that when you are talking to realtors or a home owner that they are primarily concerned with selling a home at the highest price. Don’t get swayed by personal opinions and understand that it can only help you if you ask a lot of questions about homes for sale. Once you’ve found a home that you are interested in buying, don’t be afraid to ask for a second tour of the home. Don’t rely on your first impression of a home and don’t be afraid to hire an independent inspector to evaluate a home’s construction. Also, a common mistake for first time buyers are that they only look at the house itself. Don’t forget that property ownership also means that you are investing in its neighborhood. Ensure that all of the amenities that you need are nearby. However, if everything’s perfect – you won’t have a better feeling than buying your first home!