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Top Tips for a Successful First-Time Home Buying Experience
First-time buyers may view the buying process as stressful and at times confusing, but it is important that you make sure this time is exciting.
Investopedia provides some basics for buying your first home including before, during and after you become a homeowner.
First-time buyers may view the buying process as stressful and at times confusing, but it is important that you make sure this time is exciting. Investopedia provides some basics for buying your first home including before, during and after you become a homeowner.
What to consider before buying
You have likely already made a list of desired features that you will be looking for during your home search, but it is also important to make note of what type of home will best suit your needs, says the source. When buying, you will have the option to purchase a home, condo, townhouse or even a multifamily building, so it is crucial to know your homeownership goals. While purchasing an existing home can be affordable considering the current housing market and the large inventory of delinquent homes for sale, purchasing a newly-constructed property can ensure repairs won't be needed before moving in.
Another smart step first-time buyers should take is to know how much financing they qualify for. Before you start shopping, the site recommends meeting with lenders to get preapproved or prequalified for a mortgage. This can also make your offer more attractive to sellers. One thing first-time buyers frequently forget to include when creating a budget for buying a home is all other housing expenses such as taxes, the cost of maintenance and home insurance, so include them as well.
The buying process
If working with a real estate agent, finding the perfect home may be easier, as they will take into consideration your wants and needs and also set up appointments for you to see a lineup of properties.
After finding your ideal home, work with your real estate agent to make a competitive offer on the house. Once a seller reaches an agreement, the home is then considered in escrow and taken off the market. During this time, Investopedia recommends getting a home inspection to make sure there are no major flaws in the condition of the house. While things may visually appear to be fine, damage to an infrastructure, foundation or major system in the home can be costly. This is one risk buyers take when purchasing an existing home, while newly-built properties will comply with the most recent codes and won't need any repairs, as features will be brand new.
What to do as a new homeowner
Once closing is completed and the keys are yours, the source reminds homeowners to start saving again, as unexpected expenses could come up. Buyers of new homes may be able to build their emergency home fund easier, as major repairs shouldn't be needed in the near future. Keeping up with maintenance as needed can ensure small problems don't become major repairs.