Being a first-time house buyer is an exciting time. Finally, you get the chance to really make a house a home. However, there are also many traps that are easy for real estate beginners to fall into. Here are six things you should keep in mind when preparing to buy your first piece of property so that your start to being a homeowner, goes as smoothly as possible.
Table of Contents
Check out the 6 Things
Know the Market
House prices and values don’t exist in bubbles. Instead, they’re influenced by the neighborhood, market fluctuations, and other external factors. Being in tune with the current shape of the market is vital for you to find a great deal for your first home. Tools like Nalula Real Estate’s search engine means that you can find that great deal, in a smart price for the neighborhood and area of your dreams. Simply head to nalula.com and start your search to see where is the best deal you can find on a fair market.
Research the House
You should also be prepared to do the work by researching the house you’re looking to buy as well. Make sure to check through the house from top to bottom — literally. Use online resources such as www.basementguides.com/water-damage/ for basements, to make sure that everything is in tip-top shape before you go ahead and make your purchase. Other things to keep an eye on are potential roof damages, flood risks, and drainage problems.
Think about all Costs
The cost of buying a house doesn’t just come down to the price of the house. When it comes to planning where your money goes, remember to include moving costs, any repairs that might need doing, new furniture… the list goes on! The amount of work that will need to be done to a house should definitely be a consideration when it comes to deciding whether to put in an offer or not. After all, you don’t want to be committed to a purchase and then find out there are extra fees that you can’t afford.
Talk to the Neighbors
Be sure to ask around with neighbors and people from the local area to see what they like and dislike about where they live. Even just getting a sense of whether you fit in with the local community is worthwhile. Plus, they might be able to give you some clues about what the best neighborhoods are, whether the house you’re looking into has lots of loud neighbors or anything else that might influence your buying decisions.
Secure Your Finances
Make sure that you have your finances sorted out in advance. That means agreeing on a mortgage term and rates in advance and making sure that everything is squared up with your realtor as much as possible. Don’t be afraid to ask for advice when you need it and take these steps slowly. This is likely the biggest amount of money you’ve spent so far in life, so don’t rush it.
Have a Lawyer at Hand
To give you an extra helping hand in these decisions, it’s a good idea to have a real estate lawyer on hand, should you need them. That way, you have an experienced professional ready to offer legal and financial advice. This is the ideal solution for any first-time buyer who is worried about any legalities. If you can, see if you can find a lawyer who specializes in first-time buyers. That way, they will be able to offer you specialized advice and will know what tips and tricks you can use to get the best deal possible.
Overall, remember to make the most of what you’ve already got. Ask parents, friends, and other family members who’ve already bought property for their advice, and don’t be ashamed of asking for help if you need it.
