Deciding to become a first-time homebuyer is an exciting opportunity to plant your roots and build a life. However, there can be a few things that will make the process easier, more straight-forward, and fun.
Here a few TIPS:
#1 – Attend multiple open houses
#2 – Write down “Must Have” and “Definitely Don’t Want” Lists
#3 – Watch out for Hidden Costs
#4 – Decide how much House you can afford
#5 – Explore your options for financing
# 6 – Pull and review your credit report
#7 – Research the Neighborhood
#8 – Plan for the Future
#9 – Have Fun
Tip 1:Attend multiple open houses to build a Pro/Con list – Sometimes walking through a property will quickly help you to find out what you love and what you don’t. Take the opportunity early in the process to do you own “in-the-field” research. There is nothing like first hand experience to help solidify what is important to you.
Tip 2: Write down a “Must Have” and “Definitely Don’t Want” list but remember to BE FLEXIBLE – paint color and floors can be easily changed – watch out for the big-ticket items (like appliances and electrical issues). Be sure to budget!
Tip 3: Watch out for those HIDDEN Costs like closing costs, inspections, and commissions. Those costs can add up quickly and end up leaving a first-time homebuyer with more debt than they were expecting right out of the gate.
Tip 4: Decide how much house you can afford – sit down and write out your monthly budget and decide BEFORE you start looking how much you can afford. There is nothing worse than falling in love with a potential home and discovering that it is outside of your price range. Be sure to give your real estate professional this information so they can bring you to the best properties that are the best price for you. Domii can help you find trusted real-estate professionals today!
Tip 5: Explore your options for financing as there are lots of options for loans. Be sure to find a loan officer who will work with you to find a loan that works FOR YOU!
Tip 6: Pull your credit report and review it line-by-line to ensure accuracy. Be prepared to contest anything that might be misreported.
Tip 7: Research the neighborhood you are looking at purchasing in and do your due diligence. Drive by at different times of day to see what the traffic patterns are like, review the crime statistics, research the schools (even if you don’t/aren’t going to have children) as schools can affect resale value, and don’t stop until you feel comfortable.
Tip 8: Plan for the FUTURE. Be sure to buy the home for TOMORROW and not for today. Things can change very quickly, and you don’t want to end up in a property that is too small or too big – look for homes that you can see yourself in for the next decade. Look forward to what that home will become FOR YOU!
Tip 9: HAVE FUN! This process can be stressful and overwhelming. Remember even when it feels like you will never find your home that you have a real estate professional ON YOUR SIDE helping to find your dream home. Enjoy the ride and make sure to tag #domii when you buy your first home. Domii can help you find your perfect home today!