5 Tips For Buying Your First Home
Making the decision to buy your first home can be exciting, but it can also be daunting if you aren’t sure where to start. Here are a few tips that may help you achieve your home ownership goals. We’ll be sharing more tips about buying your first home in our next blog post!
1. Get PreQualified Getting a prequalification letter from the bank is a great first step to buying a home, and can move the process along smoothly and more quickly. This will help you determine a price range for your first home as well as show sellers that you are serious about purchasing a home.
2. Target Your Territory It can be overwhelming looking for a home in any town, but being too open about where you want to buy can drive you crazy. Try to identify a specific part of town that interests you and focus on that area. Drive by various neighborhoods, talk to people you meet about what they like or don’t like about where they live and just get an overall feel for the parts of town to find out what is a good fit for you.
3. Make Priorities It can be helpful to make a list to separate out your must-haves and wants. Try to determine what is an absolute must in your first home, and what you are willing to compromise on. How important are things like location, price, condition, and other amenities to you? Be truthful about what is important to you and realize that while you may not be able to check off everything on your “must-have” list, you may be able to check off many of them.
4. Know Your Budget You may think you know how much house you can afford, but instead of guessing it’s best to talk to a professional to discuss numbers. Getting pre-approved for a loan can give you a ball park figure with which to work with, and help you know what is realistic for your first home. You don’t want to be house-rich and cash-poor!
5. Be Realistic It can be fun looking at homes as they come on the market, especially gorgeous luxury homes, but remember to be realistic about what you will be able to find in your price range. If you’ve been pre-approved for a certain amount, avoid looking at homes above that price point to avoid disappointment or the temptation to overextend your budget.
Contact me if you’d like to learn about the conditions in your local market. I’d be happy to help you navigate the exciting adventure of purchasing your first home!