9 Valuable Tips For First Time Home Buyers

Buying a home is an exciting time. However, it is important to not let your emotions overcome your good business judgment  when choosing a home. Below are some tips to keep in mind when shopping for your home.
 

1. View Several Homes - See at least 6-8 properties. Don’t move too slow but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it.

2. Imagine the Property Vacant - Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.

3. Be A Detective - Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so that you can inspect everything in working order. Ask lots of questions and be very detail conscious.

4. Inspect - Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R’s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!

5. Mortgage Payment - Make an honest assessment of your income level and living expenses . Take into account future considerations, children, add-ons, amenities, and fix-ups. Make sure you can really afford the house.  Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.

6. If It’s Not In Writing, It Doesn’t Exist - All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your realtor keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.

7. Do a Final Walk-Through - Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.

8. Plan For Flexibility - Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.

9. Loyalty Breeds Loyalty - Be open, honest and up front with your mortgage broker/lender and realtor. If you are not this could cause head aches, delays or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience.

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