Tips for First Time Buyers

Are you eager to take the plunge and purchase your first home? Saving the money for your down payment is only the first step. The following tips will take much of the frustration and guess work out of your first home purchase. When buying a home, keep in mind that knowledge is the key to making informed choices that you will be happy with years down the line.

Tips #1 Check the prices of comparable homes in the area. While you can get a general idea on Zillow, Homegain.com, or the local MLS, a buyer’s agent will be your greatest asset here. They know the local market and can pull up some comparables for you and let you know what homes in different communities are selling for. 

Tip #2 Live within your budget.  If it’s not in your budget, look somewhere else. The general rule of thumb with housing is to purchase a home that is around two-and-a-half the amount of your annual salary. There are online calculators that will help you determine if the home you want will fit into your budget. No matter what, resist the temptation to overspend. It will cost you big in the long run.

Tip #3 What are you looking for? This is the time to be detailed with what you want in a home. Ask yourself what type of home suits your needs. Is it a single family residence, a condo, or a duplex? Consider the pluses and minuses with each choice.  Are you looking for a fixer-upper? Consider the time and money it will cost you.

Tip #4 Be specific with features. This may be the biggest purchase of your life. It can be life changing. Be specific and write a detailed list. It should include things like neighborhood choices, whether or not you want a swimming pool, and if you want air conditioning. Whatever it is you want, put it down. As you view homes, feel free to add to that list and let your buyer’s agent know.

While some consider it a daunting task to get out the pen and paper, it doesn’t have to be. Think of it as the first step in moving into your first home. Contact us, and we can discuss other tips that have helped my past first time buyers.