What New Home Buyers Need to Know

So you've been renting for a while and now you are thinking about taking the big step into home ownership. But it's a big commitment and one of the largest purchases you will ever make. Let's break the process and the factors down into bite-size pieces so you can prepare for the journey to owning your own home.

 

1) What are you looking for and where are you looking for it? As you have heard, location is the most important factor in home value. It is also one of the most important factors in home livability. You won't be happy if you don't like your neighbors, how far the house is from your job, and the quality of schools in the area for your children. So take a good look around and let your Realtor know your preferences. Then, give some thought to single-family home vs. condominium, single-story vs two-story, gated community vs open community. Narrowing down your choices based on the lifestyle you are looking for means you will be happier in the new home once you're living there.

2) Get your finances in order. If you have never applied for a mortgage you may find it a difficult process. There is a lot to it. A capable lender can walk you through the process and explain the ins and outs. You want to have this portion out of the way before you look at houses. Many a buyer has found the home of their dreams and then lost it when the financing fell through. Getting pre-approved helps you prepare an offer with confidence.

3) Find a Realtor to help you look for homes. Why do you need one? Many sellers do not want to deal directly with buyers. They don't want to show people through their home and listen to "Oh, I like this, and I hate that." The Realtor will help you negotiate with the seller without giving away how much you love the home. The Realtor can then help make sure everything goes smoothly through the closing.

4) Be prepared to be reasonable. You may find your dream house, but you also may find your dream house disguised with ugly carpet or a paint color you don't like. The sellers decorated the house to their own tastes, you will do the same. If you find the best house in your location with an amazing floorplan and a view of that golf course you love do not walk away because they planted azaleas. You can rip them right out as soon as the home is yours.

5) Understand the "hidden" costs. Many first time homebuyers have never faced their own maintenance costs. They are used to calling the landlord when something goes wrong. Additionally, your monthly expenses may be higher than just the mortgage. If you purchased a PUD or a Condo you will have HOA monthly fees as well. There will be costs associated with the move and costs associated with getting the house just the way you like it. Do not spend all your cash prior to closing.

Best tip we can give you? Get a RE/MAX Flagstaff Buyer's Broker to help you through the process. The team of professionals, the brand training, and the commitment to excellence will all work in your favor when you buy your first house. Are you  ready to buy? Give us a call at 386-246-8585

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Thursday, 17 October 2019

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