Important Tips For First Time Home Buyers

You are planning to buy a new house, right?! Buying a new house creates a lot of excitement for you. You feel proud in front of your friends and family to have your own house. No doubt, buying a new house requires a lot of time and effort but this home buying guide will help you fulfill your dream of owning a personal home.

We have made the home buying process manageable so that it can help you in decision making.

Here you go for this convenient summary.

Determine your budget

Find a mortgage

Get approved
Decide what you’re looking for
Contact a real estate agent

After passing through these steps, next thing to do is the house hunt.

Hunt:

You have to start searching and hunting different social sites, magazines, and newspapers that have real estate listings. Then, make a list of all the homes you are interested in and search for them in the market. You should keep a record of changing prices so that you have a clear knowledge of price trends in the market.

There are many factors that are attached to the home buying process and you have to consider them all. Like, how many windows you want to have in your living room. How many cabinets should be there in the kitchen, etc. You must select an experienced and professional real estate agent who will be conscious and focused on your needs and wants.

Importance Of A Real Estate Agent:

The agent can provide you many other options that could be perfect for you. So, an agent plays an important role in the home buying process. In this way, real estate agents are acting as an intermediary between you and your seller. Some of the agents work on behalf of the buyer and some agents work on behalf of the seller. Most agents prefer to represent themselves as a dual agent of both parties.

Offer and Affordability:

Once done with house hunt, it’s time to make an offer and check your affordability. You should be careful while making an offer. Your offer must not exceed your limit and you don’t need to undervalue your offer. You have to follow the middle way. Moreover, a real estate agent can guide you in this matter by bringing up the most important factors with the perspective of negotiation.

There are some important factors that must be considered and the important of all is location. Consider the location which may not be excellent but at least it’s good for you and your family. If the market is in a position of quick selling and buying, then you don’t need to wait, just grab your desired house by paying a bit more. A real estate agent can help you better in this matter as they have complete knowledge of market trends.

Some further factors to consider before making an offer:

Is it a fixer-upper?
Is it a buyer's market or seller’s market?

Avoid paying more than you can afford

After making an offer, you will have to deposit your security in escrow, which is a third party, authorized to hold onto your funds until the required terms are fulfilled. It ensures that your amount is safe and secure and you are almost a homeowner.

Signing the Papers:

It’s time to get your offer accepted by the seller. Seller has accepted your offer? Well done!

Now the last step to do is the home inspection which is very important. Your real estate agent will help you in conducting the inspection within a few days after accepting the offer. During the inspection, there are many material issues that come to attention and for their compensation, you have to ask for the price reduction. Once the matter is resolved, you will have to sign on the dotted line. Maybe it will take time for the sealing of deal but don’t get disappointed. Once the conditions of sale have been met, the initial title will be issued.