Published May 18, 2020
Early Tips for First Time Home Buyers
There are so many choices and decisions involved in buying a home that going into the process may seem overwhelming. Don’t let that fear keep you crammed into a tiny apartment paying
rent for longer than you’d like.
The market is ripe and ready for buyers. Navigating some of
the initial options will set you on a great path to choosing a home that best
fits your needs.
You’re already navigating new waters as a first time home buyer, so consider these
early tips from experts to get started on the right foot.
Be Honest with Yourself
Throughout the entire process of searching and even after
you are a new home owner, nothing will feel better than knowing that the home you’ve
chosen is one you can comfortably afford without having to take finances from other parts of your life. Part of achieving this peace of mind is being honest
from the very start.
If you’re buying a home with your significant other or
alone, it’s important to understand your finances, your job security and what your
outlook is for the next 5-10 years. This information plays an important role in
deciding where you buy a home, the size, the financial commitment you’d like to
make, and more.
Understand Your Finances
While reports show
that home buying is a top priority among millennial buyers today, you need to
understand that there’s more to home ownership than purchasing a dwelling. Sure
your mortgage may work out to be less than your current renting price, but you
cannot forget to add in things like property taxes, insurance, maintenance and
other ongoing costs that come along with the purchase.
Understanding your finances and your loan options is critical. Then there’s also the down payment, closing costs and whether or not you plan to sell in a few years to consider. While a 20% down payment is a healthy one to make, there are other options too - particularly for first time home buyers - that can make the path to home ownership possible. Speaking with someone knowledgeable and trustworthy will help you to make decisions you can be confident in.
Find An Agent
Real estate agents play a critical role in the home buying and selling processes. These professionals have acquired skills and knowledge on the rules and bargaining chips to make sure sellers and buyers end up with something they feel confident in for the long run. Since this experience will likely be an intense one, it’s important to choose a real estate agent you can trust and who has your best intentions in mind.
Use word-of-mouth referrals from friends and family who have already worked with an agent and have had a great experience or take the time to interview and shop around for a good match. What was beneficial one person’s journey, may not match your needs. You want to choose someone with rapport who knows their way around the jargon and who can help make the process and enjoyable one for all involved.
Other Options to Consider
The most important thing to keep in mind is that
going into debt should never be a consideration. Weigh your options on renting versus buying,
work with a real
estate professional who understands your needs and can match you with the right properties, and most importantly – have fun on the ride, it’s likely the start to an entirely new journey in your life.
Looking to buy a home in Connecticut and need help? The Lauren Sells Team is on your side
throughout the entire process. We provide the skills, knowledge and motivation
needed to make the home buying process as quick and productive as possible.
