Perhaps, you’ve been living in a rented apartment or with family members, and you eventually decide to have a home of your own by purchasing an apartment. That is a wise decision to make, but the process of home buying can be complicated and confusing, especially since it is your first time taking such a step.
Though the process of shopping for a home as a first-time buyer can be overwhelming, there are certain tips that once you are aware of and you diligently follow, you will be able to avoid some common mistakes first-time homebuyers make. In this article RCPMSolutions.ca shows you 6 valuable tips for first-time home buyers.
Useful Tips For First-Time Home Buyers
Have A Budget
Critically evaluate your finances, including your income per time and debts (if any), and then conclude the price range of the house you can afford. This will prevent you from virtually emptying your account because you would be restricted from purchasing a way more expensive home than the prices you have in your decision of price range.
Know the Hidden Costs Associated With Home Ownership
Understand that once you purchase your home and move in, you will certainly be responsible for other costs such as insurance, utilities, property taxes, and many more. The list is not excluding maintenance costs and repairs, which often take place without planning beforehand.
Ensure you take the time to estimate these costs before diving into home buying to prevent you from getting financially stranded not long after moving into your new home.
Have a Real Estate Agent
When it comes to buying your home, it is not advisable that you do it alone without a real estate agent, especially as a first-timer. An experienced real estate agent can help you examine homes, negotiate, draw up contracts, schedule tours, and so on.
However, you should get an agent that trusted people have vouched for, whether recommendations from your friends, colleagues, or family members. I’m sure you want your real estate agent to be a good fit before working with them.
Remember that when deciding on who your agent will be, you are assigning the person that will always advocate for you every step of the home buying process. So, if you notice an agent showing you listings that are unreasonably above your budget, or if they don’t patiently answer your questions as a first-time homebuyer, you should stop working with such a person!
Get a Good Home Inspector
A home inspection is one of the essential parts of the home-buying process, as it can seal or break a sale or leave you stuck with a faulty home and innumerable out-of-pockets expenses. The home inspection is basically all about you, the soon-to-be homeowner; Which implies you need to hire someone who will have your best interests at heart.
They will inspect the home by looking for any safety problem or hazard that requires repairs. After that, you can make use of their findings to renegotiate with the seller, requesting that they make the noted repairs or give you the money to do it yourself, or even deduct the amount for repairs from the purchase bill.
Furthermore, plan as much as possible to make yourself available for any in-person event such as inspection or even property surveys. Not only is it an excellent chance to meet the people you are paying to carry out various tasks for you, but it is also the perfect opportunity to become acquainted with your future home and legitimate professionals that can/will be of help, sooner or later.
You should apply the same diligence to choose your home inspector as you did to choose your real estate agent. Getting a quality home inspection is highly important in ensuring you purchase a safe, well-maintained home that is a fair equivalent of the money you are paying for it.
Examine the Neighborhood
Your neighbors, as well as your neighborhood, can make or crush your experience as a homeowner. Once you find a home you like, ensure you walk around the area, talk to people around, and get the feeling of what the community is like.
You could also do research on the crime rates, quality of schools, as well as amenities in the neighborhood. It is also essential to be aware of how close your home is to your place of work, grocery stores, and other important places.
On your initial visit to your future home, do not rush! You are touring your home for the first time, so you are allowed to stay as long as it will take you to dot all “is” and cross all ts as regards you vetting your neighborhood. You wouldn’t wish to experience a bad neighborhood/neighbors as a first-time homeowner.
Check Out for First-time Home Buyer Programs
Many cities and state housing agencies have programs for first-time homebuyers which can help reduce the costs of homeownership. Some of these programs include providing down payment assistance, while others cover a percentage of your closing costs.
Options for these programs vary by location. So, you can reach out to your local housing department for guidance. Your real estate agent may also be of help.
Ask Big Questions!
The intense sarcasm of being a first-time homebuyer is that you are about to handle many problems that might have never crossed your mind before, from flooded basements to broken appliances, even to faulty power outlets. But you owe it to yourself to figure out various preventative questions you should be throwing at your seller along the way.
Gather as much information as you can from your seller before sealing the deal because once the deal is sealed, it may be harder to ask your seller all those burning questions you should have asked earlier on. Ensure you exhaust all possible questions that may likely pop up in your mind later on!
