First Time Home Buyer Tips

First time home buyer tips are something everyone who is going to purchase real estate for the first time should seek out and use to their advantage. Buying your first home is a big deal! If you are like most it will be the biggest purchase you have ever made. This naturally leads to mix of emotions including, excitement, anticipation and anxiety. While it may be impossible to eliminate the stress that comes from your first home purchase. you can certainly minimize it by coming into the situation prepared.

The first tip is not to rely on family to know everything about purchasing real estate. Keep in mind that some of the people giving your first time home buying advice have only purchased a home one or two times in their lives. This does not make them experts.

When it comes to the hard decisions always rely on the Pro's who will be involved in the transaction including your real estate agent, mortgage broker, attorney, and insurance agent. While family and friends have great intentions, there are times where some of the worst advice you can imagine has been given to first time home buyers.

Be Specific About What You Want

Make sure you have a general idea about the property you would like to buy. This is your biggest expenditure thus far and it's important to get what you want out of it.

 Decide on the basics like neighborhood, size, number of bedrooms and bathrooms. It's perfectly fine to be more detailed that this, though. You can consider what you really care about- a garage for working on your car, a play room for your children, a basement for you wine collection. Personal choices are important.

It is unlikely that you will get everything you dream of but you will happier with your purchase if it fits your wants and needs. When meeting with a real estate agent for the first time they will most certainly be asking you what you top considerations are will be in in buying your first home. Giving the agent an accurate picture of what you hope to achieve will make the process of finding a home for you much easier.

Get Pre-Approved for a Loan

You can't really start shopping until you know how much money you have to spend. Your idea of what you qualify for may be accurate, but it may not be. Find out what you maximum loan amount will be and consider how you want to use that money. One of the first things you should do what setting out to buy your first home is to get pre-approved for a mortgage. Keep in mind that there is a distinct difference between getting pre-approved vs e-qualified over the phone.

While a pre-qualification letter may help you understand how much you can afford to pay each month towards a mortgage payment, it does very little to solidify your position as a legitimate home buyer. When the time comes for you to sumbit an offer on a specific property, the owner and the sellers realtor are more that likely going to want you to be pre-approved.

A savvy realtor is not going to accept the a pre-qualification letter as it is not worth the paper it's printed on. The only way a seller is going to have some reasonable assurances you will get the loan is by providing them with a pre-approval letter. Providing the seller security, especially if you are competing with other buyers, is one of the best tips for buying your first home.


Get a Good Real Estate Agent

One of the best first time home buyer tips I can give you is to hire an outstanding real estate agent. You do not have to go through the home buying process alone. In fact, you probably shouldn't. There are numerous reasons to hire an exceptional realtor including, having access to the best available homes, having someone working regularly to find the house you really want and having an agent on your side in negotiations.

Hiring a real estate agent is important. You want someone on your team who will be fighting for you every step of the way.

Make the Right Offer

Make sure you understand local home values! Negotiation is a fine art, not something learned in a day. This is part of why you search for agents that set reasonable goals for their clients and tend to obtain these goals. You want someone who understands what a home is worth and that can argue the points reliably. There are a number of things that can give you and edge in negotiations, from pet damage to kitchen appliances.

A top notch buyer's agent is going to be looking out for you interests. The best of the best will try to make sure you are paying fair market value or below for the home you are interested in. If you feel you are working with an agent who is concerned about their own pocket book and not yours, dump them fast. This is not the type of agent you want in your corner when it comes time to negotiate.




Original article by Brian Gassett