First-Time Home Buyers

If you are a first-time home buyer, use the guide below for helpful hints and tips to learn how to avoid common mistakes when buying your first home.

• Pre-Qualification: Meet with a mortgage professional to find out how much you can afford to pay for a home.

• Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You’ll also avoid being disappointed when going after homes that are out of your price range. With pre-approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you’re interested in is at or under the amount you are pre-approved for, the seller knows immediately that you are a serious buyer for that property. There are no costs for obtaining pre-approval with the local lenders that we partner with.

• List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.

• Representation by a Professional: Consider hiring your own real estate agent, meaning one who is working for you as the buyer, not representing the seller.

• Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:

  1. One or more detailed maps with your areas of interest highlighted.

  2. A list or file of the properties that your agent has shown you.

  3. Paper and pen for taking notes as you search.

  4. A camera to snap pictures of homes you have toured to help you remember your favorites and features you really liked.

• Visualize the House with Your Decor: Are the rooms laid out to fit your needs? Is there enough light?

• Be Objective: Instead of thinking with your heart when you are looking at homes, think with your head. Does this home really meet your needs? There are many houses on the market, with more coming on the market every day, so don’t make a hurried decision that you may regret later.

• Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don’t forget such essentials as:

  1. Include inspection & mortgage contingencies in your written offer.

  2. Have the property inspected by a professional inspector.

  3. Request a final walk-through to take place within 24 hours prior to closing.

  4. You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced with a different ceiling light).

  All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly to discuss any of these matters in further detail.