First-timers – How to Buy a Home and Get What You Want
As a first-time buyer, buying a new home can seem like searching for a date. You look on the computer and there are so many to choose from. The pictures seem nice and then sometimes it is a let down. The simple answers are always use a professional, stay the course and be realistic and reasonable with your expectations and you will get a deal as well as a home. Here are a few tips to get what you want.
Know What you Want…. Just like dating, you need to do a little soul searching to know what you want and expect from a relationship. The same goes with finding a home. Some will not be a fit, but the more you know about what you want and why you want it will make it easier. Make a list in priority of needs and wants and never the two shall meet. When you go looking at homes, apply that list to all homes. I give my buyers a worksheet to use to rate each home in different categories to help them sort through. There are a lot of homes to look through these days. You need a plan and stick to it.
Be Reasonable… Unlike Mr. or Ms. Right, you are not going to marry this home. Don’t look at every home as a life long proposition. You are just hooking up with this home for a while. It needs to fit your needs now – but not for the rest of your life. And don’t put so much pressure on yourself or the house. It does have to be perfect, it just has to fit. There are always going to be trade offs and compromises. You have to reasonable decide what is more important. It is a big investment and needs to fit for a while – probably 5-10 years.
Always Use a Professional. The real estate market is very tricky these days. Corporate, bank and government owned properties create a lot of hoops to jump through. And with the internet, there are some less than conventional and even criminal elements out there which can definitely take advantage of buyers offer low prices with a lot of unknowns – leins, occupants and often problems. Take the easier path. Realtors can help you, protect you and it doesn’t cost you anything. What’s not to love?
Be Prepared… Do your diligence. Talk to a lender right away so you know what exactly how much home you can buy, when, etc. This will help with your search to be more targeted. And get a preapproval. Many bank, corporate owned and government properties require preapproval letters to make offers. So – be prepared and you won’t miss opportunities.
Timing is Everything… This is a buyer’s market and there is a lot on the market, but the good ones do go fast. You shouldn’t necessarily jump at the first house you see, but if you like it, so may some others. Foreclosure properties nowadays are putting prices very low to create bidding wars on properties and move them fast. Don’t sit on your hands and wait for Mr. Right home to come along. You may have passed it up if you wait too long.
Don’t Get Discouraged. This market is very volatile. There is a lot of inventory but for the good properties, there is competition. Be patient, be resilient and don’t get discouraged – and don’t blame your Realtor. No matter how many times it takes you, the home you want is out there and this is the best time for you to get it. There is more than one Mr./Ms. Right home for everyone!
Contact us at 888-788-9544 or Suzanne@remarketingconsultants.com. First-time buyers are our specialty!