- Are you a first time home buyer but you are feeling nervous and not sure what to expect? Let me help you ease your mind with my first 4 steps when buying your first home, especially Steps #3 and 4 which most buyers may not even be aware of. This blog will help you feel more confident when considering purchasing a home for the first time.
Step #1 is to be pre-approved. If you are not sure who to contact, ask your friends and family which bank or mortgage broker they have had positive experiences with. A mortgage broker will be able to provide you with a broader choice of lenders and rate options and they can be available to you outside of regular banking hours . You do not pay a fee for their service. Important Tip, before you purchase that new car, speak to your mortgage broker first as this may negatively impact you being approved for a mortgage depending on your debt.
Choose a Realtor to help you. Again, your friends and family can help you. Do your research (read Google Reviews, look at their websites) see who is a good fit for you. Your Realtor will help answer all your questions and be someone who will calm your stress. This is not a one size fits all. Important tip, you don’t have to use the listing agent to view a specific home. Your Realtor can show you any homes that are listed or even homes that are for sale by owner. You do not pay anything for a Realtor to help you unless you agree on that in writing with your Agent but for the most part the Seller pays the commission to the Listing Agent and the Buying Agent.
Step #3 is decide on a location of where you want to buy your home. Keep in mind the location you want may not accommodate your budget but your Realtor will offer you options that may work for you. If there are features you absolutely must have, please discuss this with your Realtor to help you narrow down your search. Important Tip, be honest with your Realtor of what you want. Not just about bedrooms and bathrooms but maybe about whether you want a home in the City or Country or perhaps you wouldn’t be interested in viewing a home where someone has passed away in. I have worked with Buyers who do not wish to purchase a home where someone has died in no matter what the reason. Important to know, The Listing Agent does not need to disclose the fact that someone died in the home so if that is important to you, talk to your agent so they can help you!
See a house you like, take the time and look at all the photos and virtual tours online first. You want to see more? If you can, drive by the house and see what you think. If there is something about it that you know you wont like then you have just saved time from booking a showing to view it in person. If you want to see more, contact your Realtor to arrange a mutual day and time to view the home. The Seller may have certain restrictions on what you will need to know before stepping into their home. Currently, masks are mandatory as well as sanitizing your hands before you enter the house. Only 2 adults may be only permitted at times and the Seller may want only the Agent touching the surfaces. This may be your only time to view the home before submitting an Offer, so take this time to be observant. Quick tip, in this fast pace market, you may have an option of having a home inspector come with you to your showing to walkthrough the property with you for a limited inspection on some of the big ticket expenses like condition of roof and foundation, electrical, plumbing for instance.