Are you a first-time home buyer? Here are 5 of the most important things you need to know as you prepare to buy your first home.
- Choose the right realtor.
Interview 2 to 3 agents. Ask them about their experience working with first time home buyers. Find out what they know about the market and what they have sold in the area. In a competitive market, a savvy realtor will give you the edge you need and possibly even find you a property that others are not aware of.
- Speak to more than one mortgage broker.
Different lenders offer different products and some may be able to save you money or assist you by providing a better service. Ask advice from your realtor as they likely can introduce you to a few reputable lenders in the area. When your realtor and lender have a strong professional relationship, oftentimes the purchase becomes a smoother process.
- Understand contingencies.
When writing an offer with your realtor, there are many ways to strengthen it without paying more than you need to. Working with an experienced agent will provide you with this necessary insight.
When buying a home, it’s best to not do so under a time crunch. If possible, allow yourself some flexibility so that you are able to be realistic with deadlines and also make the right decision.
- Think about your short and long term plans.
Buying a home is a commitment but does not mean you need to have your forever home right away. Your realtor should be able to walk you through some very important questions that help you determine what is most important at this stage of your life.
Check out our buyer’s guide for an more in-depth look into the home buying process here.