Are you among the group of first-time homebuyers? If you are, you’ve probably found yourself searching the Internet, magazines, radio and even TV to determine what is the best place to buy your new home. Perhaps you’ve even looked at home catalogues. Although buying a home is an exciting and life-changing event, you also need to be realistic about what it will cost you to purchase your dream home. If you’re thinking about buying your first home, you may want to take a moment to consider these top tips for buying your first home:
Take your time to calculate your potential purchase price
It’s never too early to start planning for the future. By taking the time to sit down and calculate your potential purchase price, you can save yourself thousands of dollars by avoiding the last-minute rush and high-pressure sales that occur during the off-season or right before tax season begins. You don’t want to fall in love with a home that won’t fit within your financial situation now or in the future. Make a list of your top qualities of the best house to buy, whether they are based on price or location, and start to narrow down your choices.
Look at houses and determine what their market values are
Do you want to get a house you can call your own? Then make sure it fits what you want as far as the type of home and neighbourhood you want. You should look at houses and determine what their market values are as well as how much they will cost when you add in the closing costs to get a home of that type. Look at the house for a few days, noting if there are any noticeable problems that can affect you in the future (i.e. foundation cracks) and make sure you are willing to repair those problems.
Hire a home inspector
If you want to buy a house quickly and without having to do an appraisal, the best way to go about it is to hire a home inspector and have him come over to the property you want to buy. This way, you can check out the property before you make an offer. You can also find out the problems with the house so you can offer suggestions on how to fix them. It can be quite a hassle to sit in a small house in the middle of nowhere and do a walk-through. However, if you take the time to find good houses to buy in the areas you plan to live in, it will make the process a lot easier.
Find out how much time you will need to find the house you want
While real estate agents can give you great advice, they can only help you locate houses. Your local newspaper is another great way to find homes. Most real estate agents will offer advertising in the classified sections, and the newspaper can help you narrow down your search as well. Find out what the hours of operation are and how soon after you submit your information will you receive information.
Look into any programs or incentives that a real estate agent may be offering
Some agencies will match a specified amount of money to buy a home. Other offers may offer money for buying a certain number of points in your mortgage. Either way, these incentives can help you buy your first-time home at a better price. Real estate agents will most likely have an incentive for helping you buy your new house, such as matching up a good deal or cutting the commission when you buy a house from them.
Consider taking a look at the neighbours when looking at a neighbourhood
Find out what the average household income is and if there are any foreclosure homes nearby. A neighbourhood with a low average household income and lots of foreclosure homes might not be the best place for you and your family to live. Homes near schools, parks, shopping and other amenities are also nice. Remember to look at the whole picture when buying a neighbourhood, and not just the location of your new home.
Shop around for the best price on your house
Finally, do not forget about the closing costs. Some sellers charge extra because of the closings. This is a good time to shop around for the best price on your house, but remember that you will need to pay for house repairs, taxes, and other expenses before you take possession of your property. It is helpful to find a seller who charges the least amount of fees possible, but be sure to look into the details of their closing costs before you purchase your property. You may visit Invision Property for more information.