New experiences can be overwhelming and buying your first home can feel that way. Below are some insights from other first time buyers. Just a little advice from their experience to help you out with your home buying journey.

Take Your Time With Mortgage Lenders

Finding the lender that works best for you is very important. The time you spend researching, shopping around and asking questions will be well worth your time and pay off in the end. It will also be a learning process. Everyone’s situation is unique and there are pros and cons to every loan. When you are talking about financing it is always best to get your information from a mortgage professional. A good mortgage broker can make the difference between a smooth or difficult experience when buying a home. They are there to help you through the process. They will help you to prepare for each stage of buying and then owning a home from the financial perspective.

Budget for Unexpected Costs

There are many expenses to be considered when buying a home. Closing costs, moving expenses, allowing for the time period between the home you are in and the home you are buying. Preparation is key and will help you navigate this time period. Prepare a budget. Your agent can help you budget for the expenses related to closing. Once you have a budget, create an emergency fund to help you with these additional expenses.

“Perfect Home”

According to real estate expert Barbara Corcoran, “Buyers decide in the first eight seconds of seeing a home if they’re interested in buying it.” Gut instincts are real but you do not want to make a rash judgment. Before you begin looking create a wish list of what you are looking for. Then prioritize your list. Some items will be needs/must haves and some will be wants but not necessarily needs. Narrow your most important 3 – 4 features and keep in mind you will need to be flexible. If you are able to look at every option available then do so. The house hunting process itself will also help you put your needs/wants list into perspective. It can be tough to find the home that has everything you ever dreamed of…in the ideal price point…in the perfect neighborhood. But given time the right property will present itself.

Always Consider Return On Investment

It is easy to think about your needs when buying a home but you may also want to think long term. Statistics show that the average American will own three homes in their lifetime. As a first time homebuyer this may not be the home you stay in forever. Whether you keep your first home and choose to rent it out or if you choose to sell it and buy your second home you will want to consider a property that will be easier to sell when that time comes. When thinking about resale you will want to choose a location and property that will appeal to the most people making you more successful when you are ready to sell or rent.

Pay Close Attention To The Home Inspection

Once your choice is made and you have a valid contract you will need to hire a licensed home inspector to evaluate the condition of the home. Keep in mind no home, no matter the age, is in perfect condition. The inspection is an overview of the condition of the home and a good inspector will highlight any issues they find with the home. Once they have completed their inspection you will review it with your Realtor. Depending on what is found you will decide if you would like to proceed with the purchase or if you would like to renegotiate depending on the repairs that need to be made. An experienced Realtor is a great asset and will know exactly how to guide you through this part of the transaction.

The home buying process can seem overwhelming but the right Realtor will help you navigate the process. I am happy to answer any questions you might have about buying a home. Let’s talk!

LaFreta White | Assoc. Broker/Realtor | 325.656.6896 | lafreta@keystosanangelo.com