5 Tips for First Time Homebuyers
Buying your first home can be one of the most exciting times in your life. You are taking another step to fulfill the American Dream!
When buying a house in Birmingham for the first time, turn to the professionals at ARC Realty. Let our real estate agents help you purchase your first home, representing you throughout the homebuying process!
Below are 5 tips for first time homebuyers to keep in mind when starting your search for your first home.
#1 Set a Realistic Budget
Before buying a house, you need take a thorough inventory of your current financial situation.
What income do you have and what are you already paying out each month? It isn’t uncommon to get pre-approved for a mortgage that you really can’t afford. Just because the mortgage company approves you for a $2,000 per month mortgage doesn’t always mean you will be able to easily make those payments.
A great idea is to figure out what you think you can afford and start saving that amount each month. Not only will this show you if you can afford that payment amount, it will also help you save up for your downpayment.
#2 Look at as Many Houses as Possible, Within Your Budget
Now that you know your budget, look at as many houses as possible within that price range!
Some houses that may not appeal to you online or on paper may grab your interest when you visit them in real life.
Although it is great to look at several houses before making your offer, it is also important to understand the current real estate market in the area in which you are buying. For example, the Birmingham metro area is currently hot – therefore, many homes are leaving the market incredibly quickly. Waiting to make an offer on a house you love could take you out of the game before it even starts.
Having a professional real estate agent on your side will help you know more about the current real estate market and can help keep you from missing out on the house of your dreams!
#3 Pay More Attention to the Structure than the Cosmetics
A common trap first time homebuyers fall into is dismissing the perfect home for their needs because they don’t like the wall color or carpet.
Cosmetic changes like replacing the carpet or painting the walls are easy to accomplish for a relatively small amount of money. You can make those changes at any time!
However, if you buy a home that has the perfect carpet but the rooms are too small, that is a much bigger issue to resolve. A home with a structure that suits your needs is much easier to renovate, than a beautiful home that is laid out all wrong for your family.
#4 Consider the Future
Before you purchase a home, think about how long you plan to live there. Even if you don’t have children now, if you plan on having them while living in that house you need to make sure you are zoned for a good school district.
A good school district also helps ensure resale value; therefore, if you are planning to live there only a short time the school district of the house is still a very valid thing to take into consideration.
If you plan on growing your family, make sure you buy a house with enough space to accommodate future family members. It is much easier to buy the right house than it is to fix the wrong house. In short, make sure your home will meet your future needs as well as your present ones!
#5 Use an Experienced Real Estate Agent
The home buying process can be full of pitfalls when you try to do it on your own. You will most likely endure a frustrating process and end up paying more than you should without the help of a professional.
If you are buying a house in Birmingham, contact ARC Realty and let our experienced real estate agents help you find the home of your dreams!
