ARC’s guide for first-time home-buyers
Purchasing your first home can be a stressful time. While it may seem intimidating, don’t go into the process without the right tools you need to set yourself up for success. If you follow simple steps and maintain a great attitude, buying your first home can be an exciting and rewarding experience. Below are some of the tips our ARC agents would give to first-time home-buyers.
Find an agent
The very first step to buying your perfect home is finding a great agent. Someone that will be on your side and steer you in the right direction is important when navigating unfamiliar waters. An agent knows the ins and outs of the local real estate market, home availability and the specific homes and areas that will meet your needs and wants. This will alleviate a lot of unnecessary stress and provide a great support system throughout the home-buying process.
Gather an idea of what you want
Before viewing potential homes, have an idea of what you are looking for in a space. This will save time and cut down an overwhelming amount of options you may be faced with. If there is one quality that you can’t live without, eliminate all homes that don’t have it. If there are certain deal-breaking features, cut out any options containing those aspects. After this step, you’ll be in great position for viewing only the homes that meet your criteria and save an ample amount of time and stress.
Have an open mind
With that said, try to maintain an open mind throughout the process. While it is important to eliminate any homes that are not what you’re looking for, don’t pre-judge potential matches due to one small features. Rarely will you come across a house that meets your entire checklist of ideal features. Try to imagine yourself living in a home and consider whether simple renovations or updates could make this your dream home.
Decide what you can afford
It’s no secret that one of the first steps in the home-buying process is deciding what exactly you can afford in a home. However, you may be surprised to learn that most people skip this crucial step. Don’t consider what you may be able to afford in the future. This mindset can set you up for an intimidating goal to achieve once you’re in a new home. Remember that this should be a fun and exciting experience, so try not to cause unnecessary stress by viewing homes out of your price range.
Evaluate needed renovations
Try to look beyond the staging when viewing potential homes. While home-sellers will work to make their space seem as livable and ideal as possible, this may not always be the case. Look beyond the aesthetics to gather as much information about the home’s history and maintenance as you can. One simple detail can make a seemingly reasonable home become a mountain of an investment.
Get an inspection
Evaluating needed repairs and renovations raises the need for a professional inspection. While you may be able to determine surface issues, an inspection can get down to the root of any potential problems. Skipping the inspection is one of the most common mistakes a first-time home-buyer can make. Don’t let the excitement of finding your perfect home keep you from taking the necessary steps to protect yourself from future issues.
Research the neighborhood
Make sure to do your research, especially if you are purchasing a home in a different city or state. Is the neighborhood safe? What’s the demographic that primarily makes up the area? If possible, drive or walk through the neighborhood you’re considering to determine if you can see yourself living in this area. Remember that photos will always show a neighborhood in its best light, so don’t blindly trust what you see on the screen.
Don’t sell yourself short
While an agent can help with negotiating a price, it’s ultimately up to you when deciding your best offer. Listen to professional advice and consider that the initial offer is an important step in the home-seller and-buyer relationship. It’s normal to want the lowest price you can get for a home, but be sure not to insult the seller during the initial steps.
Account for unseen costs
Remember that the price of the home is not the only cost to consider. Homeowners insurance, down payments and other costs can take a house out of your price range if you’re not careful. It’s best to shoot for a home below what you can afford, so that hidden costs don’t become a heavy burden during an already overwhelming process.
Think long-term
While it may not be top of mind when looking for your first home, thinking long-term is an important consideration. While school systems may not be relevant to you, think about whether this aspect will be a positive for potential buyers when it comes time to sell your home. Considering a home’s sell ability might save you some money, time and effort in the future.
If you would like more information about the process of buying your first home, or to speak with an ARC agent, contact us at (205) 969-8910.
