FIRST TIME HOME BUYERS are usually at a loss on how to begin their house hunting experience. Their instinct is to simply drive around the neighborhoods that they would like to live, see a “FOR SALE” sign and call the agent listed to view the home. Only 2% of Buyers actually purchase the home they first called on or the “Open House” they visited. So here’s a few tips to help you avoid some frustration.
1: Pre-qualify for a loan so that the Realtor knows what price range homes to show you. If you don’t know a Mortgage Consultant, contact a Realtor. We usually have a list of Mortgage Consultants you can pick from. Remember that the choice is yours.
2: Understand that just because you may pre-qualify for a $300k loan, you may not quite be comfortable with the monthly payments for that loan amount, so assess your expenses (current and future) to determine if you would be more comfortable with the monthly payments of a $200k loan rather than $300k.
3: Write down your criteria and separate them by “Must Have” and “Wants” The “Must Haves” are those that CAN NOT be compromised such as good schools if you have children. “Wants” are those you’d like to have providing they can become available but you understand you need to be flexible and may not get that giant walk-in closet you wanted.
4: Pick a home that would be comfortable for your family now. That feels right. Remember that it’s simply a stepping stone and that you may be selling it after a few years to either upgrade or downsize depending on your family’s future needs.
Your first home is simply that. Very few buy their forever home the first time around.
And last, if you like the Realtor that helped you, do them a favor and refer friends and family. Remember to use them the next time around. Realtors are self-employed and count on a steady relationship with the Buyers and Sellers in order to feed their own families and survive.
Referrals are the BEST compliment you can give us!!