Whether you are moving out of your parent’s house or making the jump from apartment life to long-term living, finding a home is a big life decision. And as is the case with most major developments, buying a home comes with a host of new stresses and challenges.
This is especially true for first-time homebuyers. Fortunately, in this article I provide you with four tried-and true tips to help you navigate the homebuying process.
Make A List Of What Your Dream Home Needs
When you’re buying a home, you need to consider the future as well as the present. According to a 2020 study from Attom Data, most homebuyers live in their homes for an average of eight years. Some people might plan to make their first home their forever home.
Whatever path you are taking as a first-time homebuyer, you will want to ensure that your new home meets your needs for the years to come.
Rocket Mortgage suggests breaking your desired qualities into the following categories:
Needs – This category is the highest priority. Needs vary widely from family to family and include factors like community resources (such as elementary schools) and accessibility (ramps for wheelchair access).
Nonnegotiables – Nonnegotiables might not be family needs or requirements for a healthy homelife, but that does not make them any less important to a new homebuyer. A home office might be a requirement for some households. For other families, a big kitchen for hosting might be a necessity. Be careful when filling out this list as it often bleeds into our next category.
Nice-To-Haves – These are the traits you would like your new home to have that you are willing to compromise on. When working with potential homebuyers, the search process may reveal that some items on this list are nonnegotiable. Be patient with yourself and your family as you navigate this list.
Know Your Financial Situation Before You Buy A House
You would be surprised how often new homebuyers skip this critical step. Buying a home comes with a hefty price tag, so you will want to make sure you know the ins and outs of your finances.
One of the best ways to do this is to get preapproved before you start searching for homes. A preapproval will help you establish the size of loan your family can take before purchasing your new home.
With the stress of a potential bidding war hanging over them, homebuyers can put themselves into stressful situations fast. Know exactly how much you have in your wallet before you take your first steps into the market.
Take Advantage Of Open Houses As A First-Time Homebuyer
The best way to know if a home is right for you is by visiting it yourself. Website photos are designed to highlight the best features of a house or home. By going to your prospective home, you can look for the traits that the photographer might not have identified.
When visiting an open house keep an eye out for these potential trouble-signs:
- Any unpleasant odors or lingering smells
- Noise pollution from nearby cars or public facilities
- Accessibility to nearby resources (like grocery stores and schools)
- Any areas of the home that look like they might require repairs
If you are unable to visit an in-person tour or open house, some home sellers offer virtual tours or open houses. Those can be especially helpful if you are a first-time homebuyer from out of town.
Hire A Real Estate Agent To Help You Find Your Dream Home
Buying a home requires a lot of knowledge about the area you want to live and about the housing market in general. For many, the best option is to turn to a professional.
Real estate agents are experts in their areas. They can provide insider knowledge about the benefits of different regions and what you can expect if you choose to move there. Offload some of the stress of moving by finding a real estate agent that you want to work with.
Final Thoughts
Whether you are moving out for the first time or are experienced at living on your own, buying a home can quickly become overwhelming. Fortunately, these tips should help set your search up for success. If you are looking for a home in Navarre, Florida, let me help make your buying experience even easier. Contact me today to discuss your options. You can send me note on my contact page or give me a call at 914-447-4847.