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5 tips for first-time buyers
Spring is here and that means many first-time buyers are looking to enter the market. Having the ability to get through that process with as little stress about the purchase as possible is critical in highly competitive markets.
With that in mind, here are five tips that should help first-timers better navigate the real estate sales process without a lot of stress, confusion or hiccups:
1) Work with a qualified real estate professional
First-time buyers in particular are always advised to work with a real estate agent on the process because it can be so complicated and time-consuming, even with professional help, according to The Balance. There are about a million things that can pop up in the course of the search for a home and, even after a deal is agreed upon, the sales process itself. As a result, having an agent you can call or text with questions or concerns as they develop is an absolute must.
2) Get pre-approved
When trying to buy a home, one of the most difficult things for first-time shoppers is finding a budget that works for them and their unique financial situations, and actually sticking to it. When shoppers fall in love with a particular home, it can be easy to bid aggressively and end up agreeing to a price they might not actually be able to afford.
This is one huge reason getting pre-approved for a mortgage is so important: A lender will let you know roughly how much credit they will extend to you, and that should serve as the ceiling for what you can bid. As an added bonus, borrowers will also be able to expedite the sales process itself if they are pre-approved.
3) Narrow the search
With the help of an agent and a budget in mind, first-timers will have a much easier time finding homes they're interested in and really focusing on which will be best for them based on their own needs. Honing in on specific features within a certain price range can help reduce the number of open houses they have to attend.
4) Look beyond the asking price
In addition to the expense of buying the house itself, first-timers would be wise to remember the other costs associated with homeownership, according to DaveRamsey.com. Adding in expenses like higher electric and heating bills, homeowners insurance and the cost of making the small home repairs that will likely add up significantly over the course of the year is a must when it comes to determining how much house you can truly afford.
5) This about more than just the house
Finally, it's also important to consider future plans. If first-time buyers think they will be looking to trade up for a bigger house in the next five years, that's something to discuss with an agent. The same is true of local amenities, the quality of school districts for those with kids and so on, because all of this will not only affect the price of the house, but also the quality of life for first-time buyers.
Brought to you by HMS Home Warranty. HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers. To learn more click www.hmsnational.com
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