Buying your first home can be a confusing process! Check out these 5 Tips for First Time Home Buyers to make the process easy and as fun as possible! If you have more questions, please contact Walsh Home Team and we'd love to help you get started!
1. Find the right realtor early on
When you're a first time home buyer, you will have a TON of questions - that's what your Buyer's Agent is there for! Look for someone that specializes in working with first time home buyers and somebody that you trust to guide you through the home buying process.
When you're thinking about looking at homes, the best move is working with your own Buyer's Agent before you set foot in a listing or open house. A Buyer's Agent is legally bound to YOU as a Buyer and will have only your best interests in mind.
2. Get your finances in line
If you're going to be working with a lender to use a mortgage to buy your first home, you should find that lender early in your home search. Your lender is going to be working very closely with you and your Buyer's Agent throughout the entire process so finding someone you trust and like is key!
You also don't have to be rolling in it to be able to afford your own home! There are many programs with qualified, local, lenders that help first time home buyers and people without perfect credit ratings find great homes.
3. Don't rely on the big real estate sites
Sites like Zillow, Trulia and others are great for when you're just looking to see what type of house is available in an area, but if you want really accurate data, you'll need to work with your Buyer's Agent. Homes that are on the big sites may out of date information like accepted offers. Your Buyer's Agent will have access to tools that let see homes with 100% up to date information, sent to your email inbox or available for you to browse 24/7.
4. Think about what the price of a home means to your monthly budget
If you look at the home affordability calculators and and mortgage calculators, you could be setting yourself up for financial frustrations! It's important to know how much a house will cost as a monthly payment - you may be pre-qualified for a big budget house, but can you afford the monthly payments? Working with a reputable lender and your Realtor will make sure you know exactly how much purchasing a home will impact your finances.
5. Be ready to act quickly
When you are looking at a home armed with a pre-approval letter from your lender and with your trusty Agent at your side, you need to be ready to move quickly on a home that you're falling in love with. Many homes are on the market for under a week or less in hot neighborhoods. When you look at a home, make sure you get a good idea if it's somewhere you'd want to live and ask your Agent lots of questions!