Buying your first home can be an animal all its own. It’s exciting, fun, stressful, uncertain but most of all, it’s a big decision! Like everything else in life, there is a system to follow that will help you reach your goal.
Buying your first home can be an animal all its own. It’s exciting, fun, stressful, uncertain but most of all, it’s a big decision! Like everything else in life, there is a system to follow that will help you reach your goal.
Step one: Recruit a Realtor! They will be the expert to guide you through this complicated time in your life. They know the right people and best ways to get the job done. But choose wisely, not everyone will be a good match for you. Think of interviewing for a Realtor like dating: after they meet your initial criteria, you need to know that you can easily communicate and get along with them on a personal level. Nothing is worse than working with someone you don’t like!
Step 2: Get pre-approved! If you are a cash buyer, then you have nothing to worry about. But let’s face it, most of us need to finance a home. Talking with a lender before shopping for a home is the only way to know what you are able to buy. If your credit is less than perfect (or down right dismal), or you don’t have much savings built up, your lender can either find a loan that will work for you, or give you clear ways to improve your credit and finances. And best of all, its free! Your Realtor can help you choose a preferred lender if you don’t already have one in mind.
Step 3: Do your homework! Research everything from neighborhoods, schools, demographics, crime rates, commute times, home builders and features. All of this information can be obtained through your Realtor, or online. This research time is a great way to narrow down what you are looking for and where it actually is.
Step 4: Make a list! Now that you have recruited your professional team, and decided what you can afford, it’s time to decide what you want. Sit down with everyone that is part of the decision making and make a list of must haves, would like to haves, and definitely don’t want. This list will not only help your Realtor narrow down the homes in your market, but it will help you make your decision after view seemingly endless amounts of houses and keep you focused! Your dream home may require a few trade-offs on your list, but when they are written down, you can plainly see what you are will to give up and what you can’t live without.
Step 5: Shop till you drop! The internet has revolutionized this step of the process for us. Realtors can now set up “client portals” to share listings with buyers. They can communicate in real time to find, sort and narrow down thousands of listings to a select few to actually go and walk through. Once these few have been selected, your Realtor will then preview each one to confirm that they meet your requirements. Then you only see the best options, saving you time and energy.
Now you have arrived at the moment of truth, you found the perfect home. This final decision can be the hardest to make. Once you sign on the dotted line, you have made a very big commitment. But if you have followed the steps above you will know that you have done everything you possibly could to reach the best decision. So make that offer and let your Realtor go to work for you!
Well put!