5 Tips for finding your first home
Shopping for your first home can be the most exciting yet daunting task of your life. Going in to what could be the most expensive investment without any experience can give pause to any First Time Home buyer. To help you calm your First Time Home Buying jitters and make you feel like a Home Buying Pro, here are 5 tips for finding your first home.
Do your homework – We have all heard the fact that the thee most important things about Real Estate are location, location, location so do your homework and learn about the different areas that you are considering living in. Location is very important for homeowner’s happiness and for future resale value. Invest time in talking to friends and co-workers about different areas of interest, drive around town, visit the local areas restaurants and stores and talk to neighbors in areas you’d consider calling home.
Hire a Real Estate Agent – In Charlotte’s current Sellers market, the difference between deals that close and deals that don’t are the professionals Agents involved. You want to make sure you find a real estate agent who will move quickly when a new listing goes on the market, as well as an agent who will advise you honestly on preparing your offer and setting you up with the best negotiation tools to win the deal.
Get Pre-Approved – You definitely should meet with a mortgage broker or banker at the very beginning of the home purchase process to find out how much house you can afford and how much cash you’ll need to close. As a first time home buyer, there are special programs that you can ask your mortgage lender about that may require a smaller down payment than traditional home loans.
Wants Vs. Needs – Every potential homeowner has their “must have” list that they are looking for in a new home. Critically evaluate your list to make sure that it’s realistic for your budget and price point. Simple things like paint colors, granite countertops and updated appliances can be added later to the home as long as location and layout meet all of your needs.
What are you willing to compromise? Consider what’s most important to you. No house will be perfect so compromise is a must! If a specific school district is important, are you willing to accept a smaller house that fits your budget? If you want to be near the city, could you be happy with a condo or townhome? Are you willing to accept a longer commute to get a larger house?