Thinking about Buying Your First Home?
Many people dream of owning their first home, but are afraid to take that first step. Buying your first home shouldn’t be scary; it should be a fun and exciting process! By hiring the right Realtor, you can have that experience that many people look for when buying their first place!
We’ve helped many people buy their first home and have realized that there are several important things for buyers to realize when buying their first home. Below is our list of tips for the first time home buyer:
- Speak with a great lender: The starting place for any buyer is to speak with a great lender. The lender will go over your credit score, debt to income ratio and explain what you can afford in a home. With their knowledge of interest rates, various loan programs with various down payment options, the lender will guide you with your purchasing power. Many people think ” I can afford $XXX,XXX” when in reality you can afford differently.
- Begin your research: What is important to you? Area? Size of the home? Commute? Schools? Every buyer is different and with buying your first home, researching what is your “must have” is imperative. Many people need a certain area, others want a move in ready home that needs no work. Use our Property Search to help you see what is available in the areas you like!
- Hire a Realtor: You’ve got the pre-approval from the lender, you know where you want to live and what style you like… but how to get in the door? Who will help you negotiate the best deal and navigate the real estate lingo? Realtors are trained and specialized to understand the area, how to access properties and also how to navigate the waters of negotiation and understanding the contracts that are involved. Buying a home requires a lot of paper work and know-how, so having a professional to represent YOU is very important. Many people think they can get a deal if they work with the sellers agent, which is not always the case! Each agent has a fiduciary duty to their client and if you’re working with a Sellers agent, who is representing you and has your best interests at heart?!
- Negotiation: You’ve found the house with the help of Holt Realty Partners, now begins the negotiations! Our Buyers Specialist will walk you through the paper work to submit the offer, the understanding of the contingencies and timelines that will take you to the closing.
- Inspection: We have a wonderful team of inspectors who make it their goal to help you understand the condition of your home and it’s major components. Having an inspection will let you know the age of the HVAC, if the appliances work, condition of the electrical systems and plumbing systems. This way you can know what you are buying and either negotiate for those to be repaired or for a reduction in price.
- No More Big Purchases: We cannot emphasize this enough. During the home buying process you cannot make large purchases that can impact your credit. Do not change jobs, buy a new car, etc. Your credit score has a huge impact on your home purchase as does your debt to income ratio. Wait until AFTER closing to buy that perfect sofa for the living room or the new refrigerator for the kitchen.
- Appraisal: Your lender will request an appraisal on the home to confirm that the contract price and the actual third party value are the same or more. If the home appraises for less than the contract price, then negotiations begin again
- Pre-Closing: Make sure you and your agent discuss Title Insurance and also Homeowners Insurance. Holt Realty Partners has an excellent team of Insurance Agents for homeowners insurance and the attorney has title insurance companies ready to protect your investment from any unknown liens against the home.
- Closing: Today is the day to celebrate! Make sure to come with your drivers license and be ready to sign sign sign! Today is the day you are a homeowner!
Do not let this list overwhelm you. With our Buyers Specialist, Holt Realty Partners is ready to help you with Buying your First Home. Our team lead bought her first home at the age of 23 and has helped countless people buy their first homes, too. It’s a great experience and nothing beats having a place to call your HOME! If you’d like more information, request a free copy of our Buyers Guide, with more information about buying your first home.
One of the best ways to get started is by downloading our FREE Buyer’s Guide!
Have you been thinking of Buying you First Home? Contact us today, we can’t wait to help you find your new place!