First Time Buying a House
It’s easy to feel overwhelmed when looking to buy a home, especially if you’re a first-time buyer and don’t know what to expect. There are so many things to consider, so many things to plan for, it’s understandable and perfectly natural to feel stressed and a little intimidated. After all, it’s an intimidating and daunting prospect. Fortunately, there are professionals to help make this a less stressful and more enjoyable experience for you and get you on your way to living in your dream home. There are a few things to consider before you buy, however, and you should prepare yourself for what lies ahead.
First, and probably the most important thing to do is to get your finances in order. Now obviously, in today’s economy, that’s easier said than done, but if you’re looking at buying a single family home, you really need to be able to financially commit to this, well, commitment. Just make sure you’re getting your bills paid on time, particularly your rent, keep track of your credit rating, and don’t make any big purchases. You might qualify for a home loan now, but buying a new truck can change your credit situation and you could suddenly find yourself no longer qualified.
Affordable Neighborhoods or Fixer Uppers
Fixer-uppers may seem like a great way to get into a neighborhood you otherwise might not be able to afford, but take the time to really consider what a fixer-upper means and the amount of work involved, especially if you plan on doing the repairs yourself. Getting a home inspected before purchase is always a wise investment, ideally right after it rains so any water issues are easily spotted. The basement and foundation are particularly bad money pits, so be aware of these areas in particular when looking at a fixer-upper. There’s nothing wrong with buying a fixer-upper, mind you, just remember that it’s a major commitment and you need to be ready for that kind of work.
Your not a real estate agent, so make sure to trust your Realtor
Finally, get everything in writing and know exactly what’s happening. A lot of legalese and real estate jargon can leave you confused and overwhelmed. Don’t be ashamed of that, it’s completely natural. You don’t expect a plumber to know anything about astrophysics, nor would an astrophysicist know anything about plumbing. You’re not a real estate agent, so it’s natural you don’t know what “escrow” means. Don’t be embarrassed or afraid to ask. Ask questions, that’s what your agent is there for, and make sure you know absolutely everything that is going on. You don’t want to be signing a contract if you don’t know exactly what it says.