Are you getting ready to buy your first home? We understand that it can be a stressful process, so we’ve come up with 6 things that will help the process go as smoothly as possible.
Understanding the Market:
Most first time buyers expect to buy their dream home, but do not realize how expensive it can be. Understanding what the market has to offer is the first step in the home buying process. It’s important to be realistic about what kind of homes are out there for the amount of money you are willing to spend. This will not only make the home buying process easier and less stressful, but it will also help you find that perfect property match.
When it comes to buying your first home, we understand that compromising is not in your vocabulary. If you are like most people, though, you are most likely going to have to take out a loan for your home, and you will need income each month to be able to pay it back. Understanding your financial limits is necessary when deciding what type of home you are in the market to buy. This will allow you to find the best and most suitable match for you.
Be sure to take into consideration all of the other fees that go along with buying a home. This includes smaller fees such as appraisal and escrow fees, to more costly ones such as homeowners’ insurance fees and property taxes. It is easy to overlook expenses like home inspections and moving costs as well. In the end, though, they all add up so it is important to budget accordingly.
Another common mistake of first homebuyers is not budgeting appropriately. In order to avoid the stress of paying for your home, overestimate the amount you need to pay. Look at your income and expenses to make sure that you can comfortably afford every monthly payment. Furthermore keep in mind emergency expenses so that you are prepared for whatever comes your way.
Home Resale Value:
Somewhere down the line, there will come a time when your needs and desires grow away from what your first home has to offer. Do the research beforehand to make sure that you are getting the most out of your first home. This way, when the time comes when you decide you want to move out, reselling will become the easy part of the process.
Finding the Right Agent:
Choosing the right agent when buying your first home is extremely important! Make sure that the agent knows your needs and is willing to put the appropriate time and effort into helping you along the process. Being comfortable and confident in your agent is important, and will be the most efficient use of time. Contact one of our Doma agents with any needs or questions you have. We would love to help you find the perfect home for you!