Are you a first-time home buyer? Super excited to make the biggest purchase of your life? Can’t wait to find a property that you can call ‘home sweet home’? Well, then I am equally happy and excited for you. However, as an experienced Real Estate Professional, I know how exhausting, stressful and complicated the process of property hunting can be, especially for first-time home buyers. That’s exactly why I recommend that people buying homes for the first time do some leg work before starting the search.
By leveraging on my wealth of real estate experience and profound market knowledge, here’s a checklist that I have exclusively compiled for you with the things that you need to do before you start looking for a property. I can confidently state that this list will be useful to everyone searching for a property, whether it’s their first or last time, as it helps save time, lower stress and more importantly, increase your chances of success. Take a look to get started:
- Be Clear About Your Finances
Before anything else, consult with your financial advisor to get a clear picture on where you stand with all the requirements. Before you start looking for a property, this step would be crucial because majority of the home buyers need a mortgage for buying the property. Therefore, you need to be crystal clear about your finance before you apply for a mortgage in order to get qualified and approved. The last thing you want is to make a purchase offer on your dream home and later find out that you don’t qualify to purchase it. When working with me, this will never happen as I would not allow to proceed with an offer before finance is crystal clear.
- Know Your Budget
When it comes to property hunting, things can easily get out of hand, especially if you’re not clear about your budget. By this I mean that your emotions can get the best of you and push you into buying a home that is out of your budget. And that is a huge mistake that you should avoid at all costs. After a few years, if you feel that the property you purchased is too expensive to afford, your dream will be crushed and you’ll have to put it up for sale sooner or later.
Therefore, you need to be realistic about your budget. You need to decide ahead of time what the amount you are comfortable with paying every month as your mortgage. This will help you manage your expenses smoothly.
Even if you qualify for a more expensive home than what you’re looking for, it doesn’t mean that you will be able to afford the payments on it, which can lead to problems down the line. So, it is my advice that you determine your budget before you start property hunting
- List down Your Needs and Wants
Another important tip that you need to keep in mind before you look for a property is to set your priorities straight. You need to be very clear on what you need in your new property that you can’t absolutely compromise on and what you desire, which will make the purchase deal sweeter. This can help you prioritize your must-haves and wants. So, when you start your property hunting process, you’ll know what to look for, which will further help narrow down and short-list your choices and make a smart home buying decision with sheer confidence and no regrets.
- Pick Your Location
The process of searching for a home can sometimes take months and years. This can happen if you’re really not sure about your ideal location and where you want to live. Therefore, it is recommended that you first decide and pick your location before you begin your search. Keep your options narrow so that you can save time and energy by limiting the search to areas you are interested in having your new home.
However, if you’re really not sure of the ideal location, then here are some questions that you can ask yourself to make your search easier, such as:
- How clean is the neighbourhood?
- Is it busy or quiet?
- How safe is it?
- What is the crime rate?
- Does the neighbourhood have all the amenities that I need nearby, such as hospitals, schools, grocery stores and parks?
- Is it a good place to live with my family and raise children?
The answers to these questions will help you determine the kind of location that you want to live in. It will not only help you determine your ideal market, but also help you avoid wasting your precious time in inspecting tons of properties that are in less desirable areas. This can help you stay focused and find a dream home within your budget quickly.
- Create a Savings Account
Also, before you start your home buying search, I’d recommend you to create a savings account. I say this because owning a home is not a one-time expense. In fact, home ownership requires a good flow of funds for constant property maintenance. This is especially important if you want to make sure that your property’s value continues to increase over time and you can eventually sell it off in the future at a good price.
Therefore, it is vital that you have enough funds in your account to keep your home well-maintained, such as funds for repairs and emergency expenses, such as HVAC replacements, etc. So, if you wish to buy a property, start planning for it now. Don’t put yourself in a position that you end up sinking with no money to pay mortgage payments or to spend on emergency repairs and replacements.
- Hire a Diligent Real Estate Professional
Always work with a diligent and experienced local Real Estate Professional before you start your home buying search. An experienced real estate agent can provide you with step-by-step guidance on how to plan your purchase and realise your home ownership dream quickly.
A local real estate agent has a good understanding of the market swings, the neighbourhood you should buy your new home in, and they can also pinpoint problems with potential homes. Keeping your needs, wants, budget and preferences in mind, they can help speed up your search and find you homes that you’re likely to be interested in buying. And that is exactly what you can expect from me.
I can help you find your dream home while making sure that you enjoy a smooth and stress-free property hunting and buying experience. Give me a chance to impress you. You’ll be happy with your decision to work with me as my other clients