Are you thinking about first time home buyers? Then, you must have a lot on your plate. Buying a new house is not like buying new clothes. You’re making a long-term investment in your future, and it’s very important to think ahead and consider every little detail before making a final decision. Read on for well-informed, straightforward, and most importantly, honest estate tips for buying your first house. You need to ask yourself some tough questions before you can reach these decisions.
1. What Type of Home do You Want?
This is the first answer you need to start solving this bug puzzle. Do you want a countryside home, or you must live in the city? Do you need a big yard, lawn, garage, deck, or veranda? How much space do you need? Getting the biggest house in the neighborhood is rarely the best idea.
If you ever want to re-sell this house, you have to keep that in mind. Prices of homes vary depending on the neighborhood. If you want to make a good investment, it’s better to get a smaller house in a nicer neighborhood, than the other way around. That brings us to the next question.
2. What Kind of Neighborhood Do You Want?
The neighborhood is a detrimental factor for many real estate matters. Don’t neglect it, or you may make a wrong decision and buy a house in a neighborhood you end up hating. Drive around the neighborhood during every part of the day, and see what it’s like.
Try commuting from your desired house and see if it’s too far away from work. Look for important checkpoints in the area, i.e. pharmacies, stores, shopping malls, kindergartens, schools, and any other places relevant to you. Believe it or not, esteemed schools in the area often raise the real estate prices quite a bit. If you have kids or plan on having them, you should have schools in mind.
3. How Much Can You Invest?
When you answer the questions from previous sections, you can make an estimate on the budget for your new home. Since this is a big investment, you need to show the bank that you’re able to pay off the loan you take. Make sure that your account is stable and that you have a steady income in the past year. You should get preapproval from a lender before making any further decisions.
You won’t be able to get a loan if you have a lot of debt, recent credit cards, spend too much money at once, etc. With this pre-approval, you still can’t determine the whole budget. You need to think about extra costs, which include insurance policies, taxes, utilities, and more. Plan on having more money than required, i.e. don’t spend it all on a luxurious house. Set something aside just in case.
4. How to Bid on a House
Bidding is a difficult part of this ordeal. Some people are stubborn, and when they decide on getting a house, they won’t back off. They cause the price of said house to get way up, not making it a good investment for you. It’s important to let go in such a scenario, and not get emotional over some piece of land. If you can, try to get several good options, which all fall into your desired category.
Keep in mind that the real estate market moves really fast, and that good offers get snatched quickly. You want to be patient and wise with your decision, but also quick enough to jump on a good offer. If you don’t bid quickly enough, someone else will, and they might get your perfect home before you react. You also don’t want to make small first bids, because it won’t appeal to the seller. Besides offering enough money, the seller might consider other factors, such as your flexibility.
Making the right decision when buying your first home is difficult, and you shouldn’t do it alone. You should acquire the help of experts, such as Statesman Homes. They can help you find your dream home relatively quickly, based on your preferred price range, home size, and other important factors. It’s important to have knowledgeable advisors for important investments like these, and Statesman Homes can help you with your first home purchase like they helped many first-time homeowners before you.
Think twice before making any important decision, such as buying your first home. Sure, you can resell any real estate, but will you get your investment back? When you settle on an ideal home and neighborhood, get some professional help and you’ll be able to get it if everything goes according to plan.