So You Want To Buy A Home? Here’s What To Do Next

One of the biggest and most important decisions of your life will be when you choose to buy your first home. You may be a bit hesitant and have a lot of questions on your mind about how to proceed. 

You want to do all that’s in your power to ensure the process is smooth and painless. Whenever you get frustrated, remind yourself that there are many upsides and benefits that come with owning a property. So if you’re thinking about buying your first home first take the time to learn what you should be doing next. 

Educate Yourself

There’s a lot that goes into buying your first home. It’s not something that you want to do on a whim and invest in overnight. Instead, it will take careful planning and consideration. A good starting point and way to boost your confidence is to educate yourself on the matter. Research all the steps that go into the home buying process and tips for success. Look into different mortgage types and options as well as interest rates. Keep in mind that there may be a seminar that you can attend in your area or a course you can take online that will provide further information and details on buying your first home.

Organize Your Finances

It’s also essential that you prepare financially when you want to buy a home. Work on getting your finances organized so that you know what you can afford. Having a realistic budget in place will help you narrow down your choices of homes and locations. Once you have your budget in place, commit to sticking to it. You not only need money for a down payment but to cover ongoing costs such as taxes, insurance, utilities, and maintenance. If you don’t have enough money right now for the type of home you want to buy then make a plan and figure out a way to start saving more money for a future purchase. You may also want to check your credit score and work on getting pre-approved for a mortgage. 

Explore & Research Neighborhoods

It’s also wise to figure out where you want to live and buy a home. Begin exploring and researching different areas and neighborhoods. There’s a lot to take into consideration such as crime rate and safety, schools, parks, and shopping. If you have a family then you may want to be in a location that’s nearby schools and has other families living there. You want to be in an attractive neighborhood so that it’s fairly easy to sell your home one day in the future when you decide to move. Keep in mind that some areas may have homes with large backyards and more green grass than others. 

Find A Real Estate Agent

Another task you should add to your to-do list is finding a real estate agent to work with. Ideally, you will want to secure a trusted first time home buyer realtor with the right experience and knowledge. They will know the area well and can offer you tips, information, and insights that you wouldn’t get if you were house hunting on your own. A realtor can alert you to new homes that pop up on the market and set up showings for you. There’s a lot of real estate jargon that may be difficult to understand so they can explain these details to you in layman’s terms. You want someone who is confident and experienced working with other buyers. 

Make A List of Needs & Wants

When you want to buy a home another next step is to make a list of needs and wants. You should have a good idea of your non-negotiables and where you may be able to give a bit and forgo certain features. You will want to think about getting a home that you can grow into especially if you’re going to have more kids. In this case, you will want to have enough bathrooms and bedrooms for everyone to live comfortably. If you work from home then you may also want a property that has a home office. Consider if you prefer an open floor plan and a finished basement as well. If you have kids then you may want a nice backyard that they can run around in. 

Start Actively House Hunting

It’s never too early to start actively house hunting when you know you want to move. Hop online and begin researching homes in your price range and desired area. There are many sites that will allow you to take a virtual tour. Take the time to get a better idea of what’s out there and how quickly properties are selling. Work with your agent to identify properties that meet your criteria. Read up on the property features for homes that you are interested in and make sure it’s a good fit before you go see it in person. This way you won’t be wasting anyone’s time. 

Attend Open Houses

You can only get so much of a feel for what a home is like when researching online. When you want to buy a home it’s important that you’re willing to attend open houses. Have your realtor set up showings and go check out properties in person. There may also be opportunities to go through a parade of homes in your area so be on the watch for that. When touring a home you should pay special attention to its condition and be on the lookout for any potential issues. During viewings, you should be asking all the right questions and testing outlets or fixtures to make sure everything is working properly. Keep an eye out for any red flags that may be more apparent to you in person versus what you saw online. 

Stay Patient

What’s most vital is that you stay patient throughout the entire process. You want to avoid feeling pressured into making a purchase and settling for something that you’re not truly happy with. As soon as you know you want to buy your first home you should start getting organized and taking action. The sooner you start the less anxious you’ll feel about securing the right home. The last situation you want is to have regrets about your decision later on. In the process of seeing homes and making offers, you may lose out on a great home to another buyer. This can happen and it’s important that you not let it get you frustrated or down. There will be the perfect property for you out there but it will take some time before you can call it your own. 

Make an Offer & Negotiate

Once you find your dream home you should make an offer. Do your homework and make sure that it’s an attractive offer that will be seriously considered. You can work and consult with your agent to get their input and determine a competitive and fair price. As a first-time home buyer, you also should be prepared to negotiate. For example, you may need to negotiate the price, closing date, and any repairs or credits. Remind yourself that this may be where the deal falls through so you need to be prepared for anything. The process of making an offer will go faster and smoother when you are already pre-approved for a mortgage. 

Don’t Skip the Home Inspection

You may have heard about home inspections but aren’t sure if you would do one. Experts advise that you don’t skip the home inspection when purchasing a property. The reason is that it’s a chance to identify any potential problems that aren’t necessarily visible right away, can protect your investment, and there may be an opportunity to negotiate a better price or repairs.  You want to make sure that you hire a qualified inspector to assess the property’s condition inside and out. Once you have the report you can better determine if it’s the right home for you and if you’re willing to make the required fixes. Once you’re moved in you can focus on taking care of the most essential tasks and crossing them off your list. You’ll appreciate the fact that having a home inspection done can give you peace of mind as a new buyer.

Start Packing & Finding Movers

It’s never too early to start packing and getting better organized when you know you want to move. It’s a good idea to work on decluttering your belongings and getting rid of or donating what you don’t need or use. This way you’ll only end up only moving the items that you love and want to have in your new home. Gather all the necessary boxes and packing supplies that you’ll need to get your items in order. You should also work on researching and finding movers who can help transport your belongings to your property. It’s especially a wise idea if you have any big-ticket and heavy items you need to be moved safely and securely. It may help to ask friends and family for recommendations and read reviews online so that you feel comfortable with the movers that you select.

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