Over the years, we’ve sold a lot of real estate. We’ve represented all different types of clients – from savvy investors and experienced buyers and sellers, to first time home buyers. As we worked with buyers in particular, we noticed they often had the same series of questions relating to buying and selling real estate, regardless of how many times they may have bought real estate. About a year ago, we sat down and put together a 36-page guide covering everything relating to a real estate purchase. This guide, entitled Finding Your New Home…Made Easy with our ‘Just for Buyers’ Guide, is available free – all you have to do is email or call and let us know you want one. We’re happy to provide it to you – with no obligation. Today’s blog article is an excerpt from the guide covering ten tips for first-time home buyers.

1. Be picky, but don’t be unrealistic. Many first-time home buyers make the mistake that if they search long enough, they’ll find a home that contains 100% of their needs and wants. There is no perfect house – unless, of course, you built it custom, and that’s typically too expensive for a first-time buyer.

2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. Prioritize them and list what you need first, and then what you would like.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Make sure you have some money in savings, too, after you buy the home to cover unanticipated expenses associated with owning a home.

4. Don’t wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking. This will give you an exact range for your purchase, and the pre-approval will add strength to your offer. It will also keep you from looking at homes that you can’t afford, and save you unnecessary frustration.

5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

6. Decide when you can move. When is your lease up? Are you allowed to sublease? Think about when you want to move – maybe moving during the winter is not appealing to you, but it is traditionally a great time to buy because there are fewer buyers in the market and you may have a stronger negotiating position because of timing. Remember that most people choose to move in the summer when school is out.

7. Think long-term. Are you looking for a starter house with the idea of moving up in 5-7 years, or do you hope to stay in this home longer? This decision may dictate what type of home you buy as well as the type of mortgage terms that suit you best.

8. Don’t let yourself be “house poor”. If you stretch yourself to your financial limit trying to buy the biggest home you can afford, you’ll have no money left for maintenance, interior decoration, saving money for other financial goals, or possibly even vacations or nights out with friends.

9. Don’t be naive. Insist on a home inspection, and, if possible get a home warranty from the seller to cover the home for the first year.

10. Get help. Hire a buyer’s agent. Unlike a listing agent, whose first duty is to the seller, a buyer’s agent is working only for you. And – buyer’s agents are paid out of the seller’s commission payment. One of the best ways to find a good agent is through a referral from someone you trust. Or – you can also ask the agent for references that you can independently verify to ensure you will receive the highest quality service.

If you like these tips, and would like to receive a copy of our “Just for Buyers” Guide, let us know. We’ll be glad to send you one!