First-Time Home Buying Guide: Everything You Need to Know

Regardless of how old you are, buying a home for the first time can be a very stressful and challenging endeavor, even though it’s also exciting. So, if you’re completely new to the real estate market, it’s important to get some basics down so that you can purchase a property that best suits your needs and desires as well as your finances.

Work Within Your Budget

When it’s time for you to start looking at available homes for sale, it’s crucial that you already have a good idea about your budget. It’s a lot more efficient and less stressful to only view homes that fall within your budget than to check out homes you can potentially fall in love with only to discover you can’t afford them. That said, keep in mind that your budget doesn’t only have to cover the actual price for the home, but the monthly expenses needed for the mortgage payment and maintenance costs, too. If unsure about the allowed loan, talk to your bank loan officer to be clear on this matter when calculating your budget.

Settle on Non-Negotiable Must-Haves

Once you have your budget all worked out it’s important to address the most important aspects and amenities of the home you wish to purchase. This will help narrow down your search and generally make the entire endeavor more purposeful and efficient. That said, consider whether there’s a specific neighborhood you want to live in. For instance, if you choose to settle in Phoenix AZ, do you want to be closer to the schools or the city center? Does your home absolutely have to have a nice yard or are you more interested in a specific number of bedrooms? Do you care about having a basement or do you value modern appliances more? And so on and so forth.

Place Your Trust in a Good Realtor

It’s possible to look for a property to buy on your own, but as a first-time buyer, it would be a lot better and smarter to find a realtor you could trust to help you with the search. For starters, they know the area where you want to live very well and will also know what homes feature the non-negotiables you’ve decided on. Continuing with the previous example, you can get in touch with real estate agents in Phoenix Arizona to get the best service and understanding of ideal neighborhoods and available homes for sale that match your criteria. Not only will the process be a lot smoother and faster with a realtor but you can also count on them for important contacts such as loan officers and layers. Most importantly, their knowledge and expertise can come in handy if you’re not the only one bidding for a specific home.

Go Through a Thorough Home Inspection

You might absolutely love the home that the realtor has found for you but you should still make it a point to go with a thorough inspection. After all, you never know what the walls may hide, especially if the home in question is a bit older and already lived in. From spider pest control to wiring and plumbing checkups, the inspection can point out areas that need some fixing or upgrading. This might help you reduce the end price for the home or at least allow you to gain an upper hand about the overall comfort and maintenance once you move in.

Always Compare the Prices

There’s nothing too strange with people who are selling homes to want to get the best deal for what they have to offer. But as a first-time homebuyer, you shouldn’t let others trick you. Together with the mentioned inspection, don’t forget to check out the average home prices of other properties in the area, especially those that are similar in size and layout. This can point out potential overpricing. And if the home’s value seems suspiciously underpriced, you can look into the reason(s) for being so.

Since you don’t have any experience with property buying whatsoever, the entire process might feel too long and overwhelming. However, keep in mind that, in this case, you absolutely have to be patient and deal with things as they come. After all, you won’t be buying homes frequently and you need to weigh and consider all of your options carefully and critically.

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