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Your First Time
- By Adil Esmail
- Published 13th March, 2009
- United States
- Unrated
Are you ready to do it for the first time? Buying your first property is an exciting event but if you don’t do your home work, it can also be a risky event. Whether your first home will be an investment property or a place to call your own, there are a few things you should consider before jumping in.
Objectively analysis your financial situation. Is this the right time to buy a property? Do you have the down payment and closing costs funds needed to buy a home? Have you been pre-approved for a mortgage and know how much you can afford to spend on a home? These are all questions that should be answered before you start looking at potential properties. Your credit report will be verified so make sure that you are in good shape or it will affect your home buying potential.
Next you should familiarize yourself with the different neighborhoods in your city and determine which ones are of interest to you. Find out what the homes are selling for in that area. As real estate services are free to buyers, you should enlist the help of a realtor at this point.
Learn about the various legal requirements of purchasing a home. Familiarize yourself with the contracts, escrow, title insurance and closing procedures so that you know how this process will work. It might be a good idea to shop around for these services and get recommendations from friends and family.
When looking for a “deal”, nothing beat feet to the ground. Drive around the areas that interest you and look for 'For Sale By Owner' or ‘For Rent’ signs or if you are not afraid of a challenge, a
bandoned properties.
When looking a potential property, remember to consider the properties that are nearby. What do they look like? What shape are they in? You may be tempted to buy a fixer-upper and to turn it into the best house on the street, but it may be difficult to sell later on if the neighborhood is not at par.
When comes the time to make an offer, ask your real estate agent for a list of comparable properties in the area that have sold within the last few months. This will give you a good idea of what the home is really worth. Just remember that the seller is trying to get as money as possible while you are try to pay as little as you can. The deal happens when both parties find a common ground.
Got that dream deal and ready to buy? Perfect. Negotiate the best price you can, without expecting to get something for nothing. The seller wants to get as much as possible, and you want to pay as little as possible.
Your offer should always be conditional on financing and home inspection. The home inspection is particularly important as it will uncover potential problems that could cost you a bundle. You want to know before you finalize the deal if there are any issues that need to addressed and negotiate the sale price accordingly or have the seller do the repairs. The financing condition is particularly important if you are buying close to your maximum amount pre-approved. To avoid any unpleasant surprises from the lender, leave this condition in the offer.
With a little bit of leg work and the help of a few professional, buying your first home can be a fun and exciting event without any stress and frustration. So, what are you waiting for? Do it for the first time!
Objectively analysis your financial situation. Is this the right time to buy a property? Do you have the down payment and closing costs funds needed to buy a home? Have you been pre-approved for a mortgage and know how much you can afford to spend on a home? These are all questions that should be answered before you start looking at potential properties. Your credit report will be verified so make sure that you are in good shape or it will affect your home buying potential.
Next you should familiarize yourself with the different neighborhoods in your city and determine which ones are of interest to you. Find out what the homes are selling for in that area. As real estate services are free to buyers, you should enlist the help of a realtor at this point.
Learn about the various legal requirements of purchasing a home. Familiarize yourself with the contracts, escrow, title insurance and closing procedures so that you know how this process will work. It might be a good idea to shop around for these services and get recommendations from friends and family.
When looking for a “deal”, nothing beat feet to the ground. Drive around the areas that interest you and look for 'For Sale By Owner' or ‘For Rent’ signs or if you are not afraid of a challenge, a
When looking a potential property, remember to consider the properties that are nearby. What do they look like? What shape are they in? You may be tempted to buy a fixer-upper and to turn it into the best house on the street, but it may be difficult to sell later on if the neighborhood is not at par.
When comes the time to make an offer, ask your real estate agent for a list of comparable properties in the area that have sold within the last few months. This will give you a good idea of what the home is really worth. Just remember that the seller is trying to get as money as possible while you are try to pay as little as you can. The deal happens when both parties find a common ground.
Got that dream deal and ready to buy? Perfect. Negotiate the best price you can, without expecting to get something for nothing. The seller wants to get as much as possible, and you want to pay as little as possible.
Your offer should always be conditional on financing and home inspection. The home inspection is particularly important as it will uncover potential problems that could cost you a bundle. You want to know before you finalize the deal if there are any issues that need to addressed and negotiate the sale price accordingly or have the seller do the repairs. The financing condition is particularly important if you are buying close to your maximum amount pre-approved. To avoid any unpleasant surprises from the lender, leave this condition in the offer.
With a little bit of leg work and the help of a few professional, buying your first home can be a fun and exciting event without any stress and frustration. So, what are you waiting for? Do it for the first time!
