Smart Shopping: Top Tips for First-Time Homebuyers

Buying a home for the first time can be incredibly nerve wracking. With a few tips in mind, however, you can navigate this tricky experience to land a home that’s ideal for you and your needs. When shopping for your first home, be sure to reflect on the following advice.

Sweat Equity

Sweat equity is the amount of labour you are willing to put into a home to make it your ideal. Making improvements to you new home, especially if it’s an older home, is a great way to increase the home’s value as you improve your enjoyment of it. To find a new house, you can tell your property agent you are interested in a home you can fix up. Only, be sure that the required fixes are ones you have the know-how to tackle.

Know the Deal Breakers

When shopping for a house, you’ve got to understand innately what properties will have a poor return on your investment. Many prospective homebuyers will turn their back on properties that have a history of flooding or that have serious foundation and structural issues. Some people don’t even want to deal with the headache of old windows or a worn-out roof. When shopping, consider what elements of a home you don’t want and be sure to let your real estate agent know.

Choose a Knowledgeable Real Estate Agent

When you want to go house hunting in a particular area, it can be important to select a realtor who has experience and expertise in the area you’re interested in. Agents that know the communities can provide homebuyers with the information they need to know such as the nature of the schools, the types of healthcare centres in the area, and the types of shops that are in the vicinity too. Make sure that your agent understands your wants; if they continually show you properties that are outside your interests, you may need to find a different agent who is willing to work for you.

Get Pre-Approved

These days, pre-approval is a must. When you get pre-approved for a mortgage, you’ll know exactly how much money you have to play with. You may not want to purchase a home at your price cap, but at least you can avoid looking at homes that are well out of your price range. It can be quite disappointing to fall in love with your dream house only to realize that the bank won’t agree to approve a home loan for it.

Down Payment and Credit

Having good credit is essential for purchasing a home. You’ll also want to save for a decent down payment. However, don’t put off purchasing those new winter boots or jacket you need. Put them on your credit card. Lenders want to see that you have active credit. Just be sure to pay on your credit cards to keep your credit rating up. On the other hand, saving for a down payment is no time for spending frivolously either. You may want to avoid making pricey purchases on items that are not essential.

Explore the Community

When you buy a new house, you are also buying into a new neighbourhood. If you wind up thinking it’s absolutely boring, it might not be the best location for you. Be sure to explore the neighbourhood carefully when selecting your home. When trying to choose between two homes, you should definitely consider the impact of the location. Choosing the home that’s closer to your work place or public transportation might be a wise choice for you.

Have a Professional Inspection

Before purchasing your home, you’ll want your own inspector, someone working for you, to carefully inspect the house in question. You don’t want to move into your new dream house to find that the electrical wiring isn’t up to code or the furnace is ready to fail at the sign of the first frost. Once you have your inspection in hand, you can use it as a powerful negotiating tool. If, for instance, the home does need a new heating or air conditioning system, you naturally want to offer a lower price or request that the seller make the upgrade. They may not be open to the idea, but it’s definitely worth negotiating over.

With these tips in mind, you can begin your hunt for a new house. With a bit of patience and careful assessment of the properties in question, you’ll eventually find a wonderful place to hang your hat.

Sienna Walsh helps to arrange property funding options and is always willing to share her tips and ideas with an online audience. She is a frequent contributor for a number of relevant websites.

1 thought on “Smart Shopping: Top Tips for First-Time Homebuyers”

  1. Very helpful tips, Moneybeagle. Professional inspection is really important so that we’re making sure that the house we’re getting is totally fine and safe. Merry Christmas!

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