First-Time Home Buyers

As a first-time buyer, you can avoid common mistakes by reading the guide below.

• Pre-Qualification: Determine your affordability with the help of a mortgage broker.
  
  
• Pre-Approval: Knowing your budget is the first step, but sellers are more likely to accept pre-approved buyers. Choosing homes within your budget will also prevent you from being disappointed. Pre-Approval is when the buyer applies for a mortgage and receives a written commitment from the lender. If the home you are interested in falls within your pre-qualified range, the seller will know immediately that you are serious.
  
  
• List of Wants & Needs: Create two lists. You should include items you must have in the first list (e.g., the number of bedrooms you need, a one-story condo if accessibility is an issue, etc.). It would help if you listed your wishes (den, pool, etc.) in the second list. As a first-time buyer, you won’t get everything on your wish list, but creating lists will help keep you on track.
  
  
• Representation by a Professional: Find an agent who works for you, not the seller.
  
  
• Focus & Organization: Store items that will assist you in maximizing your home search efforts in a convenient place. Such things may include:
  
  
  1. Maps with highlighted areas of interest.
  2. There is a list or file of the properties your agent showed you.
  3. As you search, take notes with paper and a pen.
  4. Take pictures of the homes you have toured so you can remember which features you liked and which you didn’t like.
     
     
• Try picturing the house empty and with your decor: Are the rooms arranged according to your preferences? Is there enough light?
  
  
• Make sure you think with your heart when you find a home instead of your head when you find a home. Does this home meet your needs? There are many houses on the market, so make sure to make a timely decision you may regret later.
  
  
• Be Thorough: A few extra dollars well spent now may save you significant expenses in the long run. Don’t forget such essentials as:
  
  
  1. Include inspection & mortgage contingencies in your written offer.
  2. Have the property inspected by a professional inspector.
  3. Request a second walk-through to take place within 24 hours of closing.
  4. Make sure no changes have been made that were not agreed upon (i.e., a chandelier that you assumed came with a cheap ceiling light has been replaced with the sale).

All the above seems overwhelming. Therefore, having one of our professional agents handle all the pieces for you is highly recommended. Contact us directly if you want to discuss these matters in more detail.