5 Tips For First-Time Homebuyers

Budget

What are the 5 Tips For First-Time Homebuyers? Do you have a checklist? Sure, we can all laugh at this “common” list, but let’s be honest and write it out.

With daily expenses, we tend to spend on little things here and there without noticing. We simply forget to factor them into our budget, did you know this is a common mistake? A couple of bucks here and there don’t seem to make a difference, right? Wrong! The dollar spent here and there can add up to a lot by the end of the year. For example, the little everyday purchases like coffee, gym memberships, lunches, etc., can truly make or break a monthly budget.

You should ask yourself if you should or should not cut the small extras out, or how will these expenses impact your finances. Buyers should list out all of their monthly expenses and then calculate if this is a good time to invest in a new property.

In competitive markets, it’s common for buyers to get pre-approved for financing to get a leg up. But experts said that just because a bank approves you for a certain amount, it doesn’t mean that’s what you should spend. Stick to your personalized budget plan and the monthly payments you’re comfortable with.

Hire an Agent

Professional representation in real estate will greatly benefit you, why? According to Forbes, buying a home is one of the biggest purchases an individual or couple will make. Home buying is where more than 50% of a person’s income will be invested. You want your investment to be protected, which includes your very personal information; also, the purchasing or selling paperwork is far more complexed than what you may anticipate. Pick the right real estate agent for you and your family.

A professional agent will save you time and unforeseen headaches.  Did you know agents often know of new listings coming up that are not yet on the market? Why not use this as an advantage in your searches. Build a good relationship with your realtor, he or she may even preview properties for you so your valuable time is saved for more important things. Another benefit of hiring agents is their ability to generally spot overpriced listings and advise you accordingly.

Home Inspection

Home inspections are very important, this will inform buyers of potential issues the property may have. In some states, a home inspection is conducted prior to buyers ability to submit a purchase offer. In other states, a home inspection is a contract contingency. A contract contingency means a buyer has the right to cancel the contract. For example, a buyer may not want to purchase a property with a problematic foundation and faulty pipe installation, or a faulty foundation.

Buyers and sellers can negotiate pricing in the counter offer is necessary. However, sellers are not required to make or pay for repairs if problems are discovered during a home inspection. Working with an experienced realtor will protect the buyer from inheriting pre-existing problems and buyers give a Request for Repair to sellers, giving them an opportunity to negotiate the deal, sellers usually will be open to discussions and repairs when negotiating  to have the seller make the repairs or discount the selling price are other options.

Offers and Negotiations

Realtors know the market and have information about properties in your desired neighborhood, this will facilitate negotiations and will save time if multiple counter offers are necessary. Remember, sellers can ask any price they desire for their listing, but it doesn’t mean the home will sell at that price. A real estate counter offer is generated by a home seller after a buyer has submitted an offer to purchase and the terms are not agreeable to the seller.

Depending on state laws, sellers may or may not be able to issue multiple counter offers. In California, sellers can counter more than one offer and each counter can be different. Even if one of the buyers accepts the seller’s counter under these circumstances, the seller does not have to accept the buyer’s acceptance. Why hire a professional? A seasoned and experienced agent will be able to facilitate the process, especially when multiple offers and counter offers are presented. Realtors will keep all documentation and sensitive information safe.

CLOSING TIME!

A buyer’s contract usually allows for a walk-through of the home 24 hours before closing. Why a final walk-through is needed? Well, you want to make sure the previous owner has evacuated the premises and left the property in the condition agreed upon.

At times, the buyer will have worked out a deal with the seller called a rent-back arrangement where they can reside in the home for an extended time period before moving out.  What if inspection revealed problems? The buyer wants to make sure all the repairs are made prior to taking ownership of the property.

There are times where delays happen, if you encounter any problems, be sure to promptly inform all parties involved. Don’t worry,  the closing process is easy and fast, basically it involves signing a large amount of paperwork in a very short time period, everyone involved hopes everything in the deal runs smoothly and nothing falls apart at the last minute. For questions, please  contact me directly!

Thank you for reading and please “Pass the Blog”!

25 comments on “5 Tips For First-Time Homebuyers

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