Working with first time home buyers is always a special experience for a Realtor. Throughout my career I have had the opportunity to work with many, and their excitement, joy and curiosity is infectious - making the experience an especially enjoyable one for me. Working with first timers, it’s always my priority to make sure that they are well informed before making the big decisions. My ultimate goal is to use my expertise to put them on the right track towards owning a home that is ideal for them and suits their personal needs.
Know What You Can Afford
The first step when venturing down the road to home ownership is knowing how much you can afford. I always advise first time buyers to meet with a mortgage professional to determine how much they can afford. Although you may be approved for a large amount, this doesn't mean that you should purchase a home for that amount.
Create a budget, and understand what your monthly payments will be. This will give you a clear understanding of what sacrifices you may have to make to afford a home. If after going through this exercise you realize you want to continue living the same way you have been, perhaps you should search for a home in the $400,000 range, rather than the $500,000 you were pre-approved for.
Know What Type of Home You Want
After deciding on our budget and what you want to spend on a home, the next step is knowing what type of home you want. As a first time home buyer you may not want to jump in head first with a property that requires a lot of upkeep and maintenance, so maybe a condominium is more your style. Or perhaps you are a young couple looking to expand the family and prefer a detach home. Whatever scenario you find yourself in, knowing before you start looking at homes will save you time and anxiety.
Know Your Desired Location
Location, location, location. That’s the mantra of many a Realtor and it rings especially true for first time buyers. Prior to starting the searching process, narrow down your locations to your top three choices. Whittling it down from the beginning will help your Realtor choose potential properties for you that work for you and your lifestyle in a location that you love.
Overall, the home buying process can be a difficult one, but only if you don't prepare. Knowing the answers to these three key questions will make the process not only an easy one, but an enjoyable one!