Buying your new house is a stressful, exciting process. Not only are you buying a home for your family, but you are also making an enormous investment for your future. If you’re a first-time homebuyer, there are a lot of things that can go wrong. As you go through the process, keep these tips in mind to make it easier.
1. Work With a Real Estate Agent
It can be tempting to do everything yourself. Maybe you know someone who’s selling or maybe you’re seeing For Sale signs everywhere. However, you want to work with a professional. A real estate agent can walk you through the process and make sure that you get all the proper paperwork from the right people. They can also help you negotiate with sellers. FSBO properties tend to sell for 6% less than realtor-sold properties. However, the potential savings are not worth the possible problems that could come up by working without an agent. Hire a real estate agent at the beginning of the process and it will go more smoothly.
2. Know Your Priorities
The perfect home does not exist. There will be things you dislike about any house you may have the opportunity to buy. However, you need to know what kinds of things are deal breakers and which you can live with. Take some time before you start looking at houses to consider your priorities. What do you absolutely need in a house? What do you really want? And what can you tolerate not having? For instance, fencing is a very popular addition to homes. Fencing increased 166% between 2019 and 2020 due to privacy concerns, the availability of no-contact installation, and a rise in outdoor living. This is something you can add to your home when you buy it, so you may not be as concerned about having fencing already. Instead, you might focus on your priorities.
3. Get an Inspection
You need to get a home inspection before you agree to buy the house. There are so many things that can go wrong with a property and without an inspection, you may not know about them until they’re your responsibility. For instance, 12% of homes were built before 1940. More than half were built before 1980 when asbestos was very popular. You want to know if a property has asbestos before you buy it. Don’t waive your right to an inspection. If a home requires you to do so, then it is likely not one you want to purchase. Get an inspection and use that to make your final decision about the house.
4. Be Patient
You’re unlikely to get the first house you see and like. While house-hunting, you need to be patient. Accept that you might put in a lot of offers before you finally get accepted for a home you love. If you can keep yourself from falling in love with certain houses and getting your hopes up, it will be easier to avoid getting frustrated or burned out as the process goes on. Instead, enjoy the process of visiting different houses and envisioning how you would live your life there. If you find the fun in the home-buying process, even as you accept its realities, you’ll be more likely to stick with it until you find the right one for you.
Buying your first home is a lot of work. There are so many parts to it that you might find yourself overwhelmed and frustrated. If you keep these tips in mind as you begin the process, it will make things a lot easier for you. Before you know it, you’ll be signing the papers on your new home!