4 Things I Wish I'd Known Before Buying My First Home
Buying a house is an exciting experience, but it can also be incredibly daunting. How do you know you’re ready to take this step? How much money do you really need to save? How can you be certain you’ll be able to make your mortgage payments?
First off, it's important to remember that buying a house isn't something that happens overnight. There are many steps along the way that must be taken before your purchase can go through. You should expect this process to take six months or more from start to finish.
Here is a brief list of real estate facts, according to Insider, that can ease your first-time buyer anxiety to the point where it won't affect your judgment or your vision.
- There will only be one home that meets your requirements. When you're ready to buy a new house, it's important to remember that there are only a certain number of properties out there for sale at any given time. If you do your research ahead of time and learn about the market trends, you'll be able to make an informed decision about what kind of home would work best for your situation. And in case your offer falls through, it's not just the right home for you. The trick here is not trying so hard to find something perfect when all you really want is somewhere comfortable—just pick something that seems right.
- Your future house, your call. If you're thinking about buying a home and haven't yet, it may be hard to fathom that you have control in your own hands. There are so many steps and factors; will-it-work sort of questions. It's no wonder you feel like it's out of your hands. But here's something to consider —you have more control over each step of the process than you might think. Here are four ways to make sure you're in charge when it comes to buying your first home:
- By making a personal budget, you can figure out how much you can spend on housing.
- Create your own team of consultants to work with and for you (a real estate agent, a financial advisor, lawyers, and a tax specialist, in case you need them).
- Work with your realtor to understand market factors like the list price-to-sale price ratio and adjust the price range for your house search as necessary. If that's the standard in your area, consider homes that are priced below your top dollar to offer you an opportunity to increase.
- Ask all of your questions, and don't stop until you have them all answered.
- Speaking up is beneficial. Do you have questions about something in your estimate? Say so and speak about the situation with your assembled team of professionals. Speaking up will likely save you thousands of dollars and many hours of time, rather than second-guessing or assuming that you're the one in error.
- Practically no transaction goes exactly as expected. You may have some pretty specific ideas about what you want in a home, but it's likely that the house you end up with will not match up exactly to those expectations. That's okay! It's just a part of the process, and it's not your fault that it happened this way. The important thing is that you're able to adjust your expectations accordingly, so that you don't get too frustrated by the things that are unexpected and out of your control.
But most importantly, get in touch with someone you trust who will assist you in your home-buying process. Luckily, we can help you! We have helped many people buy their first home, and we’re here to provide some tips and advice on how to make your first home-buying experience as smooth as possible. Reach out to our buyer’s agent specialist, Michelle Warner, at firstname.lastname@example.org or call her at 607-368-3204.