Buying your first home can be exciting but also a bit daunting.
The Lawhead Team would like to share a recent article from Realtor®.com about buying your first home. If you are new to home ownership, read these steps to getting ready to own your first home:
Firm Up Your Finances – Anticipate the new costs that you will incur, such as taxes, homeowners insurance, utility bills and commuting. This will help determine the maximum price you can spend on a house. If your daily budget will change with your first home, consider a trial run living on that budget for a few weeks, to make sure you can. Enlisting the help of a financial expert will give you an objective view of your finances. Remember, the first year is the most difficult. After that you will begin receiving tax benefits.
Partner With an Agent – Even though the Internet gives you access to endless amounts of market information, don’t be tempted to go it alone. Instead, interview several real estate agents and find one you like who listens to you. He or she can line up properties to view, answer many of your questions and make connections for you in your new community. Agents often have the inside track on new properties just coming on the market.
Accept Some Risk – Realize that there is uncertainty in everything, but no matter what happens, you will deal with it. Ask family and friends about their experiences and learn from them. Be sure to keep some cash reserves in the bank as a safety net. And remember, you have homeowner’s insurance for a reason.
Fine Tune Your ‘Must-Haves’ – Is there a community that you absolutely must live in? Are you adamant about a garage, a fireplace or a finished basement? Make your list of what’s vital. You may find that you are willing to sacrifice one feature if the rest are fabulous. If you are not crazy about the house, don’t bid. It’s important that you love it at the outset.
Be Ready to Bid – Regardless of the market, great houses do not stay available for long. One open house can lead to three offers. If you love it, be ready to make your best offer. If you are wavering, ask yourself, “How will I feel if I don’t get this house?” You might just get it, and if not, at least you will know you tried.
Reap the Reward – Owning a home can be one of the most exciting and satisfying things you will do in your life. A first home is an investment that can pay you personal dividends as well as financial benefits.
Read entire article about preparing to buy your first home from Realtor.com.