First-time homeowners often need some assistance in understanding the process. While you can get tips from friends who have bought a home already, sometimes a real estate agent is needed to give advice that will prove most valuable to new buyers.
Here are a few things every first-time homeowner wishes they knew ahead of time.
1. Understand the reasons to purchase a home—and then understand your personal reason.
It is important buyers understand that their own reason to purchase a home does not have to match anybody else's.
2. Make sure everyone is on the same page.
One tip real estate agents recommend is that spouses or partners independently write down their wants and needs on a piece of paper. When you come together, you can discuss what each of you included on the list. This ensures you are both on the same page when it comes to selecting the perfect home as a couple.
3. Be realistic, not aspirational, in your search.
Dreams are great, but you should never defer to them over your reality. If you aren't a gardener and you hate swimming, let your real estate agent know they can toss out properties with pools and gardens.
4. Don't purchase the "best" home you can afford.
Simply purchasing a home because it looks like the best option available at that price is not a good idea. Instead of going for the home that appears to be objectively the best, you should choose the house that you like most.
5. Borrowing money from friends and family members often leads to stress.
It is not unheard of to take out a loan and then seek out a personal loan from a friend or family member. Unfortunately, this often leads to heartache and extra stress. It is often wise to buy a house covered only by a mortgage to avoid this.
6. Get a feel for an area before you sign the papers.
It always pays for a buyer to visit the neighborhood often to build an understanding of the area before moving in.
7. Buyers should not use the same real estate agent as the seller.
It is always in the buyer's best interest to have their own real estate agent rather than to share one with the seller.
If you find yourself in a position where you have questions about purchasing a home, it is important to speak with a real estate agent.