• Home
    • Blog
    • 10 Tips For The First Time Home Buyer

    10 Tips For The First Time Home Buyer


    Buying your first home will be an overwhelming experience, however; that doesn’t mean you should allow yourself to be swept away in the excitement. Follow these ten tips to find a fabulous home that is just right for your circumstances.

    1. Evaluate your credit standing. Everything depends on your credit score, so make sure it’s as high as possible. Even if you qualify for a mortgage, a lower score may mean excessively high interest.

    2. Set your spending limit. Although a lender has a lot to say about it, only you know how much you are willing to pay each month for your new home. Work the numbers and figure out what the maximum amount is you are comfortable paying.

    3. Start saving every penny. A mortgage can really weigh down on you and it’s important that you adopt healthy spending habits to keep your finances in good shape. Get accustom to the higher payments now by avoiding unnecessary purchases and accounting for every dime.

    Click Below to Start Your Property Search Using the Power of TheBostonMLS!

    4. Consult with a lender. Avoid being disappointed later by not qualifying for a home you see by first meeting with a lender who will establish your financial boundaries. Get pre-qualified and know how much cash you will need for a down payment.

    5. Hire a realtor. Make surer the person representing you in the purchase of your new home is highly experienced and reputable. Look for someone in the general vicinity of where you’re house hunting and that comes recommended from someone with first-hand knowledge of their negotiating prowess.

    6. Establish a buying criteria. You could fall in love with any home, however; it’s important to know your needs first and base decisions on that. Make a checklist of things like garage, acreage, closet space and more of the particulars you need in a home. Understand that you may need to settle on something less than perfect, but that it should meet your needs.

    7. Know the neighborhood. Not only do you want to feel comfortable and safe in your new surroundings, you want to know if your home’s value will be stable. Check into everything that makes an area ideal for you beforehand.

    8. Start making offers. Experts agree that a buyer shouldn’t deviate too far from the seller in terms of price, at least initially. When you find a home that you really adore, make a decent offer to establish a relationship and negotiate more later.

    9. Have the home inspected. Hire a trustworthy inspector who won’t just pass/fail the home, but one that will give you maintenance and renovation advice. Make sure his examination of the structure is thorough and that you know exactly what you’re getting into.

    10. Follow-up on the details. Keep calling your realtor and mortgage institution to make sure everything goes through. Things like insurance must be in place before the deal is final, and you don’t want anything getting in the way of your purchase.

    Your first experience buying a home should be an amazing time full of anticipation and excitement. Follow this advice to make the most of it and end up in the home of your dreams.

    Click Below to Start Your Property Search Using the Power of TheBostonMLS!

    Comments are closed.