Buying a home could be one of the biggest purchases you make in your lifetime. If you’ve never done it before, it can be overwhelming to think about everything that you need to consider — from real estate agents to finding the right house, and securing a mortgage.
But with a few strategies and insights in mind, you can be on your way to moving into that home of your dreams.
Find the right real estate agent
When you are starting out on your home buying journey, one of the first and most important actions to take is to find the right real estate agent.
Picking an agent who knows the market where you want to buy and can be your guide to help you land your dream home, can speed up the home buying process.
To find your agent, you can start by asking friends who may have bought or sold a home recently to see if they can recommend anyone. You will likely want to interview at least three agents to get a sense of how you might work together.
Have a realistic estimate of your costs
If you are upgrading from renting to buying, or are looking to move into a bigger home, then you may be looking at increasing your home costs with your next home purchase.
One key to remember is that while the purchase price is one number to budget for, there are many other costs with buying a home that you will need to consider.
Paperwork and inspection fees, not to mention home repairs and maintenance, can all add up. This is why working with a professional real estate agent is so important to understand the full financial picture and to be sure you are prepared.
Look beyond the surface and trust your instincts
You may get a sense of whether or not you’ve found a home that you can live in from the first second you set foot in an open house. However, while that initial “feeling” is important, there is more to picking a home than just what’s on the surface.
While homeowners are required in many states to reveal certain repair issues, having an inspection that will reveal anything that might be lurking (like mold, foundation, or plumbing issues) is a must before making any major decisions. When in doubt, ask for a professional’s opinion.
You may have to shop around for a lender
Depending on your budget, and how much you can afford for a down payment, you may need to shop around to find a lender to offer the best option. Keep in mind that it might take time, and don’t get discouraged if you don’t land one on the first try. Buying a home is a process and being patient will ensure that you can get there.
Think about the future
Buying a home isn’t just for right now, it’s also an investment for years to come. When you are thinking about which home to buy, consider future goals like starting a family, expanding your garden, or picking a neighborhood with good schools.
Planning for the future can help you pick the best home that will evolve with you and your lifestyle.