First Time Home Buyers Guide: Part 1
Congratulations! You are one step closer to the most important and significant purchases of your life. While it can be nerve racking, it can also be fun and exciting! With the proper knowledge, you can end up satisfied and with an investment that will reap rewards.
1. Choose the right real estate agent:
Choose your real estate agent wisely! Choose someone who is professional, knowledgeable and on top of their game. You need someone who will listen to you, find you the right property and will represent you in the negotiations for the property. Before committing to an agent, take your time in selecting a real estate agent who is going to be a good fit for you. Schedule a preliminary call (shameless plug, you can schedule a call with me-646-943-4819) to ensure the prospective agent is a good personality fit, knowledgeable about the industry and familiar with the neighborhood/s you are considering.
2. Location, Location, Location: Before you even begin “shopping”, you should know where you want to live-especially in a competitive market. It may seem obvious, but I have met many clients who say they are ready to buy property but are looking in 3 different states! Nail down the community you want to be in, then focus on that specific area. That way when you see the property, you are ready ( and confident) to say yes!
3. What do you want? As a first step, it’s important to map out any core criteria. This would be things like the number of bedrooms, bathrooms and specific neighborhoods. As I am sure you may have heard, it can be difficult to find the “perfect” house. Assigning priority rankings or determining what your non-negotiables are can help you gain more clarity during the process. Maybe you want to be near the beach, but your budget can’t afford that….so you either need to move further out or downsize your expectations. School districts are important to many people, so stick with the school districts you want. What else do you have to have? The more you know the easier your search will be.
4. What is your budget? You need to know what you can afford before you go “window shopping”. To pin point that exact number, speak with a mortgage advisor. If you are anything like me, you probably also love watching HGTV. While the shows are such a great source of inspiration, they’re often in more affordable parts of the country. What $350,000 can buy you in New York or New Jersey is very different than what you can afford in South Dakota. The market does change, so just because a year ago you found a home for sale you can afford does not mean that you can still purchase a similar home for the same amount. I had one client say, but I saw that property for $300,000 less 3 years ago, so why is it so expensive? The answer is the marketplace determines the price. The market place is for today, what happened before does not mean anything.
You Found It! Now What? Stay Tuned for First Time Homebuyers Guide: Part 2