Six Ways To Simplify Your First Home Purchase

These tips can help ease the homebuying process

Purchasing your first home can seem pretty daunting when you first start. It doesn’t matter if you are buying a single family home for yourself or an investment property it can appear as there are many things to figure out on top of a market where properties move so quickly. However, if you craft a system and make a list of the important things to accomplish it can go much more smoothly. Here are some pointers for where to start.

Establish Goals

First, decide what you need in a home and develop your overall plan. Would you like to purchase a condo for just yourself for now and then move again in a few years? Will you keep that property and rent it or sell it as you trade up to a single family residence? All of these things are worth figuring out as you evaluate your needs as well as plan for your future.

Contact a Mortgage Lender

Before you start anything you should reach out to a lender to find out what you can afford. Not only do you need to figure this out for your own comfort level, but you also need to know exactly how much a lender will approve you for in terms of a loan so you know what properties you can even consider. Lenders who are experienced in all types of properties as well as those locally are always preferred.

Craft a Budget

Once you have learned how much a lender will approve you for, you also should do some of your own math. Just because a lender will approve you for a certain dollar figure doesn’t mean you will be comfortable with paying that much on a regular basis. Take into account all of your current expenditures into account as well as your future financial goals.

Contact a Real Estate Agent

You will want a real estate agent that works in the area of your interest and has experience with the types of homes that you are looking for. I am happy to have an assessment call with you as a starting point to discuss your needs. If you are searching outside of my areas of coverage I can also connect you with someone who services them. 

Do The Math

When you start looking at homes it is important to run the numbers on each one separately. Homes will vary in price but also in some other ways. For example, taxes could be different property to property and can also change with property type. Condos will also have a regular homeowner’s association fee that you will need to factor into the equation. 

Submit Offer

Once you have located a home that you like and it suits your needs then submit your offer promptly. For any home that borders what you are comfortable spending, submit an offer for an amount that works for you. The worst thing that can happen is the seller will not accept your offer. In the end keep things businesslike and try to avoid getting emotional about it.