Five Tips For First Time Home Buyers
Buying a home is no small task. It’s a massive financial undertaking, and it can quickly become mentally exhausting and stressful. As a first time home buyer, it can be easy to fall into common mistakes without even realizing it. Luckily, there are ways around these mistakes. You can learn from others so you go into the process more informed. Here are five tips for first time home buyers to make this process easier on you!
Save Early And Often
This may seem easy and obvious on paper, but it’s a common mistake many first time home buyers make. If you do not start saving early, you’re immediately getting off on the wrong foot for a very important chapter of your life. Consider the down payment, closing costs, and move-in cost. It adds up quickly, and without proper planning you could fall into a major financial trap.
Pick Your Budget And Stick To It
Given how competitive the housing market is, it can be tempting to go above your budget. However, this will only cause more stress and financial issues down the road. Instead, it is wise to bid on houses below your budget and use that extra financial padding to competitively bid when the time comes.
Get Pre-Qualified Early
Another common mistake from first time home buyers is waiting until the last minute to get qualified for their home loan. However, getting pre-qualified early on has many advantages. This helps you shop easier in your price range. Additionally, this will allow you to act fast when something catches your eye.
Choose The Right Real Estate Agent
You want someone with experience, someone with your best interest in mind. Having the right real estate agent is a major help for first time home buyers. The right real estate agent will help you find the right property, attend the showings with you, and help negotiate with the seller.
When you submit an offer, you need to be 100% ready and confident that you’re prepared to purchase. Typically, there is a “good faith deposit” of around 1-3% of the home value that goes towards your purchase when you put down an offer. Show the seller you are serious. Additionally, if you back out of the offer for certain reasons you may lose this good faith deposit and set yourself back. Be confident. Be prepared.
Experience You Can Trust
Are you a first time home buyer in need of guidance? Venture Title Company is here to help. Who doesn’t want a smooth, worry-free closing? Our team provides efficient, professional, and reliable services to put your mind at ease. Contact us today to learn more!