MICHELLE L. MAYO - REALTOR

First Time Home Buyers

Tips to guide you in your home search

  • Do some homework – Decide what features you most want to have in a home, what neighbors you prefer, and how much you are willing to spend each month for housing.  
  • Be realistic – It’s okay to start looking and think you know exactly what you want, but don’t be unrealistic with your expectations.  There’s no such thing as a perfect home.  Make a list of some important features you are looking for in a home and number them in order of priority.  Use your list as a guide to evaluate each property.
  • Ger your finances in order – Talk to a lender and get pre-qualified for a mortgage.  This will help you to determine how much you can afford on a home and will save you the heartache later of falling in love with a house you can’t afford.  Review your credit report and be sure you have enough money to cover your down payment and closing costs.
  • Don’t ask too many people for opinions – It will drive you crazy.  Select one or two people you trust to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
  • Decide your moving timeline – When is your lease up?  How tight is the rental market in your area?  Are you starting a new job and relocating?  All of these factors will help you determine when you should move.
  • Think long term – Are you looking for a starter home with plans to move in a few years?  Are you looking to stop paying rent?  Will your family grow in the next few years?  Do you plan to stay in your home for a long period of time?  This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
  • Get a home inspection – At the very least, you’ll want to get a structural and mechanical inspection.   An inspector will come to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.  If possible, get a warranty from the seller to cover defects for one year.  Other inspections you may want to consider include but are not limited to, termites, radon, water, septic.  Discuss your options with your REALTOR®.

 

Follow this link to view a helpful graph displaying the process of the Steps In Buying A Home