If this is your first time buying a home, you might need some help. So, keep reading for some invaluable tips and tricks from that pros that can help you find the perfect home for you and save you money.
Know What you Can Afford
Most first-time homeowners can afford a property that costs as much as three times their gross annual income, as long as they have a 20 percent down payment. Typically though, most people going through their first time buying a home have either 5 or 10 percent as a down payment, meaning their often qualified for properties that are about 2.5 times their annual income.
To get a clear picture of what you can afford before you start home shopping, opt to obtain a pre-qualification from a local bank or lender. Once you know exactly what you can afford, you'll have a budget and a limit to your house shopping.
You Can Shop for a Loan
As a couple or individual, this may be your first time buying a home, but it doesn't mean you have to settle for the first loan offer that's thrown your way. Be aggressive with your negotiations and find a loan company that can offer you great rates, a good payment plan and long-term security.
Pick a Good Agent
As a first-time home buyer, you should have a good real estate agent. Don't be afraid to interview several agents, checking their experience with first-time buyers, asking for references and above all else, making sure you click with them as a service provider.
Don't Double Dip on Your Realtors
If you already have a real estate agent, don't call a listing agent yourself and ask to see the property and always be up front about your agent status when attending open houses. The reason for this is that if you decide to purchase the property, you could become involved in an unpleasant commission dispute between your agent and the selling agent.
Rather than create confusion or agent hostility, always be clear and up front about your agent status when purchasing your first home.
Don't be Afraid to Buy the Perfect Home
It's your first time buying a home, but what happens if you view the perfect house right on the first day. The price is right, the layout is perfect and the location is exactly what you were looking for, do you put in an offer? Of course. The most common mistakes made by first-time home buyers is holding off, so don't be afraid to buy your dream home.
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