When you decide to make the leap and start looking into buying your first home, you need as much information as you can get. You can get information from many sources, so don’t discount the people in your life who can help you along this journey.
Being a first time home buyer doesn’t mean you should go into this decision naively. Get out there, start talking to some of these sources of information, and make an informed and wise decision because of it.
Real Estate Agents
One of the biggest influencers on your first home purchase will be your real estate agent. They are the first and immediate point of contact for the whole process, and they can offer you some incredible advice.
Once you’ve found an agent that you can trust, spend some time telling them what sort of home you’re looking for, your price range, and what your ideal home looks like. They can offer you solid advice on the type of homes available, the neighborhoods with the best reputations, valuable property features, and home resale values. Their advice will be invaluable for the big decision you’re about to make, so start by giving them as much information about your purchase as you have to offer.
The government offers an education course if you’re a first time home buyer. It will walk you through the basics of understanding what your purchase is all about. You’ll gain knowledge of the taxes relevant to your type of purchase, the way the government thinks about assets, the financial implications for your future, and the types of rebates you’ll be eligible to receive.
You can use the internet in several different fashions. You can use it to do some research on the neighborhood you’re looking at buying into. You can research resale values of the homes you’re looking at. You can even do some research into the agents that you’re using to see if they are right for a first time home buyer.
You can find new and innovative ways to make creative bids in the home. You can investigate different banks and brokers to find the best price for the size of the mortgage you want to take out. You can even use that information to your advantage should you wish to negotiate with the banks by pitting them against each other to vie for your money.
You might not think about it, but it’s important that you know your neighbors, before you even make the first offer. As a first time home buyer, you might fall in love with a home, but then not realize that you have moved into the next-door to noisy or fighting neighbors that could cost you sleep and peace of mind. In addition, they are locals of the area, so they know just how practical it is to travel from the neighborhood, road traffic issues, common seasonal problems, and even pesky neighbors down the street that have noisy dogs. You could also get the inside scoop of developments in the area that could drive prices up in the future, like another school or a nearby shopping complex.
Before you even walk through a place with an agent, take the time to speak to the neighbors. Find out about the schools, any noise complaints, crime, common issues, safety, and anything else you’d care about if it were your neighborhood. By chatting up some of the people on the street, you might save yourself from cumbersome issues that could have been avoided.
Friends and Family
You shouldn’t listen to everybody, but try taking the advice of friends and family who are home owners themselves. They would have some inside knowledge on the right banks to approach, the types of loans to ask for, the right agent to use, and the neighborhoods that are goldmines for resale value.
If you have someone in the family who has experience in buying and selling homes, that’s even better. You can bring them along to cast an appraising eye over the houses you’re considering and the offers you’re likely to make. They might spot an issue you never would have considered had you not personally experienced it before, like they had.
Gain as much advantage as you can by gathering as much information as possible. You’ll come across so much information, but among all the bits of data you get, you’ll save yourself from the heartache the mistakes a first time home buyer can make.
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