The Top 5 Things First Time Buyers Must DO

The Top 5 Things First Time Buyers Must Do

Don’t you sometimes hate being told what to do?

But when planning to make what will be the biggest financial investment in your life – that’s scary sounding, isn’t it – you need to know the essentials to do in order to accomplish your goal and not make mistakes you will regret.

Buying a home is not like purchasing a DVD or a shirt you can return to the store and get your money back if you don’t like it.

As a first time buyer if you aren’t prepared to do the work, then perhaps you are better off staying away from home ownership until you are ready. Only you will know that for sure, and that's OK.

So, assuming you have made the decision to buy your first home, let’s talk about what you need to do. Take a deeeeep breath - there's a lot here.

GET PRE-APPROVED

Agents tell buyers this ad nauseum, but sadly so many, even experienced buyers, do not take this step seriously. Unless you are a cash buyer with big pockets, generous parents, a trust fund or inheritance, you’ll need a mortgage. Most people do. You need to know what you can qualify to borrow. No sense in looking at $500,000 homes when you are only qualified to purchase a $150,000 condo because of your income, assets, debts and credit.

If you are not prepared to go through the pre-approval process and provide all the information and supporting documentation the lender needs, that may signal you are not ready to buy your first home.

Yes, getting a loan these days can be a hassle, but the hard work and effort will pay off.

Another thought? Make sure you know your personal budget. Just because the bank is excited about loaning you $350,000 does not mean you should take the whole enchilada. If the monthly payment ends up being most of your take home pay, including all that discretionary money you want each month for travel, sports, clothing and partying, you will regret it.

Maxing out your house budget will make you miserable.

WORK WITH A QUALIFIED REALTOR®

You might think the Internet is the be-all-end-all of information, with answers to every question about real estate. Don’t be fooled. There are plenty of gaps, discrepancies, contradictions, and enough stuff to confuse even the most savvy home buyer.

You’ve never bought a home before and you need a trusted, knowledgeable REALTOR® who can answer questions, educate you, guide you through the process, and help find solutions to problems that might arise.

Not to mention you want someone in your corner, watching out for your best interests, financial and otherwise. The Internet can’t do that. Neither can your best friend, nor the agent who is representing the sellers.

Why do you think the seller has a contract with the listing agent? Having a REALTOR® working with you is similar to having your own attorney protecting you in a legal matter. Your agent is NOT, and cannot act as, an attorney, but the relationships are similar.

DECIDE WHAT YOU NEED IN YOUR FIRST HOME

You’ve never bought a home before but you likely have some ideas, even vague, of the things that are important to you. Notice I said “what you need.” Focusing on what you want, rather than what you need, will likely be frustrating since so often the budget for those wants is lacking, especially in first time buyers.

Sometime we humans want things we really don’t need. That’s not to say you shouldn’t dream. But be prepared to give up some of those wants in order to get that you truly need, and can afford.

Consider the community and local neighborhood, too. It’s not just about the house.A great house in an area you hate won't do you much good.

UNDERSTAND THE LOCAL MARKET CONDITIONS

There are a number of truisms in real estate. “Real estate is local” is one of the better known. The local market conditions will affect you in significant ways – the inventory available to you in your price range, the competition from other buyers, pricing, the strategy you use when making your offer, negotiations, and more.

Doing your research on the local market and looking at homes will help you better understand what is going on. Watch what is selling, how quickly, and for what price.

But the best source of the true nature of the local market and HOW this affects you as a buyer is your REALTOR®. Not the media, your best friend, your family or your neighbors.

Ask to be educated so you will be prepared and act accordingly.

HAVE THE RIGHT ATTITUDE

This is complex, but then so is buying a home. You need to have an attitude of commitment – to do the research, to asking the right questions, to getting financially prepared, and to spending the necessary time to look at homes and neighborhoods. You will likely find that house hunting is like having a second full-time job. Treat it seriously.

Be realistic. You are not buying your dream home, unless you have a ton of money. And you probably won’t be living in your first house forever. Expect that there will be plenty of trade offs, and things you are not in love with. But keep the long term goal in mind – buying your first home!

Be excited! This will be fun time, although you can expect it will be filled with lots of anxiety and nerves…it should be, because it’s a big deal.

Be positive. It may take a while to find the right home. Or you might be in competition a number of times before you succeed. Keeping a positive attitude, even with the ups and downs will help. Your REALTOR® HOLLY HURD can help with this.

~ Holly Hurd~ 
Is a REALTOR with Coldwell Banker Weir Manuel
in Northville, Michigan 48167 
#1 Firm in MICHIGAN 

hollyhurd@hotmail.com

Sell / Buy a home in Northville,Michigan register today at

www.Northvillehomes4sale.net

Holly Hurd ~Living in the Northville, Michigan area for 40+ years , Holly Hurd is graduate of Northville High School, Schoolcraft College, Michigan State then raising her own family here Holly Hurd has first hand knowledge and knows the area quite well Please feel free to contact her for all your real estate needs #homerocks #YourHome 

Northville Michigan Real Estate
Homes for sale in Northville Michigan Northville, Mi. 48167
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