A Multi-Family Home

4 Tips For First Time Home Buyers

by Arnold Gomez

When your in the position to buy your first home, it is normal to be excited and anxious to get into your house. But the buying process can take some time, and the best thing a first time buyer can do is be prepared to look at a number of homes and then be ready to put in an offer when the perfect house is found. If you are a first time home buyer, use the following tips:

Always Get Pre-Approved for a Mortgage

You may have a good idea of how much you can afford to pay each month for your mortgage payment, but until you are pre-approved for a mortgage you won't know how much a financial institution is willing to lend you. Before viewing any homes, make sure that you are pre-approved for a mortgage so you know your budget so you don't fall in love with homes out of your price range.

Work with a Good Buyers Agent

Purchasing a home is a huge investment, and working with a great real estate agent is one of the keys to a smooth real estate transaction. As a first time buyer, it is in your best interest to work with a real estate agent who specializes in working  as a buyers agent. When you work with a realtor who is a buyers agent, you can rest assured that your real estate agent will work on your behalf, and understand how to negotiate terms with a seller in a favorable way.

Know What You Want and What You Need

As a first time homeowner, you should buy a home that you love, but you should also be realistic. Most first time homeowners don't have the budget or mortgage funding to buy their dream home, so some concessions have to be made. Before viewing any homes, it is a good idea to make a list for your realtor that lets him or her know what you must have in a home, as well as what features and amenities would e nice to have. This list will make it a lot easier for your real estate agent to find potential homes for you that will suit your family's needs.

Remain Calm

Buying your first home is amazing, but there can also be bumps along the way. Be prepared for offers not being accepted, finding out that there are problems in a house that you put an offer on after an inspection, or learning that your closing date has been extended. Remaining calm will make the process easier, and overcoming any issues will make moving into your first house feel even better. Contact a company, such as Plaza Realty, for more information.