Welcome back! This week marks the second week of our Your Questions Answered blog series. Through this series, (which we affectionately like to think of as our own twist on ‘Dear Abby’) we hope to debunk some of the most perplexing questions about the real estate process.
Today, our agent Jess will be giving a list of tips aimed at first time or amateur home buyers. Take it away, Jess!
“Help! I’m a first time home buyer. What tips do you have for me as I dive into the real estate process for the first time?”
1. Ask yourself….. can I even afford to buy? The very first thing a potential new buyer can do is connect with a lender and go through the pre-approval process. I know that this isn’t the most fun part of house hunting, but it is the first step you can take to figure out: can you afford it?, can you get approved?, and what should your price range be? Yes, house hunting can exciting and fun……but house hunting with your budget in mind will save you from falling in love with a house that could be out of your price range–thus causing the excitement and fun to turn in to frustration.
2. Life here on the planet of ‘Real Estate Reality’……..managing your expectations. It is really important for first time buyers to take in to account the city you live in, the budget you are working with, the level of demand in the areas you are wanting to live in and what kind of house you can get for your money in those areas. That’s where your agent comes in: he or she is there to serve you to the best of their abilities, but remember, they aren’t miracle workers! That means you probably won’t be finding a move-in-ready house in the 12South area for $150,000.
3. Think about the big picture! Why do you want to buy? Do you want an investment that will make you money in two years, do you want to get in to a certain school district, do you want to buy close to work or do you want a house that you will live in for years? There are hundreds of reasons why people decide to buy but it is important that, whatever your reason may be, you start the house hunting process with your goal in mind.
4. Think you won’t be digging into your pocket until closing? There will be costs associated with buying a house that aren’t part of your lender relationship. Potential buyers should be prepared to pay for things like: a home inspection, radon testing, an appraisal and earnest money (money paid as a deposit to confirm a real estate contract). Buyers need to be able to pay for these items throughout the process, so being prepared with a small stash in savings to cover these costs can be helpful (and smart).
Are you a first time buyer interested in venturing down the path to home ownership? Contact us today–we’ll help make the process as pain-free as we can.
Thanks for tuning in to our “Your (Real Estate) Questions Answered“ blog series! | Last week: Top 5 Staging Tips | Want to stay connected? Like us on Facebook + follow us on Twitter and Instagram. And, as always, check out our current homes for sale in the Nashville area.