Buying your first home is an exciting endeavor. However, it can easily get very overwhelming as there are several different aspects of the home buying process that you need to be aware of. By educating yourself first, you are already one step ahead in the process and that will pay off big time in the end.

Here are some invaluable tips (and pitfalls to avoid) when buying the first home that will set you up for success.

1. Closing Costs

Did you know that closing costs run between 2%-5% of your loan amount? This can turn out to be a significant number so be sure to get all the facts (and shop around if you need to for more favorable closing expenses) and factor all of that in your budget before buying a home.

2. Keep Funds For Moving In

Besides saving for a downpayment, and budgeting for closing costs, don’t forget about the actual costs of moving into your new home. Such as deposits for utilities, moving-truck and/or professional movers and possibly a night or two in a hotel. If you bought a fixer-upper there may be a lot of aspects of the house that need updating. Or, you may want to buy new furniture, put in a new floor, or paint the walls of your new home.

3. Remember to Think Long Term

It’s easy to get carried away and only see a house based on what you need today. However, it’s important to think long-term and factor that into your decision as well. Will your family expand over the next 5 years? If so, maybe investing in a slightly bigger place is a good idea so you and your family can grow into the home.

4. Negotiations Are Your Friend

If you don’t ask, you will never know. And the worst thing that can happen is that you get a no. Don’t be afraid to discuss negotiating options with your Realtor when buying a house.

5. Understanding the Home Inspection

You are entitled to ask questions and to be present at the home inspection if you so desire. Buying a home is a big decision, and the more knowledge you have the better. Don’t be afraid to speak up and ask your home inspector to take a closer look at something that might not feel 100% for you.

Hopefully, this short list of things to remember will help you feel more confident in your home-buying process. If you are looking to educate yourself further, or want to learn more about what’s for sale in your area, please contact us today!

We look forward to working with you and guiding you towards your dream home!

Kindly,

Kevin and Randall