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Agent Resource Center
Agent Resource Center

How To Understand The Real Estate Market As A First-Time Home Buyer

Written by Posted On Friday, 17 January 2020 04:01

Purchasing a home can be exciting and challenging for a first time home buyer. After all, there are various steps and requirements involved, and you can’t afford to make a big and expensive mistake. But first-time homebuyers sometimesappreciate some specific benefitsmade to encourage new people into the real estate market.

To further explain this process so you will get the most out of your purchase, this article defines that what you need to check before purchasing any home, your expectations from the purchasing process along with the tips to makeyour living experience better and comfortable after you purchase your first home.

1.      Evaluate Your Options Properly

In a short period, there are a various number of different projects have come up. Further, the no. of people who are first time home buyers have also increased. For residential property, you have ultimately three options that are Villas, Apartments, and villaments.

So, if you are purchasing a house that must be affordable, convenient and of good quality, then an apartment will perhaps fulfil your needs. But if you are looking for a big space and some privacy, then you can opt for villas. Further, if you are looking for both the above-mentioned facility in a single house then you can choose villaments because they are big, spacious and provides good convenience and safety. According to your requirements and budget, you have to decide which option is appropriate for you. 

2.      Select Your Location Wisely

The location of a home always plays an important part in the life of a person from an investment perspective. So, when you are going to buy a new home, the budget is not the only thing that you need to think about. There are various other things that you need to take into consideration before buying a home.

Always try to buy a home at the perfect location. Your home must be close enough to your office. The location of your home must be accessible from every other place. Good roads must be available, so you can travel easily. Also, make sure, your home must be close enough to colleges, schools, markets, and hospitals. With all the above-mentioned facilities, you will be able to enjoy a good life at your new home.

3.      Property Value in Future

Whenever any person buys a house, he/she considers it to be an investment. Because he/she invests money into that property. Everyone wants the value of a home should grow in the next coming years. Luckily, this will definitely happen if you make some smart decisions while buying a house.

Just think about the local economy and whether there are any opportunities in that area in the future. Are there any chances of jobs coming to that area which will definitely raise the number of people looking for homes? Any possibility of new construction in that particular area and its effect on the other available homes. Take a look at the above-mentioned things which can put an impact on the value of your home and make an investment in the real estate sector accordingly. 

4.      Get in touch with A Real Estate Agent

A real estate agent will help you in finding a good house that will meet your expectations, necessity and are in your budget. An agent can give you various options at various localities.  Once you decide the home of your choice that is going to be finalized, these real estate agents can help you in price negotiation and also in the entire purchase process which includestaking a loan approval, completing paperwork formalities etc.

A good real estate agent's proficiency can safeguard you from any dangers/drawbacks you might encounter during the purchasing process. However, these Listing real estate agents usually represent the seller and their main goal is to sell the house on the best price and later they take the commission from the seller. So, it is always better to take the help of someone who represents your interests.

5.      Priorities for your future home

This is an interesting part of the process of buying a house. Make a list of the major requirementsthat you want in your future home and give it to the agent. Through this, agents will show you only the selective houses and also you will not waste your time checking out the houses which do not meet your requirements. Further, whenever you see any new house, click some photos otherwise you will forget the unique features of every house after looking at various houses.

Just get to know about your neighbourhood, check the crime statistics in that particular area and any other problems if applicable. Do the proper investigation before buying a new house to avoid any unpleasant shocks later on. Never buy a home sight unseen.

6.      Check out other apartments/ houses in the area to get an estimate idea of pricing.

When you buy a new house in a new locality and if you are a first time home buyer, then always compare your home with the other homes in the same locality to get an estimate idea of pricing. Suppose, if you are purchasing a particular apartment in a building, then take a look at the other apartments in the building and their purchasing/selling value. It will give you a whole idea of what should be your starting offer and when you are ready to bid on your future house.

7.      Proper Inspection of the home is necessary

Sometimes, the house you have finalized to buy seems to be perfect. Still, you should not take any risk. Hire a trained professional who will inspectyour home to get an idea of the quality, safety, and overall condition of the house. Nobody wants to get stuck in the problem with a lot of headaches because of the unwanted repairing work in the house.

Through the home inspection, it will reveal all the defects in the house that the seller has not disclosed and you will get a chance to reject the offer and ask for the refund of the deposited amount. Additionally, you can ask the seller to do all the necessary repairs or give the discount on the value. 

8.      Always Check Credibility Of Builders

In the real estate sector, a brand name always matters. Small builders who are not very famous can attract first time home buyersby showing them low price houses, but they are often not worth the risk. Some of these builders don’t have the essential approvals and proper documentation ready, which can create problems for you at a later stage. There are huge chances of delay in projects so you can even lose your money.

So, whenever you decide to purchase a house, always check the background and credibility of the builder. Famous builders will charge some more amount but their legal documents are always ready and these builders always handover the house on time. You don’t have to think about the construction quality as these famous builders have already made good records. Thus, always check the credibility of the builder or else choose a famous builder to avoid any difficulty at a later stage. 

9.      Make an offer

Take the decision and then inform the real estate agent about how much money you want to invest/offer for purchasing the particular house, along with any other conditions you want to put forth. Then the real estate agent will provide the information to the seller. Now, it’s on the seller to decide whether he will accept the offer or give a counter offer. The buyer can then accept the offer or can go for further negotiations.

Conclusion

Being a first-time home buyer can be challenging and problematic, so always take care of the above-mentioned things. The real estate market is not verycomplex as it looks like in real life. You just have to keep an eye and learn more about your situation and the local market.

By the time, you understand the market situation and familiar with the real estate sector along with the changes and possibilities for the future, you will be more prepared to make a good offer for the purchase of your first house.

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