Buying your first home is one of the most important financial decisions that you will make in your lifetime. Statistics show that generally, people start thinking about their first home when they get to the age of 30, and they are trying to settle down. However, because of the changes in the economy, the average 30-year-old will still have a huge chunk of college loans to pay off, and they will not have gotten the career of their dreams. Therefore, the financial options which they have open to them when it comes to getting a mortgage are really limited. Here are some tips that will help you get the best deals on your first home.
Decide whether or not to buy with an agent
Nearly ten percent of the homes purchased last year were sold without the help of a real estate agent. This is because real estate property is now getting listed online, allowing buyers to shop and compare property from any part of a state or country without the help of a realtor. There are times when real estate agent can actually inhibit you from getting the best property for your money, especially in cases where they do not have the right software, or when their software does not turn up all the listings within your price range and preferred localities. This will make it more difficult for you to find a home that you like in time and in some circumstances, it can also lead to you ending up with a house way above your price range. Therefore, make sure that you enlist the help of a realtor who truly understands the importance of having the right tools for their trade.
Search in the right places
Another thing that you need to know about real estate property search is that what you turn up depends on where you are looking. For most first-time buyers, they have the notion that the homes which are new in the market are the best. There is some truth to that because if a home is great, it will attract a lot of buyers and go off the market within no time. But at the same time, there are other homes that will not necessarily get the buyer that the seller hoped for, and they will end up in expired real estate listings. The best thing about looking in these listings is that you can find homes that have been in the market for a while and the owners are willing to negotiate the price down just a little because they want to close.
Take note of hidden charges
As mentioned, one of the best ways in which you can reduce the cost of buying a home is searching and making an offer without the help of an agent, as long as you understand the process really well. However, if there are parts of the process that you do not understand and most importantly, if there are hidden charges that you would like to know about, think about getting the help of a realtor. Also, another way that you can negotiate for a better house sale deal is if you were to ask the seller to cover the closing costs as you make your offer.
When looking for your first house, getting a good mortgage lender is also important because it will determine whether you get the right product to suit your financial situation, or you end up with a mortgage payment which is higher than what you should have paid. A competent realtor will also help by giving you guidance about the best mortgage arrangement for the house you are dreaming about. Lastly, be patient, give yourself time to look for the house and do not put any definite timelines to the process. You will manage to comb through the searches and get the home of your dreams with time.
