One of the major problems a young person faces in his or her adult life is buying a first home. Although this can seem like a daunting task, if you take the correct steps, home ownership can be a huge step toward adult maturation and personal development.
By putting money into a home, you are building an asset. Whereas it you rent a house or apartment, you will see no return on your investment, by paying a mortgage you invest in something you can get a return on later when you sell your first home.
The following provides useful tips that answer this question: how to buy your first home ? Be warned, by following these tips you will become prepared to masterfully navigate the real estate market and be well on your way to personal success.
Tip 1: Hire a Real Estate Agent
No first time home buyer should be without a real estate agent. Such a professional will make the process of home buying simple and fair. Real estate agents are highly experienced in home buying and will ensure that a first home buyer gets treated fairly and with professionalism. Often, inexperienced home buyers make a purchasing decision too quickly, or end up paying too much for a home that does not actually meet their specifications.
Even though you will have to pay additionally to hire a real estate agent, in most cases, you will actually end up paying less overall. The amount that a real estate agent can save you in the cost of a new home will more than make up for the extra expense of hiring him or her. Moreover, a professional home buyer will be well equipped to find a home that meets your desired specifications within your budget. These professionals know which homes are for sale in any particular area as well as the owner’s asking price.
Tip 2: Evaluate Your Options
A common mistake that many home buyers make is acting too quickly. Often, an inexperienced home buyer will pull the trigger on the first or second home at which he or she looks. Remember: there will always be another home for sale. If you miss out on buying a home that you are considering because you are unsure, rest assured there are other, equally viable, options available. If you are unsure about a particular property, chances are that with a little more research, you will be able to find a home that suits your needs better and for a better price.
Tip 3: Make a Good Deal
Unlike most consumer purchases that are made in the United States, buying a house provides the opportunity to bargain with the seller to get a better deal. In other words, you usually do not have to pay the seller’s asking price. Home sellers set their asking prices for a higher amount than for that which they expect the home to sell. Do not settle for a high price simply because it seems like the seller will pass on your offer. This is a tactic sellers use to try to obtain a higher purchase price. A lot of the time, by driving a hard bargain, you can get the price down well below the asking price.
Tip 4: Ask For a Home Inspection
When buying your first home, it is hard to stress enough the importance of obtaining a home inspection for houses that you are seriously interested in buying. While a home may look well taken care of, there is always the chance that it has compromised structural integrity, poor insulation or a host of other below the surface problems that it takes a specialist to discover. In some cases, a home seller has knowledge of such problems, but does not mention them to a potential buyer in order to charge more for the home. If you do not push for a home inspection, there is a chance that you will get seriously ripped off.
A big question many young individuals are wondering is: how to buy your first home ? This task may seem very challenging, however if you follow the 4 tips mentioned above, you will be able to navigate the real estate market with ease.