Tips on Buying Your First Home

May 6, 2017

Buying your very first home is extremely exciting and exhilarating, but it can also be a little overwhelming too. Where do you even start?
Luckily, there are professionals out there who can walk you through the entire process from A to Z so you don’t miss any crucial steps that can compromise the transaction. If buying your first home is on the agenda, be sure to follow these tips.
Find Out How Much You Can Afford to Spend
When buying your first home, there’s no sense in looking at homes in the $700,000 range if you can realistically only afford homes priced around the $500,000 point. This will only set you up for disappointment. Take a look at what your finances are like, including your income, assets, and debt. Talk to a mortgage specialist and get pre-approved for a mortgage. This will give you a clear idea of exactly what you can afford so you can narrow down your search to homes that only fall within your budget. Getting pre-approved will also put you one step ahead in the home buying process and will show sellers that you’re a qualified buyer who isn’t wasting their time.

buying your first homePrioritize Your Needs When Buying Your First Home

Make a list of all the things you want and need in the home you buy. Be sure to prioritize them because it’s highly likely that you will have to make a compromise, especially if you’re on a budget. Knowing what you really require in a home can help you narrow your options and make easier decisions as far as making an offer is concerned. Be sure to include things that aren’t part of the house, including the neighbourhood, school system, commute to work, and local amenities.
Hire a Trusted Real Estate Agent
Enlist the help of a real estate agent who is well versed in the particular neighourhoods you’re looking at. Your agent is your link to the world of home buying, and the right one can be a major asset on your side, especially when buying your first home. Many agents specialize in specific areas of town or even certain types of properties, so make sure you ask your prospective agent how many homes they’ve helped clients buy and sell in your target area and the type of certifications they have to see if they meet your requirements.
buying your first homeMake a Solid Offer
Once you’ve found a home you want to purchase, put in a solid offer. Your agent will help you assess what the home is worth based on the current market, so base your offer price on what similar homes in the neighbourhood recently sold for. Understand that negotiation is probably inevitable, which means the seller may counter your offer. Make sure that the offer includes clauses such as securing financing and conducting a home inspection. You don’t want to be stuck buying a home if you don’t have enough money or if there’s something seriously wrong with the property.
Design and Decorate Your Home With a Professional
The odds of the home you buy being designed and decorated exactly to your tastes and needs is pretty slim. Once you get the keys to your new home, consider working with an experienced interior decorator to help you create a space that’s highly functional and stylish. Professional interior design firms like Hope Designs can help take your visions of what you want your home to look like and bring them to reality!
Contact Hope Designs today and book your consultation!