Buying your first home can be an overwhelming experience for someone who’s never done it before. It’s an enormous commitment topped with lots of paperwork, time, and a whole lot of risk.
By educating yourself on a few home buying tips, you can ensure that you will avoid costly mistakes that will lead to a lot of problems down the road.
Many people rush into the experience putting all their trust into a sale and end up not knowing what all the fine print means, or that not every real estate agent is completely honest.
Take a look at some of these tips for a first time home purchase and lower your chances of getting stuck in an unfortunate purchase where you didn’t know what to prepare for.
Get a Home Inspection
Hiring a home inspector to conduct a thorough evaluation of exactly what state the property is in is a must.
Many home buyers don’t look closely enough at the property and things that may look ok from the outside are actually on the verge of destruction. A professional eye can see things that a normal consumer wouldn’t notice such as potential roofing emergencies, or other structural damage throughout the home.
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Rates can vary depending on the area, the size of the property, or the amount of experience your inspector has. Shop around and compare rates in your area to make the best choice for you and your family.
Hire a Good Real Estate Agent
If it’s your first time buying a home it’s considered wise to leave it to the pros. A real estate agent can hold your hand through the entire process and explain the lengthy paperwork with legal jargon and fine print that sometimes if skipped over could be detrimental.
The best way to find a real estate agent is to look for a referral from a friend or family member. A recommendation based on a positive experience is the best way to know that what you’re paying for is what you get.
Do you have a real estate agent in the family? Consider using them! They may considerably reduce your fee and you’d be doing them a favor as real estate agents live entirely off of commissions on sales.
Get Approved For The Best Suited Loan
Do some shopping around for loans and figure out what the terms of each loan are. Be wary of things that seem “too good to be true” because of most of the time, they are.
Opt for a safe loan that has the lowest insurance rate. Be careful with balloon payments. These are notorious ways of getting people into a pit of financial despair.
Try to find a loan officer that comes recommended from a family member or friend.