5 Tips for First Time Home Buyers


Buying a home is an achievement and a grand purchase. While it is exciting to finally step into the home buying scene for the first time, it could have long bearing effects on your financial goals. Making adequate preparations will set you down the path of stress-free homeownership. Here are a few tips to make your home buying journey easier.

Check Your Finances

Owning a home is a costly process with long term financial implications. As you shop for a home, make sure you have adequate savings to cater for your down payment and closing payment while still leaving some balance for emergencies. These costs can run to significant amounts depending on the value of the home as they are charged as a percentage of your mortgage.

Keep in mind that a new home comes with additional costs like repair and maintenance. Make sure you can still lead a quality life after buying your home. If you fear that you might encounter financial difficulties, postpone your plans and save more money. 

Establish Your Mortgage Qualifications.

Looking for a home before establishing how much your lender can give you is putting the cart before the horse. It is easier to shop within your budget once you establish this amount. Ask for estimates from several mortgage providers before settling on one to ensure you get the best interest rates available.

Once you have established the amount you qualify for, get a mortgage preapproval to convince property sellers that you can afford it. The preapproval will make it easier for you to place offers on available homes.

Finding a Home

There are tons of resources for finding houses, including realtor websites, newspaper listings and social media pages. If you find the process overwhelming, enlist a reputable agent’s services to help you find a home within your budget. Consider factors like proximity to institutions like hospitals, schools and an excellent transport network.

You will need the services of a good moving company once you have identified your new home. A stress-free relocation will help you adjust to your new environment and give you peace of mind.

Plan for an Independent Inspection

This is important for revealing any structural and mechanical faults or problematic parts in your home. Having your inspection agent will ensure that you get full disclosure before making your purchase.

The inspection will focus on aspects like plumbing, roofing, heating, air-conditioning, insulation, ceilings, among others. Your inspector will point out potential problems and offer recommendations.  

Make Negotiations

Houses are always in demand and this might make you shy away from negotiating for a lower price, especially when the house meets your expectations.  However, this does not mean that the seller’s price is fixed. A real estate agent will keep you updated on the prevailing prices and guide your bargaining expectations.

Bear these tips in mind to guide you to  make an informed choice as you shop for your first home.  The satisfaction of getting the right property at your preferred budget will make your stay in your new home stress-free and worth the effort.