Buying a new home is always a huge deal. However, for first time home buyers, it is even more exciting and scary. If you’re looking to score your first home in 2022, there are lots of things for you to navigate. From sky high prices in some areas to the boom of investment properties taking over more than ever, it may seem like a lot for anyone to handle. Thankfully, we’re here to give you the helpful advice you need. Long before you hire a moving company and monitor professional movers, there are certain things that you should look for as you embark on the hunt for your first home. Let’s dive in.
- Trust the Professionals: As a first-time home buyer, there will be lots of people in your ear giving you advice. However, we strongly advise that you trust the professionals throughout this process. This means that even though your friend has a knack for finding great deals, working with a professional real estate agent is the way to go. Not only will this give you access to more options, but it can help you narrow down your list and streamline to decide what you really want. The right real estate agent will connect with you, prioritize your needs and work hard to ensure that you stay within your budget. There will be tons of options for you to choose from so do your research and choose someone who is honest and reputable. Having the right contact here can make all the difference in the world.
- Money Matters: We mentioned your budget already. However, we want to emphasize how big of a deal this is. The last thing you want to do is put yourself in a tough place financially with a home that you can’t afford. Whether you’re paying cash, getting a loan or sharing costs with a friend or family member, make sure that you’re comfortable with the amount you’re spending. We know that everyone has a dream home. As a first-time home buyer, it’s important to realize that it may take a while to make that dream a reality. Even if your first home is a lot humbler, you should be proud. Buying a home is a major accomplishment. Do your best to stay within your budget by any means.
- Broaden Your Search: Do you have your heart set on a certain neighborhood? Is there a condo building that you’ve always wanted to live in that finally has availability? In this scenario, we understand how you can have your heart set on a certain outcome. However, we strongly advise that you compromise a bit and broaden your search. When you expand your search area, you open yourself up to finding the best deals on the market. As a first-time home buyer, it’s essential that you give yourself as many options as possible. This is especially true for the current 2022 market that we are in. Sellers certainly have the upper hand and most listings are over market value. The least you can do is give yourself a fair chance to save.
- Pay for a Home Inspection: A major part of being a first-time home buyer is being thorough and learning all parts of the home buying process. While this can be difficult, it is important to avoid costly mistakes and regretful growing pains. Paying for a home inspection is important because it lets you know if there are any structural or mechanical issues that you need to be aware of. However, standard home inspections won’t search for mold or pests. This may be an up charge but it’s worth it to ensure that your first home is everything it seems to be.
- Get A Home Warranty Plan: What’s the difference between home owner’s insurance and a home warranty plan? Home owner’s insurance covers the belongings in your home in the event of a theft, flood, fire or natural disaster. This is usually mandatory when purchasing a home.
However, we are also recommending a home warranty plan. For a monthly fee, this covers your major appliances and systems when they need repair or replacement. A home warranty plan is a great way to avoid unexpected expenses. Trust us, replacing an A/C system is annoying and expensive.