Golden Lessons from First-Time Homebuyers

July 21, 2015

Golden Lessons from First-Time Homebuyers

When buying a home or property for the first time, while it seems exciting, it could also be quite scary. As other people would say, “experience is the best teacher,” so does with buying a home. First of all, the downside of it is that there is no trial and error phase when buying a home. It is a big investment and you have to think thoroughly before deciding if the property is really for you. Sure, you can read a lot of tips online or through books, you can even ask for guidelines from professionals such as brokers and realtors, but experiencing something first-hand is valuable. You could hear lots of horror stories from people and their first time home buying experience. So it is best that we could learn from it. Here are some tips that can be worth something to read:

Lesson 1: Don’t count on your mortgage until it is signed

Bad things could happen, it is inevitable, and sometimes we may not foresee it. Unless the mortgage is signed, it is still not the best time to sit down and relax. So make sure that you check your property assessment, twice or even thrice!

Lesson 2: Count your costs

During the loan approval process, make sure that you take note of each and every closing cost. Go through the closing costs with your real estate agent, if possible, over and over again so that you will get familiar with those items and perhaps, avoid the possibility of getting surprised with anything that would come into your way.

Lesson 3: Think about the possibility of repairs

Some properties for sale are on “sold as-is” condition. If this is the case, be prepared that there may be possibilities for repairs. If that happens, make sure that you budget your time and money. Going over repairs could mean more time and the longer it would take, the more money you will be able to spend. You can conduct inspections but if problems arise during this phase, you can be able to negotiate with the seller. However, this does should not mean that you will have no money left after closing. If necessary, be prepared to walk away from your dream home. Remember, you can’t always push it if it is not meant to be.

Lesson 4: It is okay to have a second peek of your “home”

Why is this going to be of your advantage? First off, this does not only give you the opportunity to look thoroughly the house, but you could have the advantage of putting your bid on top or over the edge among other potential buyers and eventually get the house. So don’t be shy to look as many times as you need – this is a place that you will eventually call home. You could be able to put yourself over the edge as well by personalizing your offer by giving them a letter describing any details of you, your family, and why you love their home.

Lesson 5: Know your neighbors

You might think that this could not be an important factor when buying a home – but looking at it closely, these people can be someone you can be good friends with over the years. Being part of a community is also of great importance. These people could become your babysitters, your carpool buddies and your closest friends. No man is an island – you could perhaps need their help one of these days.

Perhaps, you might think this is not the usual tips for first time home buyers compared to the how-to’s and what-not’s of buying your first property or home. These tips or lessons are golden because they are information that you could not be able to acquire or read from books. This information is from firsthand experience which makes it valuable.

For first time homebuyers, you can also apply these tips but it is also better to be guided accordingly by experts. It pays to be knowledgeable and informed. It will not only save you time but it will also save you some money and you will be just a few steps away to your dream home.