First-time home buyers are often blindsided by the many emotions of buying a house. Most assume it will be all excitement and joy once they close. Unfortunately, most people also find themselves overwhelmed and disappointed when they learn about problems within the house.
When buying a house pay attention to the many aspects most first-time home buyers often miss.
Always Inspect The Home
So many people fall in love with a house and decide they are going to buy it regardless of how the inspection comes back. This tricks people into avoiding an inspection all together. The end result can disaster for anyone that finds major problems after they have bought a home.
Have an inspection done – even if the house looks like it is in great condition. When walking through a beautifully staged home, it is easy to see the home through rose-tinted glasses. First-time home buyers see what they want to see and avoid looking at all the problems. They want the house to work and make themselves believe that it is perfect.
The inspector is not there to discourage a buyer. Even though there may be a long-list of items that need repaired, the buyer can still purchase the home. It makes it easier for them to know what should be concentrated on when they start updating. If there are any large problems they may even negotiate a lower price to help them complete the project after the house has been purchased.
Leave It To A Professional
Many first-time home buyers start looking through real estate listings and are lost when it comes to pricing. Most websites that have houses listed will also have a free mortgage calculator. These calculators can be helpful in estimating what is affordable for a buyer, but they do not reflect what a lender may offer.
There is a huge difference between what a buyer can afford in monthly payments and how much a lender is willing to offer. Many buyers are disappointed when they get a number from a lender that is drastically lower than what they were looking at. It is better to start with a lender. That way there is no confusion in what can be afforded.
Stay Organized
Lenders will not care if a borrower’s life is busy. They stay on a strict schedule and are unlikely to change timelines to fit the needs of the buyer or seller. It is important to have everything organized and know what dates are important. Once the buying process begins there are many tasks to complete.
If any of these tasks get forgotten or are not completed by a deadline, the entire loan can be jeopardized. A buyer can find themselves almost done with the process one day and back at square one the next. Do not miss any important deadlines.
Shop For a Lender
A lender should be a supportive member of the buying team. While it is important to think about interest rates and other specification of the loan, it is important to work with a lender that the buyer likes. While shopping for a lender can take a little time, it can make the entire process much more pleasant. After all, it is always nicer to work with someone who is not difficult to talk to.
It Is Not Quick
Regardless of how quickly someone wants to find a great house, it is not going to happen. Many buyers look for months or years before they find the perfect property. There can be many failed offers on other properties before the right one comes along, as well.
It can be hard, but first-time home buyers must be patient when looking for a new home. Even though it may be tempting to rush the project, it is better to wait it out. Rushing into a house is likely to be filled with regrets once the wrong house is purchased.
The process of buying a house is fun, but can quickly turn sour if the buyer is not prepared. It can take a long time to find the right house. Even finding a good lender can be difficult. It is important for first-time home buyers to know the budget, stay organized, and be prepared to hear a long list of what is wrong with each property.
