Buying your first home is a major life event. It’s likely one of the biggest purchases you’ll ever make, and it can have a significant impact on your financial future. In other words, youwant to get it right.
Of course, “right” is a subjective concept—but there are certain guidelines that apply to homebuyers across the board. If you’re a first timer looking for some tips that can help you sail through your homebuying experience with less stress and more success, keep reading.
Do's and Don’ts for First-Time Homebuyers
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DO get your up-front finances in order.
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That means checking your credit score—and improving it, if necessary—as well as saving for a down payment and factoring in additional one-time expenses like closing costs. Brush up on mortgage types to see what suits you best and get pre-approved to help speed up the process once you’ve found your dream home.
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DOmake a list of needs vs. wants.
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It’s unlikely that you’ll find a home that’s perfect in every way. Start with a firm understanding of where you’re willing to compromise and what’s non-negotiable, anduse this list to guide your search.
DOresearch the area you’re looking to buy in.
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You know what they say—in real estate, it’s all about location, location, location. When you find a house you’re interested in, thoroughly explore the neighborhood and surroundings with an eye toward factors that are important to you. Check up on the local school system, amenities, proximity to the city center, population, crime rates, and anything else you might want to know. One of the only things you can’t change about a house is where it’s located.
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DON’T do anything that will negatively affect your finances when you’re planning to apply for a mortgage.
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That means you should hold off on financing that new car, and avoid closing any longstanding credit cards, which can lower your credit score.
DON’T go italone.
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It’s impossible to overstate the importance of working with an experienced local agent. Not only will you benefit from their expertise and local market knowledge, but you can trust them to do the heavy lifting when it comes to potentially complex factors like negotiations and closing preparations. Don’t have an agent? Find one on Nestfully.
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DON’T skip the inspection.
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Even in a competitive market when time is of the essence, it’s generally not a good idea to waive the home inspection. Professional inspections can unearth problems that could be deal-breakers—or at least lower the amount you’re willing to pay for the house. If you opt to forgo an inspection, understand that there are major risks involved with that decision.
Get more tips on buying your first home here.
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