Being a first-time home buyer can be an exciting prospect, as nothing quite compares to the idea of owning a space you can call entirely your own. You can make up your own rules and set up your living areas the way you like it, with nothing and no one to hold you back. It can be a milestone, but preparation is key.
The home-buying process can quickly become overwhelming, especially since the real estate market can be competitive. Your dream home can be snagged without hesitation, right under your nose. That said, it’s important to prepare well, save wisely, and devote patience to all the legwork involved.
Before you shop around, it’s first vital to arm yourself with ample knowledge. To help you fully prepare, we’ve gathered this step-by-step process for you, designed solely to help you overcome the barriers to first-time home buying. This way, we’ll make your induction as a homeowner a blessing—not a burden:
Step 1: Make sure to begin your research as early as possible
As soon as you deem yourself ready for this next step, begin your research as soon as you can. Pour through websites, magazines, and social media pages that offer real estate listings. It’s important to keep a note of all the properties you find interesting, especially when it comes to the amenities offered.
You’ll also want to ensure that they remain available on the market, but be careful not to get too attached. Any prices should also be taken into consideration, particularly if you wish to move into a specific neighborhood.
Step 2: Sit down and think—how much can I afford?
Most first-time buyers make the mistake that can quickly ruin their dreams—falling in love with a property well out of their budget. Unfortunately, purchasing a home out of your price range can affect your future financial life, an aspect of which is never worth it, no matter how glorious the veranda may be.
Real estate professionals emphasize that your dream home must not cost more than three year’s worth of your annual income, so that you’ll easily be able to afford the 20% down payment. This will also save you from drowning in mortgage debt, as you need to afford the following future financial needs:
Utility bills
Decorations
Renovations
Maintenance
Groceries
Step 3: Look for the right real estate agent—they’ll be your partner throughout the entire ordeal
While it’s incredibly easy to huff and say no to a helping hand, first-time buyers usually find success after hiring the right real estate agent. They’re important to the entire process, as they hold access to the most important details on homes and neighborhoods—all of which you cannot easily find on the pages of the internet.
Bear in mind that their knowledge of the entire home buying process will be unmatched, and they’ll have negotiating skills that can save you a month or two of your income. More importantly, they’ll have proper knowledge of the neighborhood you wish to reside in, which is invaluable.
Shopping Around For Genesee County Real Estate With The Best Company
Your first home is an investment—and a huge purchase. It will perhaps be one of the most expensive purchases of your life, so it’s only logical that you properly prepare for it. There’s nothing quite close to the feeling of happiness when you finally have the keys to your own home. There will be no room for errors, however, so make sure to revisit this guide!
For the best possible outcomes, however, a professional helping hand is always worth it. For the best real estate agents in Genesee County, MI, Smith Street Homes has you covered. We’ll help you find the perfect home, and help you through the process of negotiating and up until closing. In other words, we’ll be there every step of the way—reach out to us today!