FIRST TIME HOME BUYER INFORMATION

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Jim Lukasik, Realtor

First Time Home Buyer Steps!

It can be a daunting task to purchase a home!  If you're in the market for your first home, I've got you covered with important information. 

Step No. 1

  • First, find an experienced realtor who knows the area where you desire to live.

Step No. 2

  • Next, read the information and questions/answers below for the process.

First Time Home Buyer Process

You’ve made the decision, it’s time to stop renting and buy a home of your own. While most people know someone who owns a home a new buyer may not know what it takes to buy a home or even how to start the process. Once you determine where you want to live the best thing to do is to find a realtor who is knowledgeable about the area. Once the realtor finds out what you are interested in, the next step is to contact a lender.

It's best to speak with two or even three lenders to find someone you can feel comfortable with. A lenders focus is to get as many buyers as possible in order to maximize their income. That’s where your realtor can help you determine the ground rules for choosing the right lender for you. That lender could be someone the realtor has worked with before and who knows the lender has a good track record for getting loans done on time.  Someone who keeps the costs reasonable and keeps good contact with their clients during the process.

It’s important to get pre-qualified before you start looking for your dream home. I’m sure you have seen TV programs where the realtor took the buyers out and showed the client everything on their dream home list, only to find out the price of that home was far out of their reach. As a realtor, I find this a waste of everyone’s time and it only makes the buyers upset and resentful of the process.

Once your price range is determined and you are comfortable with what your monthly payments will be in your price range, you can start looking.  I find it’s best to make two lists, the first one is your must haves; things like 3 bedrooms and two baths, a garage, or a dishwasher.  The second list is your wants; things like bay windows, window seats, fireplace, French doors, etc.  At this point, your realtor will locate homes for you to view.

Your realtor will do their best to find a few homes for you to view that best fit your requirements. Make sure that as you view these homes, even if they are not what you are looking for, let your realtor know what you like and dislike about the homes. Everyone has their own taste and it helps your realtor to narrow down what to show you. It's good to remember that being flexible and willing to compromise will make the house hunting go easier for you. Rarely does someone get everything on their wish list, but the good news is that you might be surprised with something you never thought of and that will make the effort all worth while.   

Frequently Asked First Time Home Buyer Questions

Q : I was told to always offer less than the asking price is that good advice?

A : Your realtor will do a sales comparison for the home you are looking at. That will give you the sales price of similar homes. Your realtor is there to negotiate for you and guide you to the fairest price for all concerned. Remember when negotiating price make it a win, win scenario, if everyone wins everyone is happy.

Q : I’m worried that something expensive will break after I move in, what protection will I have if that happens?

A : Most sellers are aware that buyers need reassurance that the home they are buying won’t fall apart once they move in. Home warrantees are available that will cover plumbing, electrical, and things like air conditioning and heating. This warranty can be negotiated in the sales contract to be paid by the seller. These warrantee protection plans are good for one year and can be renewed by the buyer.

Q : How do I know if the house has problems I can’t see?

A : The contract will provide a time period for the buyer to inspect the home. Home inspectors will go through the house and inspect the roof, electrical systems heating and plumbing. The inspector will be able to give you a good overview of the property and alert you to any potential problems. Your realtor and you can make a request for repairs or a price reduction. If the seller doesn’t want to make repairs then you can rescind the offer.

 

 

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Copyright 2017.  Jim Lukasik  First Time Home Buyer.  All rights reserved.

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