Top 3 Tips for First Time Home Buyers

If you are thinking of buying a new home, there are some useful guidelines and tips you can use to make your home buying experience a less stressful one. Buying a home includes creating a detailed inventory of what you want the house to have as well as sound financial planning.

1. Getting the Most for Your Money

The best time to buy a new home is when the market is slow. This is usually present when the economy takes a downward spiral. When this happens, banks can foreclose on properties, which then go up for sale at a reduced price. Real estate agencies also work hard to sell the listing they have by negotiating with sellers to get a reduced price for the property. It is also helpful to check with different lending agencies to see what type of mortgage rates they offer. In order to bring in more clients, financial institutions will reduce their rates or offer special deals.

You can also check into getting some financial help from various organizations. First time home buyers can qualify for government assistance in buying a new house. You could also seek help from relatives who might be able to provide a loan for making the down payment. The more money you can come up with as a down payment, the less you have to borrow from a bank, which will lower your payments and interest rates. You can also be pre-approved for a mortgage, which helps when you start looking at homes, because you know exactly how much you will be able to afford.

First Time Home Buyers

2. Helpful Tips for House Hunting

When creating a list of what you want your house to have, there are certain features which need to be included. The number of bedrooms and bathrooms is important if you have a family or are planning to start one. If you routinely have guests spending the night, you might want a house with a spare bedroom. Kitchens and closets are also important considerations when purchasing a new house. Many kitchens have built-in stoves and ovens which could affect your decision to buy. These appliances could also be run on either gas or electricity, which is another important consideration.

The location of the house should also be a consideration when looking to buy. Many residential areas are located in close proximity to commercial zones which can add more traffic to the area making it busier, noisier and potentially more hazardous for young children.

Allocate enough time to thoroughly look over a house when you walk through it. It is helpful to visit a real estate agency or go online and look at photos of the homes you are interested in. This will reduce the amount of time you spend driving around to houses which do not meet your requirements.

3. The Decision to Buy

When you do find your perfect home, you could contact an inspector to come out to the premises and inspect the exterior and interior before you sign the final papers. The inspection will alert you to any problem areas which will need to be fixed. You can request that these items be fixed by the seller and have this agreement included in the contract you sign. You also want to make sure the seller has a clear right to the title of the home and is not in litigation for divorce or inheritance.

Jeff is a small business owner and online consultant for real businesses. He is a marketing consultant for Arverne project, a luxury living community on Long Island.

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