Buying your first home is exciting. It may be the culmination of your dreams, but it can also be a time of emotion and some trepidation. Follow these tips, and you will move ahead with confidence.
- Plan Ahead
Buying a home is a long-term decision that will have a far-reaching impact. Decide what kind of home you want, decide where you want it, decide how much you can afford, and decide how much time you will give to choosing it.
- Know Your Wants and Needs
Make a list of the things your new home must have and must not have.
- Translate Those Wants and Needs into Floor Plan and Location
If it must have an office space or a nursery, then stick to those criteria. If it must not be on a busy road, then make sure your Realtor knows.
- Choose the Right Neighborhood
The right home may be in the wrong location. Drive around the neighborhood to see if it feels right. Take your time to see if different neighborhoods offer different lifestyle benefits.
- Choose Your Realtor Carefully
The right Realtor is worth their weight in gold. They will use their detailed knowledge of neighborhoods, commuting times, future development plans, and HOA or condo deed restrictions to match your desires to the right properties.
- Choose Your Mortgage Lender Carefully
The latest TRID regulations have impacted how lenders work with their clients and title insurance agents. Ask your Realtor for advice on choosing a lender who satisfies the new regimen.
- Choose Your Home Inspector Carefully
A home inspector who works to ASHI (American Society of Home Inspectors) standards will do a complete inspection, so you will know exactly what you are getting into.
- Understand the Contract You Will Sign
Many first-time home buyers assume that a contract is just paperwork. Contracts exist for many reasons. Contracts clarify all the details of the transaction, and they clarify each party’s rights and responsibilities. Contracts are complex, so take time to read each sentence long before you add your signature.
- Have an Experienced Real Estate Attorney Explain the Contract
Only an attorney can explain the details and implications of a contract. All attorneys have some experience, but only a real estate attorney is fully competent to explain a real estate contract, and how its terms will impact you and your money.
- Have an Attorney as the Title Insurance Agent
There is a huge amount of detailed, legal work to complete before you take ownership. It will pay you to have fully competent real estate attorney manage the entire project.