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Tips for First Time Home Buyers

First Time Home Buyers

So, you’re thinking of buying your first home? That’s great! Home ownership is an exciting experience and, when complete, you will be able to put your feet up, relax, and celebrate an incredible life milestone.

We know that the home buying process is complicated and stressful … and that’s true for both new home buyers and for the seasoned home buyer. For first time home buyers, there are a lot of questions and concerns that you will have as your begin to navigate the real estate market. That’s where we come in.

Make a List of Needs and Wants

When you begin to shop for your first home, it is important to not get caught up in the emotion of the experience. The best way to do that is to start early in the process with a list of your needs and wants.

Some typical items on either list is a deck / patio, three-car garage, laundry on the main level, finished basement, open concept design, and the like. Some of those, of course, will end up being wants and some will become needs. By setting those expectations early, you will end up with an easier time finding houses that fit your criteria without having to debate what you want vs. what you need in a house.

Get Pre-Qualified

The next step is to look at your finances and get pre-qualified for a mortgage. You’re going to need previous employment history, previous addresses, current open credit accounts, and information on all your outstanding loans (auto, student, etc.). Most banks offer online applications, so block out some time to enter in all your information into everyone’s system.

Pick out 3-5 banks to work to get the best deal. If you’re worried about hurting your credit, don’t be. The credit agencies expect you to shop for the best deal on a mortgage.

Each bank will then send you an estimate on what they are able to offer in terms of total loan value and interest rate. Don’t hesitate to ask as many questions as you have … the banks work for you! Just like us here at Space Simply, we are here to help answer any questions you have throughout the home buying process.

Pick a Realtor Who Wants to Find Your Dream Home

The best Realtor’s are ones who only want what is best for you; which is one thing our team here at Space Simply prides ourselves in. Anytime, and especially if you’re a first time home buyer, you will have questions. We will spend as much time with you as possible to help you understand the process of lending, making an offer, and Radon testing.

Another thing we advise first time buyers do is to sit down with your Realtor and check out neighborhoods online. Discuss the pros and cons of each. Discuss how close you want to be to trails or schools, and how close you want to be to work or major roads. This will help you and your Realtor gain a better understanding of houses and neighborhoods to keep an eye on.

Be Patient

Ultimately, be patient. Buying a house is a big decision and you don’t want to make an emotional choice or a rushed one. Know your wants and needs, know how much you can afford, and trust that you have a Realtor on your side.

Have Questions? Contact Space Simply!

If you are ready to start your home search or just have questions before you even start - Space Simply is ready to answer your questions! Connect with us online or at (515) 423-0899 to learn more about the home buying process.