First time home buyers experience a lot of stress throughout the house buying process. The financial and psychological rewards of buying a home for the first time do not surprise most individuals. I buy houses in St. Louis and later sell them to other customers. There are lots of things involved in the purchase of a house that the inexperienced home buyer could be oblivious about.
Choosing a Realtor
Firstly, employ a realtor; purchasing a house is involved and doing it alone can be risky. Realtors will have all the information on the current real estate market and relevant statistical information on the communities you are considering; their expertise is invaluable.
Around every bend, your real estate agent will be there to help with all the questions you have.
Next, go to your realtor with a particular idea of what you want. The buyer ought to know if they are looking for two bedrooms or three, one story or two, and all other specifics about their “dream” home. Wasting time viewing properties that are not what you’re searching for is unnecessary, and won’t occur if you are straight forward with your real estate agent about your requirements. If there are particular features you are looking for in the community you live in, express these to your agent as well. For instance, if you want to buy St.Louis houses, choose a realtor having enough knowledge about properties in this particular city.
Research about loan options
Third, do research and check around for loans in advance. Questioning lenders is the only means to assure yourself that you are getting the best deal possible on your mortgage. You should be aware of the amount you could afford before going to the bank for the loan. If your mortgage lender offers you more than you have determined you can afford, you do not need to take it all.
Take notes for all visits
Next, be prepared for your home-viewings by carrying a camera and a notebook. Real estate agents take typical clients to see about 5 and ten homes; several of them will have features you want to remember. An easy ranking system for the properties you view as well as a catalog of important features will help you remember the homes you preferred. Taking notes on the features of the neighborhood is likewise important, sometimes more so than the features of the home itself. If you like the first home you see, forget about writing down notes and buy it; you are not apt to find anoth>er ideal home, and you may lose it if you don’t act fast.
Get prepared financially for the purchase
As a final point, be prepared for much financial expenditure involved in buying a house. Down payments is only one of the three costs involved in buying your home. You will need anywhere between 1-3% of the entire cost of the house as a down payment. First, however, you will need to present earnest money.
This is the money you put forward with your preliminary offer, to prove that you are serious. The home buyer will also incur some closing costs, which includes everything needed to process the deal. A first time home buyer ought to be prepared for all of these expenses at the beginning of the process.