There are many perks to being a home owner. You don’t have to worry about paying rent, not to mention that you do not have to put up with annoying roommates. You get to have a place of your own. Maybe not now, but in the future you may grow a family and you will need a home. First-time home buyers have an exciting journey ahead. However, it is important to stress that the journey toward your dream home is filled with a lot of work and patience. If it is your first time, then you are probably anxious. Even if you are sweating bullets, you have to start organizing things so that you can purchase your home in an effective way. As complicated as the buying process is, it is also empowering. If you are genuinely considering making the transition from renting to owning, you need to visit a Scottsdale AZ real estate company and search for a home. Equally important is to keep in mind the following things.
You should hire a real estate agent
There is a great deal of information available online, so you may be tempted to think that you do can do just fine without a real estate agent. The smart thing to do is use a real estate agent. You are probably wondering why. Well, the explanation is fairly simple. A realtor knows the ins and outs of buying properties, meaning that he/she is more knowledgeable than you are. If you’re looking for a condo in Scottsdale, AZ for instance, the right Realtor can help you by taking the task of helping you search Scottsdale condos.
While working with a trained professional is not mandatory, it is certainly advantageous. As a buyer, it is pretty difficult to find properties that meet your criteria. A real estate agent, on the other hand, is capable of finding you your dream home quite fast. What is more, a trained professional has good negotiating skills. You will not have to deal with the seller as the realtor will take care of the transaction. A real estate agent is a professional, as mentioned before, so he/she can separate himself from the emotional aspect of the negotiation process.
Figure out how much you can afford
It is essential to determine what you can really afford, this actually being the first step in the buying process. As a matter of fact, all potential buyers should focus on their budget. Most people begin saving at least two years before deciding to buy. You should only be looking at property prices that are two or three times the amount of income you earn annually. If do not have enough money in your savings account, you can always secure a loan. What you have to do is put your finances in order and improve your credit score.
Most sellers will not even consider your offer if you are not able to get a loan. To avoid any surprises, you should think about ordering a credit report. All conventional mortgages require a 20% down payment, which is why it is a good idea to start outing money aside. When choosing a mortgage, you should choose one that is affordable taking into account your priorities. The payments should not prevent you from paying tuition or other bills..
Figure out what features you want most in your home
You are going to pay top dollars for your home, which is the reason why you should think about what features you want. It is absolutely normal to want a backyard or a big neighborhood, yet you should not have unrealistic expectations. Maintaining a certain level of flexibility is important. When you are in the market for buying real estate, focus your attention on your priorities. Things like the bathroom layout are not worth thinking about. What is important is the size of the property, the structure and the location. Other aspects are simply superficial.
Beware of these common mistakes
Probably the biggest mistake that you can make is thinking that everything will go perfectly fine. Regardless of how careful you are, you can still make typical errors. What should you avoid when buying a house for the first time?
- Buying new construction
What is sure is that newly constructed homes are more energy efficient and that they reflect modern the way we love today. However, you do not get to see your perfect home, but a mere prototype. Unquestionably, the prototype is made to look flawless, but the result is not going to be the same. New homes are more than often smaller in size, not to say that they cost a lot more.
- Spending too much
As mentioned before, you have to be realistic about what you can afford. You can get a big loan, but remember that you will be spending the rest of your lifetime paying it. Carefully organize your budget to ensure you do not spend too much.
- Finalizing the purchase without doing a home inspection
While in some states performing a home inspection is required, in others it is optional. You have to make sure that the real estate you are buying is in good condition. Having a professional inspection will reveal if there are any issues, like a faulty foundation or pest problems.
Close the deal or move on
Let’s say that the home inspection has not revealed any problems. The last thing you need to do is close the deal. You have to have all your money required and sign all of the contracts. Review all paperwork carefully, and you are not happy with the property you are free to move on. If you haven’t signed any agreement, then no one can make you buy the house.