Real Estate Community Forum

10 Tips for First-Time Homebuyers

1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and your closing costs.
4. Don’t wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
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These are all practical do's. If religiously followed, everybody won't encounter hassles in looking for a house.

Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs can drain your bank account. So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.

Yes, I too suggest that a home-buyer should focus strongly on house inspection. Inspecting a house properly especially the electrical wirings and looking for other physical damages are very important.

Nice things have been mentioned thank you so much for the information.
Carrol Spncr

This is really great advice. Often adivce for first time buyers is difficult to put into practice and understand. In addition, with the current climate being so difficult for first-time buyers, adivce like this will certainly go along way.

Thanks for sharing.

those are really nice tips and some really considerable points from others to . ND a per my experience never rely on a virtual tour of the house . people got really bad experience with virtual tours .

hey thanks for providing useful info

Isuzu AC Compressor

Hi vidya12,
Except 1st tip I agree with rest of the tips you shared here.
In some cases you have to wait for perfect time.
Like when there is a slum in property business or when you are not getting your desired amount.