Buying a home can be more than a little nerve wracking, but there are a lot of things you can do to prepare for the journey ahead. What area? What size? What price? There are a hundred different questions that will start running through your head. With the help of a real estate agent and a little extra planning, buying a home can be a seamless process. Here are a few things to know when entering the housing market.
1. Know Your Budget
Knowing your budget when buying a home is one of the most important first steps. Ask yourself how flexible the budget is or if it’s set in stone. Are there things that are worth bending the budget for? Make sure to discuss these details in depth before starting to buy a home. There is nothing worse than falling in love with a home that is out of your budget.
2. Consider the Size
Is this a house just for you? Do you plan on growing a family here? Do you need space for extended family to visit? These are all great questions to consider when choosing the right size for your new home. People can often get carried away and end up with a larger home than they need and feel overwhelmed. Make sure the house is right for your situation.
3. Be Realistic
The idea of finding the “perfect home” sounds amazing but, in reality, there is no such thing. If you look hard enough, you can always find something you don’t like about a home or property. Remember that once its is yours, you can add or change anything you want. Don’t judge a house by little things that can be easily improved.
4. Know Your Tax Credits
There are new tax breaks that many new homeowners don’t even know about. For instance, mortgage interest deduction is a benefit of brand-new mortgages, which are typically interest-heavy. If you purchased discount points for your mortgage (essentially pre-paying your interest), these are also deductible. Check with your agent and local government to see what will work for you.
5. Pre-Sale Nerves Are Normal
Buying a home is a huge decision, but don’t let that scare you away. It’s a major life milestone and that can be intimidating, especially for first-time buyers. A good way to ease the tension is to do your research and know that you are making the best decision for you. When it comes down to it, a smart buy will be a powerful investment in your future.
6. Search Smarter, Not Harder
Be picky when choosing which homes to view. You don’t want to waste your time looking at houses that aren’t the right size, don’t have the look you want, or are in a neighborhood you aren’t interested in. Try going online and seeing virtual tours or pictures to see if the home is a good option. Save time by only viewing homes you’re actually excited about.
There are many contributors that come with looking for and buying a home. These are just a few tips to get ready for the process. Remember that it is okay to ask your real estate agent about any questions or hesitations – it’s what they’re there for. There is a lot to think about but, overall, this should be an exciting adventure, so let yourself have fun with it.