Buying a home for the first time can be exciting, but also quite nerve-wracking! Not only is it probably the largest purchase you’ve ever made, but the process is completely unfamiliar. Here are a few quick tips for making this a worry-free journey.
1. Figure out how much you can afford
Before you start looking for a home, you’ll want to know how much you can actually afford. While you may already have a pre qualification, you’ll want to head to your lender of choice and ask them to pre-approve you for a loan. You will want this letter on hand when you find the home of your dreams – most seller’s agents will want to see that you can afford the home you are trying to purchase before they counter or accept your offer! Finding out what you can spend is also a good way to set your expectations to a realistic level before shopping.
2. Hire a buyer’s agent
Many people don’t realize that hiring a buyer’s agent will be no cost to them! That’s right – the seller will pay their commission fee. So, why not have a motivated and knowledgeable professional on your side? A buyer’s agent will find homes that fit your criteria, negotiate on your behalf, and have all of the answers to your questions along the way. They will make the buying process so much less confusing for you.
3. Let the little things go
When looking at homes, don’t get caught up on small details like fixtures, paint colors, and carpet. These features are so easy to change once you own the home, and are generally pretty inexpensive. Chances are, you will not find a home with everything you like in it!
4. Make a strong offer
Including your pre approval letter as well as a personalized letter with your offer can immediately put you ahead of any other offers on the table. Remember, the market is competitive right now, so you’ll want your offer to be strong as well.
5. Know what to expect from a home inspection
Receiving the home inspection report for the home you are planning on purchasing may be a shocker – they tend to be long and detailed. Keep in mind most sellers will not agree to fixing every item on the report. Be ready to negotiate on repairs, and also note that home inspections do not test for things like mold or pests. Your buyer’s agent will advise you on whether you should move forward with the purchase and what is reasonable to expect the seller to fix.
If you are a first time home buyer in San Diego and looking for an agent to help you with your purchase, give us a call! 760-436-6484