What should you consider when shopping for your first home?
The first time through a home-buying experience can be both exciting and stressful. Before you let your high hopes, sticker shock and long wish-list blurr your vision, familiarize yourself with common home buyers mistakes here. But how exactly do you make sure that first home purchase is the right one for you? Here are a few things to consider when shopping for your first home.
Work with a licensed Realtor
The first time through, you need a professional to help you navigate the journey. A Realtor can help you save time by fine-tuning your search. They can save you money with their knowledge of the market values and by being your chief negotiator. Learn the difference between a Realtor and a Real Estate Agent in this blog.
Determine your neighborhood
You’ve heard the saying ‘location, location, location’ – so know the area that you want to live and concentrate your search there.
List the must-haves
What are those things you must have in your home? Is it a certain amount of bedrooms or bathrooms? Perhaps finishes are important to you? Or a fenced yard? Does it need to be near public transportation? Whatever those necessities are, make a concise list of them.
Know your budget
Do you have a good idea on the amount of mortgage you qualify for? From that figure, you can decide what you’re actually willing and comfortable with to spend on a home.
Be willing to compromise
The likelihood of getting everything you want is slim…so be ready to compromise. That may mean looking a touch out of your favorite neighborhood, or giving up on a walk-in closet. It might also mean pushing up your budget a bit or tackling some DIY projects.
If you can find a place that meets about 75 percent of your wants and needs, that very well may be the right house for you. Use your Realtor’s expertise, plan ahead and then be ready to compromise when you finally find that house!
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.