Let’s face it. Whether you’ve done it 15 times or never at all, buying a home is stressful. It is the biggest purchase of your life, with so many steps in the process, it is daunting and overwhelming. The questions you have about the process are likely endless, and if you try searching for information on the internet, you’re hit with so much information it’s like trying to drink from a firehose.
As much as you want to research and know everything now, you should start out slow, taking it step by step. If you try to research everything all at once, you’ll find yourself in a deep rabbit hole surrounded by more information than you know what to do with which will lead to information overload. When you’re getting started with your search, avoid falling into the rabbit hole and follow these tips.
Tip #1 - Determine Your Price Range. If you’re paying cash, it’s easy to think, “I have X amount of cash, so this is the price of the house I can afford”. Just be sure to factor in closing costs which typically range from 3%-7% of the purchase price. Most likely though, you will be financing your home, in which case you will want to meet with a lender who will provide a pre-approval and help you determine your price range, down payment (if any), and closing costs. If you don’t know any lenders, great resources for recommendations are friends, family, and real estate agents.
Tip #2 - Where Do You Want to Move? - Take some time to narrow down possible areas. Research the things that are important to you in those areas, i.e. commute to work, schools, night life, nearby shopping, beaches, etc. You also want to be sure the average price of homes in that area are within your price range. If you are able, take some time to drive through them since the internet cannot tell you everything.
Tip #3 - Visit Open Houses - Visit open houses within your chosen areas and your price range. At this point, don’t stress too much about your particular needs and wants for a house, but rather use this time to explore the areas more and get a good idea of what type of homes fit your price range. Take note of square footage, bedrooms, bathrooms, updates, etc. Take this time to talk to real estate agents and ask them a lot of questions about the home and neighborhood.
Tip #4 - Start a Wishlist - Odds are you have already started a wishlist; however, after visiting some open houses take time to reevaluate your wishlist and make sure the things you want fit in your price range. Limit yourself to only five “Must Haves” and have a second list of “Nice to Haves".
Tip #5 - Hire a Real Estate Agent - When you are the Buyer, it costs you nothing to hire a real estate agent. Nothing. The Seller pays your agent. With the biggest purchase of your life, hire an agent to help you through all the steps and reduce your stress. Interview a few agents, and pick the one you like best and understands your needs and wants.
If you follow these tips, you will begin your search on strong footing, and you will be ready to put in an offer as soon as you find the one. Stay tuned in the future for tips during your home search!
As always, have a magical day!
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