Buying a home for the first time can be confusing especially if you are not sure about the many things involve when buying a home. You need to equip yourself with as much knowledge as possible to make sure that:
You get your dream home
You are not being conned
The process of buying the home is smooth without any problems
As such, we shall discuss about the many factors that will determine you home buying experience.
Selecting the type of home
You want to buy a home but you are not so sure about the types of home you need. Perhaps what you can do is to have a look around at some neighbourhood and check out the properties. You can even ask your family and friends to look out for some hot properties available for you to choose.
You can even get an agent to help you source for a few different types of home for you to choose from. When you have seen the properties inside out then you will have a general idea of the type of home you want. It can be a condominium or a villa but you have to ask yourself what you need.
Are you married? Are you going to have children anytime sooner or later? If you are single, then perhaps you should go for an apartment as your first home but if you are married, you might consider landed property as it is spacious to accommodate your whole family.
An agent would be able to specifically hand picked some properties according to your requirements so it is very important to let your agent know what you want and require from the property such as whether you want it to have three bedroom, two bathrooms and a big living room or you want a studio apartment.
Anything you want or need to be in the property, you must tell your agent or else he or she would not be able to help you. However, you can expect to see about 20 to 30 homes before you make your final decision on which home you want to buy.
Review each home
You might get to see about seven homes in a day so when you are touring the properties, be sure to review each home. You can even take pictures of the homes you are touring so that you can review it after finishing the tour. It is also very important to take note of little details such as how many lights available, kitchen condition, bedrooms sizes, and even the windows types. You might want to jot down as much as possible about the details as you would have to review each of the homes you have visited to make a decision on which home you want to buy.
Remember to check out not only the inside but also the outside of the property. For example, you might want to know the surrounding of the area such as what type of people might be living next door and the parking available for you cars. It is also helpful if you can rate between one to ten on the scale so later you can decide better.
Neighbourhood
Is the property you want to buy located in a safe neighbourhood? A very important thing you need to remember is that it is worth to pay more to be in a safe and secure neighbourhood. You might come across some properties you find very cheap on the scale but on the other hand, there might be a catch like the properties are located in very dangerous neighbourhood. Remember that you want to have peace of mind when you are buying a property so get one in a secure area.
Mortgages and Loans
It is very important to make sure that your are pre-qualified for a mortgage or loan before you buy a property so that you can finance your property. There are many mortgages and loans available for buying your first home so consult a banker to make sure you understand every possible mortgages and loans available for you before you pick the right one. You can even ask them to suggest the best mortgage for you as they know the best about mortgages and loans. If you have any questions, be sure to ask them when you have the opportunity and ask as many questions as you want to make sure you fully understand their plans. With so many plans to choose, it is worth to spend time understanding the mortgages and loans so you won’t regret later in life.
Best time to buy a home
This might be surprising but Christmas Day is the best time to buy a home. There is no one browsing homes during Christmas Day so why not take this opportunity to get an agent who will work on Christmas Day and tour the properties available. There are reasons why buying a home during Christmas has its advantages. First of all, it is Christmas and people tend to be more generous during this time of the year. You might have set your eyes on a property but the price is too high and when you negotiate with the owner, you might just get a discount and sign off the deal on the spot. However, the important key is to find an agent who is willing to work on Christmas Day.
Closing gifts from your agent
After closing the deal, it is appropriate to for the agent to spend some money to get you gift. However, choosing the right gift might be a problem. An agent may get you a gift card to a local restaurant or store like Home Depot or Lowes. If you are happy with your agent, the best thing you can do is be a referral for your agent. So, the next time when someone is looking for an agent, you can promote the agent who worked for you before. I am sure the agent would appreciate your help very much and this way the agent can get more customers and close more deals.
Remember the first time you bought a car. How about the first time you fell in love? Well, you will get that endorphin induced feeling again when you buy your very first home. Imagine-No more rent, landlords, or roomates. Instead, you are the king of your castle. Congratulations and Welcome-as a first time home buyer, you've made an investment and are now part of the community. You're "invested" rather than being more of a transient.
Within the Edina real estate market, and the overall real estate market in general, a first time home buyer has a lot of home inventory from which to select. As a first time buyer, should you buy a townhome, condo, single family home, fixer upper, foreclosure or short sale? It appears overwhelming, but having multiple housing choices is a good thing. Some first time buyers are choosing to purchase a rental type property but are living in the property as an owner occupant. Recently, prices on duplexes and fourplexes have come down to where this option might again make sense. Consider having someone else buy YOU a rental. Now you get to be the landlord.
Most first time home buyer today are younger. As such, these buyers are internet savy and generally begin their home search on the internet via the online MLS access from a real estate website. This is probably the quickest and simplest way to acquire answers about what is available. Many real estate sites will have additional community and housing information that you will find helpful. Consider doing your homework first,so that when you are ready to buy, you come to the process informed. Real estate blogs, specific to the community you are considering will also help you discern what events-besides housing that you should be aware off.
Make sure you get pre-approved for a loan before you begin the home shopping process. This save everyone time. It helps everyone do their job better. Use the search engines to search for a mortgage broker in your state. For example type in "minnesota mortgage broker" and a list of internet savy mortgage brokers will come up. You will probably be able to fill out an online application.
Remember the cliche-location, location, location? Let me give you a real estate translation-crime, school performance, and proximity to employers, amenities, and freeways. Keep these characteristics in mind when looking for a home. In the Twin Cities area of Minnesota, we are lucky in that all three components as oulined are pretty good for most of the communities.
When you go out to buy a home as a first time buyer, you might want to work with a Realtor that isn't a first time Realtor. While we all have to start somewhere, in this business, experience counts. If you don't have any experience buying homes, you may not be getting the best representation. For example who might know more about housing and the process-someone who has sold 100's or 1000's of homes or someone who just passed their real estate license exam?
This Website-www.firsttimebuyertaxcredit.net is owned and operated by Venture Development-a
Minnesota Mortgage broker providing mortgage loan financing. We are a private
company and not a government agency or the federal government. Begin your online mortgage application for a Minnesota home loan at http://www.VentureLoanApp.com
John Mazzara is a licensed Realtor and is affiliated with RE/MAX Results, 7300 France Ave S, Suite 410, Edina, MN 55435. Each RE/MAX office is independently owned and operated. John has sold homes since 1986 in Edina and throughout the entire Minneapolis/St. Paul Metro area. We have a lot of relocation resources for relocating to MN. Search for Minnesota Homes via our online MLS search at http://www.minneapolisstpaulhomes.com/ or
by phone at 952-929-2577.
NMLS # John Mazzara - 332556, Patti Mazzara- 333279 Venture Development State Of MN Originator License #20183304
This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX Results is not a mortgage lender and so you should contact a mortgage broker or lender directly to learn more about its mortgage products and your eligibility for such products.
Regarding specific blog postings, external links and any other information found on this site, neither John Mazzara nor RE/MAX Results assumes any responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. John Mazzara and RE/MAX Results are not associated with the government, and our service is not approved by the government or your existing lender. Even if you accept this offer and use this site and/or our services, your lender may not agree to change your loan should you decide to pursue a short sale or any other change involving your loan or loan terms and conditions. If you should decide to engage our services in marketing your home as a short sale, there will be no up front cost to you and you may cancel our listing contract at any time.
