The average first time buyer spends $215,000 on a home—a huge amount. Before committing to such a large purchase, you need to be prepared.
Many buyers save for years to have a large deposit, but you don’t want to make a purchase you’ll regret.
It’s normal to feel intimidated by the buying process, but you’ll find it easier once you know a few insider secrets. To learn more, keep reading to find five first time home buyer tips that are sure to help you out.
1. Do Plenty of Research
One of our top first time home buyer tips is to do plenty of research! You’re making a huge investment, so you want to get things right.
Think about where you’d like to live, what neighborhoods you like, and what essentials you need in your new home, such as the number of bedrooms. By making a clear outline of what you want, it’ll be easier to find a new place.
Finding a great agent can help as well, especially if you’re moving to a new city and you’re not familiar with the area.
If you’re shopping in the Salt Lake City area, check the Fieldstone Homes availability—they might tick all of your boxes.
2. Get Financial Pre-Approval First
When buying a house, it’s best to get financial approval before you start shopping. By getting pre-approved for a mortgage, you’ll know exactly how much you can afford to spend.
Plus, when you find an amazing home, you’ll be in a position to make an offer right away and you won’t miss out.
3. Don’t Go Over Your Budget
We know it’s tempting to spend just a bit more, but you really should stick to your budget. Otherwise, you’ll be saddled with a large mortgage payment each month that you might struggle to pay.
When budgeting, also keep in mind additional expenses like renovations and closing costs.
4. It’s Ok to Negotiate
Not all new buyers know this, but you don’t need to pay a home’s asking price! It’s ok to negotiate and offer a lower offer, especially if the home has been on the market for a while.
Sometimes, there are a few rounds of negotiation before a price is agreed on.
5. Trust Your Instinct
Before signing a contract on a new home, trust your gut! If a place just doesn’t feel right, then walk away–you’re likely to regret it and there are always other homes out there.
Use These First Home Buyer Tips to Find Your Dream Property
We hope these first home buyer tips make the process less stressful for you! While buying a home is never easy, if you’re prepared, organized, and motivated, then you’re sure to find an amazing home.
Then, after the settlement period, you’ll be picking up your keys and moving in–congratulations!
Did you find this article helpful? If so, please keep reading to find more great information.