Buying a home is a very exciting experience for first-time homebuyers. The opportunity to finally have your own place where you can settle and create wonderful memories with loved ones is truly amazing.
However, buying a home can also be challenging for many. The purchasing process is quite long and overwhelming as there are several steps and tasks you need to complete first before you make an offer. After all, this is the most expensive purchase you will make in your life so it is crucial that you know what the entire procedure entails in order to make an informed decision.
Having a successful home buying experience is all about getting the details right from the beginning to the end. From planning your finances to calling your movers, there are a few important things you should do before you move into your dream home.
Here are five tips to guide you through your journey from start to finish.
Plan your budget
Because homeownership is one of the biggest financial investments you will ever make, it is vital that you plan your budget carefully. Start by looking at your monthly expenses and current income to determine how much you can afford.
To get an idea, you can search for informational guides with online financial calculators such as the Wahi mortgage calculator which allows you to estimate your monthly payment for a property you are considering. This way you will be able to evaluate your current financial situation and create a personalized plan to help you reach your goal.
Work with a real estate agent
There is no question that the home buying process is complex. And since it’s your first time purchasing a home, it is advised that you hire an experienced real estate agent to guide you through the steps and help you make the right decision.
The truth is these agents have extensive market knowledge, especially about the current mortgage interest rates and whether you are buying a home during a buyer’s or a seller’s market.
Besides that, real estate agents have superior negotiating skills which means they can get you the best possible price for your new home.
Consider your needs and wants
When buying a property, it is important that you consider your needs and wants. Depending on your lifestyle and budget, you need to decide what kind of a house you are looking for, what features you want it to have and whether its location suits your family.
To make the right decision, you may have to explore different neighborhoods in the area you are considering buying. You can even ask your real estate agent to do some research on your behalf to help you find the home that offers what you are looking for.
Prepare for closing day
Closing day is probably the most rewarding part of the home buying experience because this is the day when you will become the legal owner of your new home. However, before you get your keys, there are a few things you need to do to prepare for closing on your soon-to-be own house.
Firstly, make sure you have your real estate agent by your side to ensure all documentation is completed and that the closing contingencies listed in the contracts are met before the home transaction becomes legally binding. These contingencies include ordering a home inspection, getting an appraisal from your mortgage lender and obtaining homeowner’s insurance.
Book your movers
Once you become the legal owner of your house, you can start planning your move. It is advised that you book your movers in advance so all your furniture and personal items arrive before your actual moving day.
The only issue with hiring professional movers is that they can be costly. Therefore, if you want to save money on this, you can always ask your friends to help you out. Make sure they are fully committed to your plight and schedule a date that suits them best, like during the weekend. Don’t forget to thank them with a dinner out or a cookout at your new place.
Buying a home is undoubtedly one of the most exciting experiences for first-time buyers. However, the purchasing process is long and complicated which is why people need to be well prepared in advance for everything in order to make the right decision.
To ensure you are on the right path, you should rely on the expertise of your real estate agent to guide you through your journey and help you find the home of your dreams.
In the meantime, read our guide and follow the tips here to have the best home buying experience.