Doug Danzey's Blog
No one should be forced to break the bank to secure a terrific house. However, a first-time homebuyer may be more likely than others to overspend on a residence, particularly if he or she fails to understand the ins and outs of the housing market.
Lucky for you, we're here to teach you what it takes to browse the real estate market effectively so you can find a house that matches your budget.
Now, let's take a look at three tips to help a first-time homebuyer purchase an affordable residence.
1. Examine the Housing Market Closely
Many great houses are available, and a first-time homebuyer should review a broad range of residences closely. By doing so, this homebuyer can establish a price range for his or her home search.
Evaluate the prices of residences that are currently available in your city or town. That way, you can find out what it costs to afford a home that may serve you well both now and in the future.
Also, assess the prices of recently sold residences in your area. With this housing market data in hand, you can find out whether you're about to enter a buyer's market or seller's market and plan accordingly.
2. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage can help you map out a homebuying budget before you enter the real estate market. Thus, getting pre-approved for a mortgage can make a world of difference for any first-time homebuyer, at any time.
To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions in your area. These lenders can teach you about different mortgage options and help you select one that corresponds with your budget.
In addition, be sure to ask plenty of questions about potential mortgage options before you make your final mortgage decision. This will allow you to understand the differences between fixed- and adjustable-rate mortgages and choose a mortgage that can help you avoid the temptation to overspend on a residence.
3. Collaborate with a Real Estate Agent
When it comes to pursuing a house for the first time, don't leave anything to chance. Instead, collaborate with a real estate agent, and you can streamline the process of purchasing an affordable residence.
A real estate agent helps take the guesswork out of looking for residences. He or she will keep you up to date about new houses as they become available and set up home showings on your behalf. Plus, this housing market professional will do whatever it takes to guarantee you can obtain an affordable house that surpasses your expectations.
Perhaps best of all, a real estate agent will help you alleviate stress throughout the homebuying journey. And if you encounter challenging negotiations with a home seller, a real estate agent will step in and help you get the best price for a residence – without exception.
Ready to purchase a house for the first time? Use these tips, and you can acquire an affordable residence that you can enjoy for years to come.
Let's face it – buying a home can be difficult, particularly for those who are exploring the real estate market for the first time.
As a homebuyer, it is your responsibility to learn about the ins and outs of the housing market. By doing so, you can understand what differentiates a high-quality house from a subpar residence and proceed accordingly.
Furthermore, an informed homebuyer will know how to evaluate a home's exterior properly.
What does it take to conduct an in-depth assessment of a house's exterior? Here are three questions that every homebuyer should consider as he or she examines a home's exterior.
1. How do I feel about a home's exterior?
For many homebuyers, finding a house with an awe-inspiring exterior is a top priority. However, it is important to consider how you feel when you see a home's exterior for the first time.
A home's exterior should impress. At the same time, you need to evaluate a house's exterior in conjunction with other home features.
For example, a home may boast a massive kitchen and other dazzling interior features. On the other hand, a home's exterior may leave much to be desired.
Consider the pros and cons of a home's interior and exterior as you determine whether to submit an offer on a house. And if you need extra help along the way, be sure to consult with a real estate agent.
2. Will home exterior repairs be needed in the near future?
Examine a house's driveway, walkways and lawn as you conduct a home exterior evaluation. This will allow you to review the condition of these home exterior areas and determine whether repairs may be needed sooner rather than later.
Home exterior renovations sometimes can be costly and time-intensive. Thus, if you notice home siding that is cracked or other exterior issues, you will want to consider the time and expenses that may be required to fix such problems.
3. How much time will I need to commit to home exterior maintenance projects?
A home may have a beautiful exterior. In order to keep a house's exterior looking great, you'll need to conduct regular maintenance.
Consider what you will need to do to maintain a house's dazzling exterior as you explore all of the options at your disposal.
Will you need to hire a landscaping company to mow the lawn and trim the hedges? Or, are you willing to commit the time and resources necessary to perform assorted home exterior maintenance tasks on your own? These are just a few of the home exterior maintenance questions to consider as you review a property.
Of course, if you need guidance during the homebuying process, real estate agents are available to provide expert assistance.
A real estate agent possesses comprehensive housing market knowledge and can offer real estate insights that you may struggle to obtain elsewhere. With a real estate agent at your side, you should have no trouble examining a house – both inside and out – and making an informed homebuying decision.
Ready to buy a home? Ultimately, you'll want to prepare for the homebuying process. By doing so, you can avoid many costly mistakes.
Believe it or not, it is easy to make mistakes as you browse the housing market. Some of the expensive mistakes that homebuyers frequently make include:
1. Overspending on a Residence
No one should be forced to overspend on a home. Unfortunately, if you fail to study the real estate market, you risk paying too much to acquire your dream house.
Remember, an informed homebuyer will be better equipped to optimize the value of his or her real estate investment than others. And if you understand the costs of properties in your area, you can avoid the temptation to overspend.
Explore the real estate market closely and assess the prices of similar houses. By doing so, you can understand the price range of homes that fall within your budget and plan accordingly.
Also, work with an experienced real estate agent. This real estate professional will help you determine how much you can spend on a home and can provide you with details about properties that match your budget.
2. Failure to Get Pre-Approved for a Mortgage
After you find your dream home, you'll need to figure out how to pay for it. And if you struggle to obtain a mortgage before you start your home search, you might miss out on the opportunity to purchase your dream residence.
Meeting with banks and credit unions prior to checking out properties is ideal. This will allow you to obtain a mortgage and search for houses that fit your price range.
Moreover, getting pre-approved for a mortgage may help you stand out in the eyes of a home seller, as he or she won't have to wait for you to secure financing to finalize a purchase agreement.
3. Lack of Realistic Expectations
As a homebuyer, it is important to understand that every house has its pros and cons. But if you fail to establish realistic expectations for the homebuying process, it may be impossible for you to find the right property at the right price.
Separating your homebuying wants from your homebuying needs is vital. If you determine exactly what you'd like to find in your dream home before you explore the real estate market, you can narrow your search and streamline the process of acquiring the perfect residence.
Furthermore, hiring a real estate agent can make a world of difference for homebuyers. Your real estate agent can keep you up to date about new homes as they become available, set up home showings and help you submit offers on residences. This real estate professional also can offer homebuying recommendations, ensuring that you can minimize the risk of homebuying mistakes.
With a real estate agent at your side, you can accelerate the process of going from homebuyer to homeowner. Collaborate with a real estate agent today, and you should have no trouble securing your ideal residence.
If you want to own a home, it may be a good idea to enter the housing market sooner rather than later. That way, you can go from homebuyer to homeowner in no time at all.
Ultimately, there are three steps to buy a home:
1. Conduct an Extensive Home Search
The home search, aka "the fun part" of the homebuying journey, enables you to select a residence that matches or exceeds your expectations.
During a home search, you'll want to attend open houses and home showings. These events will allow you to take an up-close look at a variety of residences.
Of course, don't forget to check out many home listings as well. These listings offer lots of details about a home and can help you differentiate an ordinary residence from your "dream" house.
You also may want to get pre-approved for a mortgage before you kick off your home search. If you receive pre-approval for a mortgage, you can enter the real estate market with a budget in hand and narrow your home search accordingly.
2. Submit an Offer
If you find a house that you want to own, there is no need to wait to submit an offer. Because the longer that you hesitate to make a proposal, the more likely it becomes that a rival homebuyer will swoop in and acquire your dream house.
Prior to submitting a home offer, it often helps to conduct plenty of housing market research. Look at the prices of recently sold houses that are comparable to the residence that you'd like to buy. Then, you can put together a competitive offer that accounts for a house's condition as well as the current state of the housing market.
It is important to note that a seller has the right to accept, reject or counter your home offer. But if you submit a competitive initial offer on a house, you can increase the likelihood of an instant "Yes."
3. Finalize Your Purchase
After a home seller accepts your offer, it may be only a few weeks until you finalize your home purchase. At this time, you'll want to conduct a home inspection to identify any potential problem areas and address such issues as soon as possible.
When it comes to buying a home, there is no need to forgo a home inspection. If you fail to complete an inspection, you risk buying a house that has underlying issues that you may need to mitigate down the line.
In the weeks leading up to closing day, you will want to have a trusted real estate advisor at your disposal. Fortunately, real estate agents are available who can help you discover a great home and streamline the process of getting to closing day.
A real estate agent is happy to keep you up to date throughout the homebuying cycle. And if you ever have homebuying concerns or questions, this housing market professional is happy to address them.
Purchase your perfect home – use the aforementioned steps, and you can make your homeownership dreams come true.
Believe it or not, buying a condo can be a quick, easy process, particularly for those who understand their homebuying needs.
Ultimately, there are several factors to consider before you purchase a condo, including:
1. Your Budget
How much can you afford to spend on a condo? You should evaluate your homebuying budget closely to ensure you can cover all of the costs associated with condo living.
Getting pre-approved for a mortgage usually is ideal. With a mortgage in hand, you can browse a wide range of condos and find one that matches your budget perfectly.
Furthermore, don't forget to account for homeowners' association (HOA) fees before you buy a condo. HOA fees will vary depending on the condo community, and you should learn about them in advance so you can budget accordingly.
2. Property Size and Location
How much space do you need to accommodate your family? Consider the short- and long-term ramifications of a condo purchase, and you should have no trouble finding a condo that is the right size for you.
If you're uncertain about how big of a condo that you'll need, don't hesitate to consult with a real estate agent. This housing market expert will learn about your homebuying needs and help you narrow your search for the ideal condo.
Also, be sure to consider the location of a condo. If you want to find a place to live near school or work, you should search for condos that will help you cut down on your commute time.
3. Condo Rules and Regulations
Condo living is different from living in a traditional house. In a condo community, you'll have your own property, but there may be numerous condo rules and regulations in place that you'll need to follow at all times.
For example, many condo owners cannot modify a property's exterior without first getting approval from an HOA board. This means if you want to paint your condo bright pink or upgrade the property's windows, you'll need to ask the HOA board for permission.
Examine a condo community's rules and regulations prior to purchasing a condo. This will enable you to review the HOA board's mandates and determine whether you would feel comfortable following these rules and regulations.
When it comes to finding a condo, there is no need to look for a property on your own. Conversely, if you work with a real estate agent, you can take the guesswork out of searching for a top-notch condo.
Finding a real estate agent with condo experience is essential. This real estate professional will set up condo showings, keep you informed about new condos as they become available and negotiate with property sellers on your behalf. That way, this real estate agent will make it easy for you to acquire a first-rate condo at a budget-friendly price.
Kick off your search for the perfect condo today, and you can move closer to securing a condo that will serve you well for an extended period of time.