{"id":3562,"date":"2019-03-15T20:21:29","date_gmt":"2019-03-15T20:21:29","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=3562"},"modified":"2023-02-25T08:26:34","modified_gmt":"2023-02-25T13:26:34","slug":"first-time-home-buyer-tips-from-realtors","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/first-time-home-buyer-tips-from-realtors\/","title":{"rendered":"25 First Time Home Buyer Tips From Top Real Estate Professionals"},"content":{"rendered":"

25 First Time Home Buyer Tips from Top Real Estate Professionals<\/strong><\/span><\/h1>\n

\"first<\/p>\n

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Buying your first home can be an overwhelming experience. It is the largest purchase of your life and there is an opportunity to make costly mistakes or even buyer\u2019s remorse if you are not prepared.<\/span><\/p>\n

In an effort to help with your quest to buy your first home, we put together the best first time home buyer tips from top real estate professionals in the industry. Tips related to home buying, financing and more.<\/span><\/p>\n

Each of the tips below are just a small snippet from an article that was written by one of these professionals. If you follow the links to all of their articles as well, you will get an amazing first time home buyer education.<\/span><\/p>\n

Let us also help you to find the best mortgage program to suit your needs<\/strong>. Click to get a quote.<\/span><\/strong><\/a><\/p>\n

25 First Time Home Buyer Tips from Top Real Estate Professionals<\/u><\/strong><\/span><\/p>\n

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  1. Mind Your Financial Health<\/strong><\/span><\/li>\n<\/ol>\n

    From<\/span> Karen Highland<\/span> \u2013<\/span> First Time Home Buyer Advice<\/a><\/span><\/strong><\/p>\n

    Your financial health is something that will likely impact your home search and purchase. Do your best to improve your credit score and save for a large down payment. It will help you to qualify for a more expensive home if that is your goal.<\/span><\/p>\n

    Poor credit will ultimately hurt your chances of buying the home you want or any home at all.<\/span><\/p>\n

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    1. Get Pre-Approved Before Contacting A Realtor<\/strong><\/span><\/li>\n<\/ol>\n

      From<\/span> Dream Home Financing<\/span><\/p>\n

      The pre-approval process should occur well before you contact a realtor or even start dreaming about properties you see online. Another reason to \"25start early is because your lender can identify areas of improvement to help you to afford the home or neighborhood that you really want.<\/span><\/p>\n

      Have a conversation with a loan professional to understand your options and what improvements you can make to help you to qualify.<\/span> Contact here for pre-approval<\/strong><\/span><\/a>.<\/p>\n

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      1. Identify a Price Point<\/strong><\/span><\/li>\n<\/ol>\n

        From<\/span> Jamohl DeWald<\/span> \u2013<\/span> First Time Home Buyers Guide<\/span><\/strong><\/a><\/p>\n

        You have been pre-qualified or pre-approved, so you know how much home you can afford. However, it does not mean you have to spend to your qualification ceiling. You also need to feel comfortable with the price and your monthly payment. Think about your financial future and whether you want to spend so much of your monthly income on your mortgage.<\/span><\/p>\n

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        1. Don\u2019t Use All of Your Money for Your Down Payment<\/strong><\/span><\/li>\n<\/ol>\n

          From<\/span> Luke Skar<\/span> \u2013<\/span> Mistakes First Time Home Buyers Make<\/strong><\/span><\/a><\/p>\n

          Saving to buy a home is not just for your down payment. You will need money for closing costs too, but I am sure you thought about that. What many homeowners do not consider are the costs that they may realize after closing.<\/span><\/p>\n

          You will likely have expenses initially to make the home yours, plus the initial repairs and potential unexpected expenses that may arise. You should consider having reserves too in the event of a short term job loss.<\/span><\/p>\n

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          1. Understand Your Closing Costs<\/strong><\/span><\/li>\n<\/ol>\n

            From<\/span> Petra Norris<\/span> \u2013<\/span> A Detailed List of Home Buying Closing Costs and Averages<\/a><\/strong><\/span><\/p>\n

            Petra put together a great resource for first time home buyers outlining all of the average closing costs and fees that you should be prepared for. Read through the article to understand which costs are mandatory and which may be negotiable.<\/span><\/p>\n

            Closing costs are part of every transaction and buyers have the ability to negotiate those into the purchase contract with the seller covering some or all of them in exchange for an agreed upon purchase price. The other option is to have your lender cover those costs for you. Either way, you are essentially paying for them, but those costs will be financed.<\/span><\/p>\n

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            1. Find the Right Real Estate Agent<\/strong><\/span><\/li>\n<\/ol>\n

              From<\/span> John Cunningham<\/span> \u2013<\/span> 6 Important Steps in Buying a Home<\/a><\/strong><\/span><\/p>\n

              The best scenario is to get a referral from someone you trust who had a wonderful experience with a local real estate agent. However, in many instances you may find yourself walking into a real estate office blind.<\/span><\/p>\n

              Conduct an interview with a few agents to see if you make a connection. Tell them what you are looking for and see if they are providing some initial feedback to you that makes you feel comfortable with them. Don\u2019t be afraid to move onto someone else if you do not make that special connection. John explains more about this in his blog.<\/span><\/p>\n

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              1. Choose the Right Neighborhood<\/strong><\/span><\/li>\n<\/ol>\n

                From<\/span> Kyle Hiscock<\/span> \u2013<\/span> 9 Tips to Help Choose The Right Neighborhood<\/a><\/strong><\/span><\/p>\n

                This is the one tip that potentially could come before choosing a real estate agent. If you know the general area where you want to live, then a seasoned local realtor can help you with the neighborhood decision.<\/span><\/p>\n

                Kyle talks about the importance of carefully selecting the neighborhood before visiting homes. Understand what the schools are like, the taxes, crime statistics and development plans. You do not want to have buyer\u2019s remorse a few years later if you chose the wrong neighborhood. Choosing the right neighborhood may actually be more important than choosing the perfect home.<\/span><\/p>\n

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                1. Don\u2019t Chase Unicorns<\/strong><\/span><\/li>\n<\/ol>\n

                  From<\/span> Kevin Vitali<\/span> \u2013<\/span> What Should First Time Home Buyers Know?<\/a><\/strong><\/span><\/p>\n

                  My wife and I have been guilty of looking for a unicorn when home shopping. Trying to find the perfect home that either does not exist or is not available in our price range. Meanwhile, many suitable homes will come and go while we are spinning our wheels.<\/span><\/p>\n

                  Kevin talks about this and also provides some other helpful first time home buyer tips including buying a home that has \u201cgood bones\u201d.<\/span><\/p>\n

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                  1. Consider Home Resale Value<\/strong><\/span><\/li>\n<\/ol>\n

                    From<\/span> Sharon Paxson<\/span> \u2013<\/span> 8 First Time Home Buyer Mistakes to Avoid<\/a><\/strong><\/span><\/p>\n

                    Buying a home is as much an investment as it is a place to live. Otherwise, you could just rent and not buy a home. One of the factors to consider is whether the home you are considering can be re-sold easily. Are you looking at a home with just two bedrooms? Are there any other characteristics about the home that will make it difficult to sell?<\/span><\/p>\n

                    Sharon talks about this as well as other must read topics for first time home buyers.<\/span><\/p>\n

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                    1. Don\u2019t Fall in Love with a Money Pit<\/strong><\/span><\/li>\n<\/ol>\n

                      From<\/span> Maria Mastrolonardo<\/span> \u2013<\/span> How to Avoid Falling in Love with a Money Pit Home<\/strong><\/span><\/p>\n

                      Money pit homes are often older ones that have a lot of charm and character but also have lots of problems. Those problems often lie below the surface in the electrical and plumbing systems. Sometimes you may even have foundation problems.<\/span><\/p>\n

                      If you are not careful, your new money pit can be an expensive second full time job. Maria talks about what you should look out for when purchasing your antique dream home.<\/span><\/p>\n

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                      1. Finding the Right Home<\/strong><\/span><\/li>\n<\/ol>\n

                        From<\/span> Bill Gassett<\/span> \u2013<\/span> First Time Home Buyer\u2019s Guide<\/strong><\/span><\/a><\/p>\n

                        When it comes to shopping for a home, each person will have different needs. You should create a connection with the home from the moment you see it and you should feel proud to tell your friends and family about it. You should be able to picture yourself living there and raising your family.<\/span><\/p>\n

                        The home needs to meet your current needs as well as what you believe you will need in a home as your family grows. Does the home have enough bedrooms and space for the kids to play? If you immediately start thinking about how perfect the home is for you with just a few personal touches, then you know you may have found your dream home.<\/span><\/p>\n

                          \n
                        1. Determine if You are in a Buyer\u2019s Market or a Seller\u2019s Market<\/strong><\/span><\/li>\n<\/ol>\n

                          From<\/span> Glenn Shelhamer<\/span><\/p>\n

                          Your realtor will likely inform you as to what the competition between buyers in the current market environment will be. When there is a shortage of real estate inventory, you will often see homes sell for more than their listing price.<\/span><\/p>\n

                          Glenn talks about these market differences in his blog post<\/span> What is a Buyer\u2019s Market vs Seller\u2019s Market?<\/a><\/strong><\/span><\/p>\n

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                          1. Consider a Condo Versus a Single Family Home<\/strong><\/span><\/li>\n<\/ol>\n

                            From<\/span> Dream Home Financing<\/span><\/p>\n

                            If you are dreaming about a big yard and all of the things that come with owning a single family home, then go ahead and buy what will make you happy. However, if you not into the work it will take to maintain a home, then you may want to consider a condo.<\/span><\/p>\n

                            As an owner of a condo, you will watch the association cut the grass and to the exterior maintenance, but you will pay monthly homeowner’s association fees for that convenience. Explore this option but also make sure you fully understand the fees and the rules that will come with it.<\/span><\/p>\n

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                            1. Buyer Etiquette <\/strong><\/span><\/li>\n<\/ol>\n

                              From<\/span> Jeff Nelson<\/span> \u2013<\/span> Buyer Etiquette When Looking at Homes<\/a><\/strong><\/span><\/p>\n

                              Jeff provided quite a few tips regarding buyer etiquette and I encourage you to read his entire post. Here is just a small sample:<\/span><\/p>\n

                              Refrain from making negative comments<\/strong><\/em> \u2013 the seller may be within earshot when you are visiting the home. It is likely that you may not care for some aspect of the home whether it is something structural or decorative.\u00a0 The last thing you want is for the homeowner to hear you and feel slighted, especially if you eventually end up in a negotiation with them.<\/span><\/p>\n

                              Watch Your Children<\/strong><\/em> \u2013 It is best to shop for a home without the kids. However, there are times when you have nobody to watch them and they have to follow along. Make sure they are on their best behavior and are not getting into the homeowner\u2019s personal things.<\/span><\/p>\n

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                              1. Shop for a Home in the Rain<\/strong><\/span><\/li>\n<\/ol>\n

                                From<\/span> Conor MacEvilly<\/span> \u2013<\/span> 6 Reasons Why Rain is Your Friend When Buying a Home<\/a><\/span><\/strong><\/p>\n

                                The best time to visit a home may be on a rainy day. It is not fun to go in and out of your realtor\u2019s car when it is raining. Taking off your shoes when entering the home (you should anyway) and squishing in the backyard while holding an umbrella.<\/span><\/p>\n

                                The benefit though is you get to see the home at its worst. You can check for leaks and also water I the basement. Watch how the storm drains are handling the water. Is water pooling up in areas near the foundation. These are all things that may not be discovered during a home inspection later.<\/span><\/p>\n

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                                1. Research Each Property<\/strong><\/span><\/li>\n<\/ol>\n

                                  From<\/span> Anita Clark<\/span> \u2013<\/span> First Time Home Buyer Tips<\/span><\/strong><\/a><\/p>\n

                                  If you think you found your dream home, then make sure you research it fully. Find out what the taxes are, whether there are any easements or property boundary issues, and if there are homeowner association rules that you cannot live with. Ask for the utility bills so you can analyze the true cost of ownership.<\/span><\/p>\n

                                  If you have to commute to your job, then figure out how difficult that will be from this new home. It also would not be a bad idea to go the home early in the morning and drive to work from there to see whether it is an easy commute.<\/span><\/p>\n

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                                  1. Make the Right Offer<\/strong><\/span><\/li>\n<\/ol>\n

                                    From<\/span> Eileen Anderson<\/span> \u2013<\/span> First Time Home Buyer<\/a><\/strong><\/span><\/p>\n

                                    Everyone wants to get a great deal and even better is to find a steal. However, sellers also have real estate professionals working for them. The likelihood that you are going to buy a home well below market value is slim.<\/span><\/p>\n

                                    It is okay to make offers that are below the asking price, but the offer still needs to be realistic. If you low-ball, you may not even get a counter offer. If you really like the home, then you should make a fair offer that the sellers can work with. Be creative in finding ways to get the home you want at an acceptable price.<\/span><\/p>\n

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                                    1. Consider Using a Real Estate Attorney<\/strong><\/span><\/li>\n<\/ol>\n

                                      From<\/span> Danny Margalgiano<\/span> \u2013<\/span> The Ultimate Home Buyers Timeline<\/a><\/strong><\/span><\/p>\n

                                      Consider using a real estate attorney as an added layer of protection when making y our first home purchase. In some areas of the US, attorneys are not used for real estate transactions. However, an attorney can review your contract to make sure you are protected and they can also help with your title work.<\/span><\/p>\n

                                      You can expect an attorney to charge an average of $750 for this service (excluding title work). Danny provides some other great information related to the timeline that first time home buyers can expect during the home buying process.<\/span><\/p>\n

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                                      1. Get a Home Inspection<\/strong><\/span><\/li>\n<\/ol>\n

                                        From<\/span> Xavier De Buck<\/span> \u2013<\/span> 8 Reasons to Get a Home Inspection Before You Buy a House<\/a><\/strong><\/span><\/p>\n

                                        A home inspection is a critical need when buying a home. There cost associated with a home inspection is minimal when you consider what the inspection can potentially reveal.<\/span><\/p>\n

                                        Find a reputable home inspector who will spend a few hours at the home and will provide an extremely detailed report of his or her findings. Before hiring the inspector, ask to see a sample of their report. It is important to identify costly repairs that can be negotiated with the seller. That in itself is worth the cost of the inspection.<\/span><\/p>\n

                                        The inspection also provides you with an opportunity to get out of the deal if you suddenly decide that the home is not right for you.<\/span><\/p>\n

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                                        1. Get a Septic System Inspection<\/strong><\/span><\/li>\n<\/ol>\n

                                          From<\/span> Joe Boylan<\/span> –<\/span> Don\u2019t Forget The Septic Inspection When Buying a House<\/a><\/strong><\/span><\/p>\n

                                          If you are buying a home with a septic system, you should consider hiring a septic professional to perform an inspection. Although traditional home inspectors can do a simple septic inspection, it may not be sufficient.<\/span><\/p>\n

                                          A full septic inspection will include an inspection on its components and making sure the leach field is operating properly. A failing septic system can result in a huge expense so make sure the system is not failing before you buy the home.<\/span><\/p>\n

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                                          1. Make Sure the Home Sits on a Solid Foundation<\/strong><\/span><\/li>\n<\/ol>\n

                                            From<\/span> Joy Bender<\/span><\/p>\n

                                            Your home inspection should reveal any concerns with foundation cracks. Structural damage can be a serious concern when buying a home, but every crack is not a problem. Many homes have foundation cracks and if the home you fell in love with shows visible signs of minor damage, ask your home inspector for a recommendation and possibly bring in a structural engineer to take a look.<\/span><\/p>\n

                                            Read through Joy\u2019s article on<\/span> 4 Things Buyers & Sellers Need to Know About Foundation Cracks<\/strong><\/span><\/a><\/p>\n

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                                            1. Learn How to Make Repairs<\/strong><\/span><\/li>\n<\/ol>\n

                                              From<\/span> Paul Sian<\/span> \u2013 Essential Skills Needed to Survive Home Ownership<\/strong><\/span><\/a><\/p>\n

                                              Most of the tips you see talk about the home buying process. However, as a first time home buyer, the day you close is also the day you begin making some repairs in your new home. As a DIY guy myself, I can tell you this is a huge money saver if you can do some of the work yourself.<\/span><\/p>\n

                                              Learn how to do some light electrical work, plumbing and also light carpentry. These will save you the most money because it can get expensive for a professional just to walk into your home. The longer they stay, the more expensive it can be.<\/span><\/p>\n

                                              Make a checklist to learn how to fix a toilet, wire a light switch<\/strong><\/span><\/a>, change a faucet, replace a light fixture, and install molding. These tasks in addition to painting and yard work will save you the most money as a first time home buyer<\/span><\/p>\n

                                                \n
                                              1. Prepare for Your Move<\/strong><\/span><\/li>\n<\/ol>\n

                                                From<\/span> Lynn Pineda<\/span> \u2013<\/span> Moving Guide from a Renter to a Homeowner<\/a><\/strong><\/span><\/p>\n

                                                We talked about how stressful buying a new home can be. Often lost is the stresses of actually moving. Many people do not think about all of things they have to pack but also all of the other things that need to be done. Think about changing the address on your drivers license, your bank account statements and other important accounts. Do this two weeks prior to your move.<\/span><\/p>\n

                                                Lynn also talks about thinks like where to find boxes to move, and also some necessities you may need to buy when you own a home that you did not have to think about as a renter.<\/span><\/p>\n

                                                  \n
                                                1. Change the Locks Immediately After Closing<\/strong><\/span><\/li>\n<\/ol>\n

                                                  From<\/span> Michelle Gibson<\/span> \u2013<\/span> Must Dos Immediately After Closing on Your New Home<\/a><\/strong><\/span><\/p>\n

                                                  Michelle talks about changing the locks immediately after closing on your new home. Sure, the seller may have given you the keys but maybe they have a spare set. It is possible that a neighbor who you do not know or one of their friends or relatives also has keys.<\/span><\/p>\n

                                                  She provides other tips that for first time homeowners should do as soon as they purchase the home including following up on the inspection report to deal with anything that was pointed out by the inspector.<\/span><\/p>\n

                                                    \n
                                                  1. Review All Service Providers<\/strong><\/span><\/li>\n<\/ol>\n

                                                    From<\/span> Dream Home Financing<\/span><\/p>\n

                                                    When you move into your new home, you may find the prior owner may have been using service providers who have high rates or fees. The first <\/span>instinct may be to get an account with the local utility company, get a phone connected if you still use a land line and also cable TV.<\/span><\/p>\n

                                                    This is the perfect time to take a close look at all of these service providers and negotiate better rates for yourself. These expenses add a lot to the total cost of home ownership. Once per year, you should review your contract or plan with each of these companies and call asking for a better deal. Usually, they will do something to keep you as a customer.<\/span><\/p>\n

                                                    Final Wrap Up<\/strong><\/span><\/p>\n

                                                    My hope is that this took you over 30 min to read through the various helpful articles referenced above. You now have a great education as a first time home buyer. Bookmark some of the blogs for future reading and subscribe to their feed wherever applicable.<\/span><\/p>\n

                                                    Other Helpful Articles<\/strong><\/p>\n

                                                    Top 20 First time Home Buyer Questions<\/span><\/strong><\/a><\/p>\n

                                                    When is the right time to buy a home?<\/strong><\/span><\/a><\/p>\n

                                                    Tips for millennial home buyers<\/strong><\/span><\/a><\/p>\n

                                                    Should you buy a house before having a baby?<\/span><\/strong><\/a><\/p>\n

                                                    First time home buyer tips<\/strong><\/a><\/p>\n

                                                    Discussion Topics<\/strong><\/span><\/p>\n

                                                    Mortgage Advice<\/a><\/strong><\/p>\n

                                                    Buying a Home<\/a><\/strong><\/span><\/p>\n

                                                    Home Improvement<\/a><\/strong><\/span><\/p>\n

                                                    Real Estate<\/a><\/strong><\/span><\/p>\n

                                                    Home Finances<\/a><\/strong><\/span><\/p>\n

                                                     <\/p>\n","protected":false},"excerpt":{"rendered":"

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