After years and years of renting apartments the thought of buying your first home can be exciting and a bit terrifying. Though the process itself can be a bit challenging the satisfaction at the end is a feeling that nothing in your life will ever compare to. Buying a home, your first real estate transaction, is an exhilarating experience. Your first home purchase will be the biggest investment you make up to this point in your life. It is crucial to be wise and employ the best approach possible to ensure you are making an intelligent investment.
Hire an agent
The first piece of advice all first time home buyers should consider is to hire an agent that specializes in the location you are looking to move. Having an experienced, certified realtor will help to ensure you have the widest selection of homes to view. Knowledge and experience are two key characteristics that are must haves when selecting a buyer’s agent. They must offer an extensive familiarity with the location you are looking to find a home. This allows them to view listings and evaluate if they are over or under priced for the area, saving you both time. Looking at homes that are a solid investment with room to build equity is especially important when buying a first home.
The agent you hire must also have experience and connections within the industry. These connections are what help agent’s scope out listings before they are even advertised. Having first dibs on a home is a terrific advantage in a competitive real estate market. This is especially important when you have exhausted the available options within your criteria and are feeling hopeless about finding a home. The process of buying a home can be long and tedious which is why it is crucial you hire an agent with both experience and knowledge.
Once you have found an agent that you are comfortable working with it is time to get a concrete idea of exactly what you can afford. Many real estate professionals can help you find a company to work with in getting pre-approval. Once that number is established getting a seller to accept your offer is better. Sellers like to commit to buyers who are going to be able to get home loans. Sellers do not want to commit to a buyer only later to learn that they do not qualify for the amount that was offered. This is a waste of valuable time in selling their home.
With pre-approval a buyer is guaranteeing that they have met the qualifications lenders need to secure a home loan. It means that your criterion, income verse debt, matches the needs of a mortgage lender thus you can commit to the purchase of a home. Without pre-approval sellers are gambling on you and cannot be positive that you will be able to secure a loan for the required amount.
Starting out looking for your first home can be a bit tricky. With a pre-approval in hand, a knowledgeable and experienced agent at your side the process is simplified significantly.
Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. More information can be found at http://www.ladyofthelakes.com.