Tips In Buying Your First Home After Your Family Has Been Established
If you are a first time home buyer with a family there are chances you are a bit anxious to begin the process of finding a home to call your own. Buying your first home when you are single and unattached is different than buying a home when you are married with a family to consider. There are other people’s needs and desires to take into account and therefore more to think about.
One of the first things to bear in mind is the cost of a new home, not just the payment but the increase in expenses overall. You will want to determine what you can afford; in order to do this you will want to get pre-approved for a mortgage loan. The amount that you are pre-approved for is just an estimate of what a lender is willing to lend to you and not to be used as a bench mark on the amount you need to spend on your first home. Use the amount as a guideline. Be willing to look at homes under and slightly above your pre-approval amount. This can be used as a solid negotiation tool if you find a home slightly above your price point in getting the seller to negotiate a lower asking price.
After you have been pre-approved it is time to look into finding a real estate agent to work with. An experienced, full time agent will help you find a home that meets the needs of your family within your price point. A realtor will have foresight and connections into homes that are currently on the market and also those that are soon to be coming available. This can be helpful to you as a buyer with a family because they can put you ahead of other buyers in the chase to find a home within a certain location. Location will be everything to you as a buyer with a family. Whether it is a certain school district or distance to and from work you will be more specific on a location over first time home buyers without a family.
Another point to consider when buying a home with a family is that you must have the home inspected. When you have a family your home needs to be virtually move-in ready. Minor updates and aesthetic items can be overlooked but when it comes to major structural damage or repairs above and beyond normal maintenance you may want to consider moving on in your quest to find the perfect home.
Buying your first home with your family in tow may not be the easiest of all situations but will for certainly be worthwhile and rewarding. Take time find a reputable real estate agent that will help you find a solid home well within your budget in a location that works well for your entire family.
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.