Steps for a First Time Home Buyer

Buying a home for the first time can seem like a difficult task and is a process that must be handled carefully.  The purchaser must be aware of the steps involved in buying a home, and ensure that he or she is ready for home ownership.  First, a purchaser must prepare for the purchase, considering his or her financial qualifications.  Next, a home and financing must be found, which will likely require a real estate professional and a bank.  After a home is purchased, the new owner must be prepared for the many costs of home ownership, such as maintenance and utilities.  While purchasing a home is a lengthy process, it can be completed successfully by carefully following these steps.

    A home purchaser must first decide what he or she wants in a home.  They must decide the type of home, necessary features, and how it can meet their needs.  The purchaser must assure they can afford a home and contact financial institutions to determine mortgage qualifications.  In addition, a real estate professional should be found to assist the purchaser.  Link NY Realty is home to several excellent real estate professionals.  After the purchaser has prepared to purchase a home, they must begin searching for available options.

    Searching for homes which meet the purchaser’s needs can be a long step, and perseverance is necessary.  The purchaser should utilize their real estate professional and contacts to find potential homes.  This can open a wide variety of options and sometimes give the purchaser a personal connection with a seller.  When looking at homes, the purchaser should remember that they can change or improve the home so that it meets their needs, thus buying a “fixer-upper” is a viable choice.  The purchaser should ensure that they are preapproved for a loan before placing an offer, otherwise the offer may not be considered.  They should also look for alternative financing sources, like Federal Housing Administration loans which can help with the down payment.  Once a potential home is chosen, the purchaser should create an offer.  Past prices for the home should be considered when making an offer, and the purchaser should consult their real estate professional.  The offer should be fair to both the purchaser and the seller.  If the offer is accepted, a closing must be completed.  During a closing, all required documents are signed, and a date of turnover for the home is set.

    The purchaser must be prepared for the continued costs of home ownership, including maintenance, utilities, and improvements.  A homeowner should have money set aside for emergency repairs, like if the water heater suddenly broke and required $1000 to fix.  Emergency repairs can be avoided if a homeowner is vigilant and completes required maintenance as early as possible.  By properly preparing and carefully selecting a home, a purchaser can find a home that they will love for many years.