What You Need To Know As First Time Home Buyer

first time home buyer

First time home buyer

Buying a home may not be as simple as it seems. The process may be exciting as well as stressful such that you may decide to purchase the first property that falls within your price range. To avoid any pitfalls and obtain the utmost value from the purchase of a home, a first time home buyer should consider the following tips.
Wish List
The first step in buying a home is to decide the type of home that satisfies your need. New condos may be smaller than the old ones and even more expensive. Conversely, a townhouse may be less expensive. Also, you may decide to purchase a single-family home or a multi-family house with two or more units. You should make a list of the essential features that the home must possess. The size of the home, details of the kitchen and the bathroom as well as the neighborhood of interest can be included in the list.
You should consider your finances before hunting for a home. It is important that you determine how much you can afford and how much the lender is willing to give out to purchase a home.  Depending on your income, you can figure out what you can afford as the lender will qualify you before giving out any loan.  First time home buyers can also obtain low interest or even interest-free loans through programs created for such buyers. Buying a home with some sellers may require 35% down payment once financing has been secured. Thus, the down payment, the insurance cost, property tax and also the closing costs should be considered. This will help you in setting your price range.

Home Hunting
You can search online listings for your desired home or even search for sale signs in the neighborhood of your interest. As a first time home buyer, employing the services of a real estate agent will be necessary in locating homes within your price range and in the neighborhood you have chosen. An experienced agent can locate homes; view the homes with the buyer, assists in securing a loan and in negotiating process. He can also serve as a guide to the buyer in signing the paperwork. We at Phoenix real estate agency are here to help you in that regards. In Arizona, real estate purchase contracts are written by estate agents and not by an attorney.

Making an Offer
When you have chosen a particular home, find out the price of homes with similar amenities in the same area with the chosen property. This will help you in your negotiation with the seller. A real estate agent can assist you to decide on the price you will offer for the house as well as any conditions you may want to request for. If an agreement is reached, the seller takes the property off the market after a payment of deposit by buyer.

It is important for a home inspector to inspect the new home for defects. If any flaw is detected, renegotiate with the seller for repairs or you can request for a refund of your deposit.
Moreover, you can close the transaction when you have settled the deal with the seller.

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