First time home buyers often face a lot of difficulties in searching the home and completing the formalities associated with it. In order to make your home buying experience easy and stress free, here are some useful tips that you should always keep in mind.
- Set a Budget: The first thing to consider before buying a home is “how much you can afford”. Be realistic in setting a budget and considering the appropriate loan amount, keeping all other expenses in mind such as grocery, packers and movers, minor repair work etc.
- Get expert advice: The first time buyers should consider hiring an agent to avoid any wrongdoing or fraud during the process. The agent will properly guide you and help in the paperwork required for signing the deal.
- Be clear about requirements: Before inspecting the properties available, take a decision for the type of house required. It may include single family home, apartment, townhouse, duplex or condos. It will help you narrow the search and save a lot of time.
- Home inspection: The buyer can either inspect the home himself or hire a professional to analyze the quality of material used, security, availability of electricity and water, leakage, neighborhood etc. If any serious issue or defect is revealed during inspection, then be prompt at informing the seller about it, negotiating the price or asking him to get the repairs done.
- Monitor the market: Before finalizing a house, do investigate about the prices of the similar houses available in the market, this will give a fair idea about the offer to be made while purchasing the house.
- Second opinion: In case you were alone while scrutinizing the house, then get a second opinion by bringing your friends or relative to have a look at the property. They may notice something that you might have missed.
- Get an Estimate: The buyer has to act very diligently at this step. Asking about the estimate of the house does not only include the cost of the house, but also includes the expenses associated with it like the registration fee, homeowner’s association fee, documentation fee, state recording fee etc. The buyer should get an estimate for the entire cost of the house.
- Make an offer: Take the help of a real estate agent while deciding the amount to be offered while finalizing the home. The agent will help in determining the price according to the current market trends. The buyer may confirm the closing costs too.
- Finalizing the deal: If the realtor is able to negotiate well with the seller and the deal has been finalized, then the closing and paper work should be done very carefully. The buyer should make sure that he clears all his queries before making the final payment.
The buyer should be very careful at each and every step while purchasing a home as any negligence can result in great losses.
For thorough guidance in home buying process, consult the real estate agents at Lone Star Realty and Property Management, Inc,. You can call at (254) 699 - 7003 or visit our office at 1020 W, Jasper Dr, Killeen, TX 76542.