8 Tips for First-Time Homebuyers

As a first-time home buyer, you may not be too familiar with how the overall purchasing process works or how to make sure you’re making the best buying decision. And you may be somewhat surprised to learn how much it takes to buy a home. To help you get going, here are my 8 Tips for First-Time Home Buyers.

1. Get Pre-approved – My blog readers have heard me say this one time and time again, but it’s so important! Talk to a lender before you fall in love with your dream home. And don’t just get a “PreQual” over the phone – get a Letter of Pre-approval! Not only do you want to make sure you’re looking at homes you qualify for, but you want to be taken seriously as a buyer should a bidding war erupt!

2. Use a Buyer’s Broker – Working with a buyer’s broker is free. They’ll represent your interest and not those of the seller.

3. Research Prices – Look at home prices online so you know what you could typically expect to pay for a home with the amenities you want.

4. Know Your Housing Costs – Look beyond the mortgage. Be sure to factor in property taxes, insurance, and annual maintenance costs.

5. Don’t Buy Furniture Early – Using your credit cards can impact your credit negatively. Don’t overspend your cash either, to make sure you have enough for closing costs!

6. Consider Fixer-Uppers – If you can’t afford the home you want, consider a fixer-upper. A home needing new paint, flooring, cabinets, lighting, and hardware can be purchased for a lot less than the updates might cost you.

7. Do a Drive-By – A quiet neighborhood by day when everyone is at work and school might not sound or look so great on evenings and weekends.

8. Focus on Features, Not So Much Photos – Photos don’t always tell the whole story. Read the amenities and ask your broker questions. Don’t miss out on a great buy because the listing agent took smartphone photos that aren’t doing the property justice!

Do you have any helpful advice for first-time homebuyers? Please leave them in the comments below.

And if you’re thinking about selling or buying a home in metro Albuquerque, be sure to contact me today!