First Time Homebuying Begins Here

One of the best investments you can make is purchasing your first home, particularly if you are renting your current residence. Chances are if you evaluate your present financial situation, you will see that your first home is a genuine possibility if you can generate a down payment. If you have a suitable amount of cash to put toward buying a home and your employment status is stable, determining what you can comfortably pay for your monthly home expense is the next step toward owning your own home. Andrea Clendening will be happy to assist you in determining how much home you can afford to buy without overburdening your financial resources. The suggestions below will help you when buying your first property.

Andrea Clendening, REALTOR® | Re/Max Twin City Realty Inc., Brokerage | Email or PH: 519-771-0886

  • When should you buy your first home? Real estate authorities believe that when you have saved a sufficient down payment and your record of employment is established, then NOW is the best time to purchase your first home. It is an exciting time when you make the decision to buy your first home but it is a better financial alternative to renting.
     
  • The opening move for any first time homebuyer is to find a REALTOR® that you are comfortable dealing with; you must have a real estate agent who is patient and empathetic to your needs. The REALTOR® you choose will be someone you remember for the rest of your life as the person who helped you find your first home, a confidante, a good listener, and an earnest advocate for your best interests.
     
  • If you have not already spoken to a lending institution or you bank’s loan officer, you should arrange an appointment immediately. They will answer all your questions regarding financing options for your home and pre-approve you for your financing, providing a letter of approval – an asset when negotiating your offer to purchase. They will tell you precisely how much your first home will cost you in monthly expenses.
     
  • Buying your first home can be overwhelming, getting an expert opinion about the structural integrity and home infrastructure is a sound move when you believe you have found the right home. It is becoming standard practice to have a home inspection and worth it for the peace of mind, it provides. It may even save you many thousands of dollars in future repairs.
     
  • Understanding the type of home you want and in what area you wish to live is important. By all means, search the MLS for properties you qualify for using the handy home search tool on this website and when a home interests you, immediately call your REALTOR® who will provide essential details you would not otherwise be given and they will arrange an in-person home tour at the earliest convenience. Your agent will prove their value with their community awareness of the area as they answer your questions confidently and factually.
     
  • Often first time homebuyers will purchase a home that requires a little renovation and this can usually mean a better selling price. The exciting thing about purchasing a “project home” - when you reno the property, the valuation of the home can be increased substantially. The increase in value could surpass your initial investment for the home. This is not for all first time buyers but a good option if funds are tight.
     
  • When you are prepared to make an offer be realistic. Serious offers are better received by the home seller and more likely to hold their interest and they will appreciate your reasonable proposal. If you low-ball your initial offer, you could ultimately lose the opportunity by what appears to the seller as an insulting offer, emotions run high at this time. Yet one more reason why having an experienced REALTOR® represent you is critical to a successful negotiation.
     
  • At your initial meeting with your real estate agent, have a list of questions prepared and inquire about anything you can do to facilitate your first time homebuying experience. Remember to have some fun when you buy your first home – it is something that only happens once. It should be remembered as a time of excitement and your REALTOR® will make it memorable. Call Andrea Clendening Now!

Andrea Clendening, REALTOR® | Re/Max Twin City Realty Inc., Brokerage | Email or PH: 519-771-0886