Realoky.com Blog

News, tips and howto's
A Beginner’s Guide To Buying A Home

A Beginner’s Guide To Buying A Home

Buying a home for the first time is certainly a unique, somewhat intimidating, and exciting all-in-one feeling! All the excitement, nervousness, and anxiety are running down the spine at the same time. Thoughts of getting the perfect property, negotiating the price, and the worries of doing the paperwork become a big deal for a first-time buyer.  

Despite the anxiety and edginess, the joy of owning your new home is incomparable and indescribable. The thrill of finally settling down into your own house is hard to compare. But despite the happiness, excitement, and worries, there are several items, steps, and methods that a new buyer should be acquainted with as they get started searching for a home to avoid any large pitfalls or mistakes. Therefore, it is paramount for every new buyer to learn how to buy a new house, read some simple guides, take professional advice, and double-check decisions as they move forward.  

We have condensed a lot of this advice and information in an easy and understandable beginner’s guide for buying a new home. This gui de will walk you through many of the best professional Tips & Tricks and also what to look for as you navigate the process. 

The Essentials To Buying A New Home  

Here are 7 things to think about as you start your new home-buying journey. 

Requirements vs. Preferences

What's the Best Loan for a First-time Home Buyer? - NFCC

Buying a house for the first time is stressful enough trying to find that perfect home with all that we dream of having in it (and at the right price). It is vital to decide what are actual requirements and what are preferences or nice-to-haves before starting the search. You should create a list of questions and items, then consider if you really need them (would you trade it for something else on the list?). At first, you might not be aware of all the considerations, but as you begin your search and reality sets in, then expect some things to fall into the preference category. For example, here is a list of questions that would help you start your list:

  • What type of location and property (house or apartment) are you looking for?
  • Is the neighborhood favorable to your needs? Distance to work or schools? 
  • What upgrades and features are important to you? Do you need a top-end kitchen or just a Foreman Grill?
  • How many rooms do you want or need? Do you work from home and need an office?
  • What price range are you looking for? Have you qualified with your lender? 
  • Does the house need to have a lawn, basement, or porch? Remember that lawns need to be cut, porches need maintenance, and basements can flood sometimes.

Location Requirements

The 6 Best Locations For A Summer Home

The location, neighborhood, and area matter (a lot!). The location’s market specifics (demand, supply, etc.) typically influence the home’s price more than the actual home does. Here are several factors to consider when deciding on location; proximity to your workspace, children's school, supermarkets, nightlife, etc. (places you frequently go to). A few more things to seriously consider are local crime rates, school quality, taxes, etc. 

Prioritizing location specifics and answering the basic requirements will help narrow down your search for a great area. Once you have a good idea of the location you're looking in, now you can really begin to focus on the perfect house for your needs.

 

Mortgage Options 

Is Getting a Home Mortgage Still Too Difficult?

 Is Getting a Home Mortgage Still Too Difficult?

No matter how much you save or your income level, you will likely need to have financing options for your new home purchase. While some may be fortunate to have a sizable savings account to use towards buying a home outright ("cash purchase"), most home-buyers will require a mortgage and should shop around for the best available financing options

With several loan options in front of you, hopefully, you can find one that works best for you and can help you break down the purchase price into manageable payments. This step is pivotal because it gives you a specific idea of your budget to help narrow your search.

Take A Property (and Neighborhood) Tour

Organising your own property tour? What a hassle! - EasySpain

Organising your own property tour? What a hassle! - EasySpain

It is equally important for every buyer to visit the location at several different times of the day to become familiar with the area and take a tour of the entire property. Making physical visits will allow you to evaluate, inspect, and determine the location, seller, and condition of the property. If you are not dealing with real estate agents or realtors, visiting the location will help you collect first-hand knowledge of the prospective home. 

Make Sure To Ask All The Relevant Questions

https://www.investopedia.com/thmb/FkaD27JqlbeiMfvsKnnI4nE22ls=/680x440/filters:fill(auto,1)/for_sale_home_171921905-5bfc332f46e0fb0051bf449c.jpg

Your time and money are important. So make sure to ask all the questions that are relevant to your purchase. Asking the questions will help your mind get a clear picture of the property. Moreover, it might also help in negotiating and evaluating the price. 

A pro tip here is to ask the neighbors or other locals about the area, property, and even the seller. Asking around could bring new information to light in helping you determine if this option is the best one for you. 

Look Beyond The Fancy Exterior And Paints 

Common advice given to sellers before listing their home for sale is to give it a nice shine, clean it up, and freshen up the paint as the most effective and easiest way to get top dollar for their home. With this knowledge in hand, look a bit closer at the details when walking around and note any spots in the ceiling, walls, floors, kitchen, washroom, and basement for defects as they may indicate bigger issues. Ultimately, you should strongly consider having an inspection as part of your offer to identify any larger defects that may require you to invest more than anticipated in the future. An inspection report will help get you a real look beyond that new paint job

Don’t Rush Your Decision

Buying a new home is a big life decision, so don't do it in a rush. Making it wisely and carefully (by keeping some of these pointers in mind) will allow you to more quickly settle on the best option for you.

You need to exercise patience during your homesearch and understand that it's just a matter of time before you find the right one. You may find one that works and suddenly learn that it's no longer available; just remember that there will be other options, and sometimes, you can find better pricing for a similar property. So don't rush it and take some time to evaluate, re-evaluate, and hopefully, you will find the perfect fit!!

Ruscel

Ruscel