757-962-9844
757-962-9844

Home Buying Home Run… Buying Your First Home

I remember buying our home it like it was yesterday. Our friends were looking at houses, we were looking at houses, we were talking to our parents about their first homes together, it was so exciting! Everyone seemed to have a different idea about what was most important when it came to their first home. Some wanted a new home, some wanted a huge garage or lots of rooms, and for others it was all about location. The big deal for my wife and I was how much land to purchase with our first home. My wife’s favorite place to be as a child was her grandmother’s farmhouse in… New York! Yes it was actually on a dirt road just outside of the Queen’s city limits, crazy right! But as fate would have it my favorite place to be was at my grandparent’s home down on the Pamlico River in Bath North Carolina where there was plenty of room to breath. It seemed that both of us needed SPACE to make our first home together the special place we always dreamed it would be. The bottom line is that each of us has our own idea of paradise and scoring it on your first home may be challenging... but not impossible. 

These home buying starter tips and Titlequest calculator will help you develop a plan and estimate your closing cost.

  • Buy a home that comfortably allows you to accomplish your other financial goals. Understand how the proposed home purchase fits into and affects your existing financial situation and goals, especially saving for retirement.
  • Get your personal finances in order before you buy. You should make your saving, investment, and insurance plans before you buy.
  • The best time to think about selling your house is before you buy it. Be sure that the home you buy has features other buyers will find desirable, or you won’t be able to get a good price when you sell it.
  • Real estate is a good long-term investment. However, home values go through up periods as well as down periods. If you’re a homeowner during most of your adult life, your home should enjoy a healthy appreciation of value.
  • Have the courage to be a contrarian. The best time to buy is usually at the bottom of a real estate cycle when no one else thinks it’s a good time to buy. Compare the monthly costs of renting a home to buying it to see whether buying offers a good value.
  • You can easily save thousands of dollars by shopping around for a good mortgage. Money is a commodity, just like toasters and toilet paper.
  • Choose a mortgage that fits your needs and ability to accept risk. Don’t take an adjustable-rate mortgage unless you can afford the maximum possible monthly payment and the risk of fluctuating payments.
  • What you don’t know is usually what gets you into trouble. Real estate is a team sport. Put the right players on your team and you greatly reduce the likelihood of problems with your purchase.
  • Invest the time to find the best possible real estate agent that you can. A patient, knowledgeable agent can add value to your home-buying transaction. A mediocre or lousy agent can be a liability. Contact us, we can help!
  • Buying a home is an emotional experience for most people. The better job you do of controlling your emotions, the more likely you are to control the transaction and get a good deal.
  • Beware of fake sellers trying to peddle overpriced houses. Learn how to spot counterfeit sellers before you waste your precious time and money on them.
  • “What’s it worth?” is the most important question to answer when buying a home. Examine sales of comparable homes (a good agent can assist you) to answer this question.
  • There are no absolutes in real estate negotiation. Smart buyers realize that there are times to make a low-ball offer and times to make your first offer the highest offer you can afford. And remember that everything is negotiable.
  • If the deal you’re getting on a home, mortgage, or any other aspect of a home purchase seems too good to be true, it probably is. Find out why the home or mortgage is so cheap or suffer the consequences later.
  • Never buy a pig in a poke. Don’t try to save money by skipping inspections. Have the home thoroughly inspected before you buy it. If in doubt, reinspect.
  • Buy the most comprehensive homeowners insurance policy you can. Make sure that you have coverage for catastrophic risks, such as earthquakes or floods, that may occur in your area. This is one of our specialties, contact us for more information.
  • Don’t let unexpected closing costs sabotage you. Ensure that you have enough cash to buy the home by estimating in advance all the costs you must pay at the time of closing, including moving expenses, insurance premiums, loan fees, and property taxes. Closing Cost Quote Point Calculator  

Get Started

The truth is your first home is special simply because well… it’s your first home! It may lack this or that and need some improvements but it will be a home run if you follow a few simple guidelines and it will always bring back great memories. Oh, our first home was a grand slam. Yes, we ended up with a fair chunk of property by selecting an older home over a new one. Our property has more than tripled in value since we purchased it and we still love it today! To get started, contact a TitleQuest pro to assist you along the way. Our experienced staff can help make your first time at bat a successful one!

By Lee Brinn ~ TitleQuest

Sources:

Tyson, Eric & Brown, Ray. “HOME BUYING KIT FOR DUMMIES CHEAT SHEET” Home Buying Kit For Dummies, 6th Edition,

https://www.dummies.com/personal-finance/real-estate/home-buying/home-buying-kit-for-dummies-cheat-sheet/ Accessesed 30 July 2018

No Comments Yet.

Leave a comment

You must be Logged in to post a comment.