Whenever there is a question on my mind, I like to read articles but REALLY like to go to experts directly and ask them their opinions. In getting ready to purchase a home, I wanted to know what real estate agents, investors, mortgage agents, and anyone involved with buying and selling houses thought first time home buyers should know.
I reached out to Real Estate Investor,who had some great advice:
There are several questions a first time home buyer should know before they start shopping for their first home:
- What style home do they want (ranch, colonial, Tudor, etc)
- How much is their budget
- Where do they want to live
- Type of financing are they using
- Amount of rehab/repairs they’re willing to do to their home?
If that seems like too long of a checklist for you, the first place to start is
“where do my/our finances sit?”
Asking this question will prepare the buyer knowing what they can and can’t afford so they don’t look at a 500k home when their budget only allows for a 250k home. Finances are the cornerstone of the home buying process.
Once the finances are secure you can focus on type of house, neighborhood, and amount of rehab/repairs they’re willing to take on.
I agree with everything that Chad said. It is important to know what you can afford so you do not waste time or get your hopes up for no reason! It is also important to plan for how long you want to stay at the house, if there are going to be kids or parents living there at any point, and a million other factors!
As always, I encourage everyone to consult as many professionals as possible before making any major decision or purchase. I will continue to try to get the opinions on hot topics from professionals for you though. If you have any topics you want to know more about or anyone you want me to interview, let me know!