If you’re ready to buy your first real estate, congratulations. However, if you’re not an expert in the industry, there are probably a lot of unknowns. It’s not just seeing a house or a condo and buying it. There’s a whole industry around it for a good reason.
Real estate experts at Neuman & Neuman share some of the most important tips and guidelines for anyone looking to buy real estate. This applies to first timers in particular.
Get Yourself a Good Real Estate Agent
Whether you like it or not, having a reliable and knowledgeable real estate professional on your side is pretty much essential, especially if you’ve never bought real estate before. With the right person in your corner, you can avoid a lot of pitfalls and complications that are typically associated with buying a home.
In order to pick the right real estate agent, you may need to shop around a bit. Don’t latch on to the first person you come across – Google their agencies, look into their online reviews to see how working with them is going to be. After all, it’s your money on the line – take the extra time.
It would be ideal to get a personal recommendation from a trusted person who has used the services of a real estate agent, but if that is not an option, make sure to do your own research online. Check both the good and the bad reviews – this way you can be ready to spot any red flags before you’re in too deep.
Lay Out Your Needs and Wants
If you’ve ever had to make a tough decision, chances are that you had to split your wish list into two broad categories – needs and wants. ‘Needs’ section should represent the things you absolutely need to have in your new home, the absence of which would be a deal breaker. For some people, that would be a balcony or two bathrooms. Whatever it is for you, make sure to note it down.
On the other hand, your ‘wants’ section should represent things that would be nice to have and which you are excited to have, but wouldn’t be an automatic disqualifier. Things in this category are typically amenities such as a fireplace or a skylight.
If you’re buying your first home with a partner, make sure to compare the lists and create a unified list you can present to your real estate agent. They will do their best to find the most suitable homes to show you. Keep in mind that there might be a need for a bit of flexibility in your desires or in your budget, depending on the area where you’re looking and your list and budget. Speaking of which…
Set a Firm and Loose Budgets
People who have bought homes before probably know that not everything goes as smoothly as you might want it to. That’s why budgeting is so important. Most experts will tell you to set a firm budget which you are willing to spend on the house – but also have some money in reserve just in case you need to do some repairs or pay some fees.
Similarly, if you’re looking at a house or a condo at a certain price, it is possible that it is being shown to other people and that they are putting offers higher than yours. In that case, the extra money in your budget can go towards increasing your bid if you’re interested in getting the real estate.
Finally, the most important thing you can do is ask questions to your real estate agent. Anything you can think of when it comes to the property you’re looking – a good real estate agent will gladly tell you about it and probably even volunteer some tips while they’re answering.
Remember, you don’t have to buy a property if you’re not happy with it – you’re in control of your money and your future. If you can’t imagine yourself living there, find a different option.