Advice for Couples Buying Their First Home
Purchasing your first home can be exhilarating and overwhelming at the same time. This is one of the largest investments you will likely ever make, so planning ahead is essential for smooth sailing in the real estate market. As a Realtor and a 7 time home buyer, below is some advice for couples buying their first home:
*Start with the end and work your way backwards.
Too often the excitement of buying your first home can cloud your usual, rational judgment. Before you even begin your search, make a wish list of your needs in a home and create a budget. Only you know your comfort level when it comes to finances. Purchasing your first home will not be a pleasant experience if you over-extend yourself and become what is known as "house poor."
*Select a Realtor.
Sure, real estate agents are a dime a dozen, but they are not all created equal. The best way to chose representation is to ask family, friends, and co-workers for referrals. But, you need to go a step further. Be sure to interview several agents before you pick your partner for your real estate journey. Although Uncle Bob may have had a fantastic experience with his Realtor, you may find your personality and expectations differ.
*Consult a mortgage professional.
It is always wise to obtain a pre-qualification letter from a mortgage lender before you begin your home search. Many of us have champagne taste and a beer budget, so setting expectations from the beginning will ward off heartbreak. Keep in mind your budget. Oftentimes your pre-qualification letter will be for an amount more than what you had originally felt comfortable spending. Remember this: just because you can doesn't mean you should.
No matter what your budget, no home will be perfect. Prioritize your needs versus wants so you will be able to make swift judgment calls. Location is of the utmost importance as that can not be changed. Next, consider the structure as additions may not be permissible by the county or not within your budget. Then consider cosmetic items. If the home of your choice has a great location and structure but is lacking your wish list item of granite countertops, keep in mind that can be changed over time.
Take the time to really enjoy living out your very own version of House Hunters! If you are comfortable with your budget, chose a knowledgeable Realtor, and have prepared to make some compromises, buying your first home will be one of the most exciting rides of your life!
Shannon Milligan is a Realtor assisting home buyers and sellers in the Richmond VA Metro area. For more information, please visit the RVA Home Team
with eXp Realty.
Originally published at: http://activerain.com/blogsview/4342731/advice-for-couples-buying-their-first-home-