First Time Buyers
First time buyers this page if for you. I will talk about loans, inspections, the general buying process from start to finish, and on the most basic level try to fill in the gaps between what your parents did when they bought their house and the way we buy a house today. While a lot of the process is the same, it has become over complicated because of lawsuits and so on. There is a lot of paperwork to wade through and explain, but at the end of the day the buyer and seller have the same goal and that is reaching settlement. Please bear with me as I add to this page. There is a ton of information that I have already written but a lot that is yet to find it’s way to the page.
Getting Started: Some real estate professionals might suggest that a person look at some homes before getting qualified to buy a home. I am of a different mindset. I believe that a person should meet with a mortgage professional before ever viewing a property. If you’re an HGTV fan you might have seen a show called “Property Virgins” where the Realtor asks the first time buyers what a prospective home might cost. Oftentimes they are way off and this creates a situation of expectation that sometimes can’t be met financially. I want to come out of the gates with realistic expectations. There is also value in knowing what amount of monthly payment will likely land you a suitable home. I say suitable home because what is sufficient isn’t always at the top of your budget. Purchasing a home is a serious purchase that if not well planned can create a person that is “house poor,” meaning they can afford their house but because of the house payment they are limited as far as other activities. In my opinion that is no way to live.
RECAP: Get qualified first then find a home that fits within your financial constraints.
Finding the right Property
Many considerations must be made when searching for your first home. Have kids? Going to? What school district do you prefer your children attend. A real estate agent isn’t allowed to weigh in on the school situation so that research will be the responsibility of the buyer. The best place to find this information is a local school district website.
School districts can play a large roll in a family’s decision. Some prefer large schools for sports while others choose schools based on average test scores.