First Time Buyer , What’s the First Thing I need to Know?

I’m a first time buyer, what’s the first thing I need to know? Well the first thing is, there’s more than ONE thing.

 

  1. Know what the most important thing in a home is to you. Is it the kitchen? Is it the Yard? Number of bedrooms and bathrooms? Most likely you’ll have to write down four or five things that are really important to you about your first home. At the end of the day though, price is usually the biggest factor. Speak to a lender about your “purchasing power”. They can tell you what the maximum amount a bank will loan you for a home (most will want to stay under that number for comfort). By knowing your purchase power, you can eliminate some heartache by not falling in love with a home that is out of reach for your income.

  2. GET SOME HELP. I bought my first home without help. It was because of this fact that I found out about the railroad track five hundred feet from my bedroom window at 3:00am one morning two days after closing on the home. Actually, I did have a Realtor for that purchase, it just wasn’t a very good Realtor. I had no idea what questions to ask my agent and my agent didn’t rock the boat by pointing out anything that might slow down the closing. She got paid and I got a very nice home… five hundred feet from a railroad track.

 

Assuming you heeded the lesson learned from #2, ask your agent (The Bocook Team) questions. Ask all you want, for real, there are no stupid questions. We’re pretty good at counseling our first time Buyers and when we’re finished, people almost always still have great questions after our consultations. It’s all part of the process, by asking questions we find out what points we as agents are good at relaying and not so good at relaying.

 

Those are the biggest two things you can do to make your home search a good one.

Here’s a list of points you can ask us to get you started with the questions:

  • Sale prices of comparable homes

  • What are closing costs?

  • What are pre-paids?

  • What’s a home inspection?

  • What’s a home warranty?

  • Is this a good school district?

  • How far is the mall?

Yes, how far is the mall? You WILL be nervous, and you might wonder why we aren’t! The fact is we are very good with first time buyers because we don’t take the little things for granted. We use personable local lenders who are good with first time buyers as well as inspectors and attorneys who understand this is your first home and you’ll not know what to expect. We understand that as first time buyers, you’ll need to know more than one “most important” thing!

 

Mark Douglas, Lead Agent

The Randy Bocook Team

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