Tips for Buying your First Home
First, hire a Realtor to represent you. If your Realtor is representing the seller, his fiduciary duty is to the seller, not to you. If you hire a buyers’ agent, the buyers’ agent has a fiduciary duty to you, not to the seller. This means the agent is looking out for your best interest, not the sellers’ best interest. This could save you big bucks in a negotiation.
Second, before you even start looking for a home, find a bank or mortgage company you are comfortable with, and get pre-approved for a loan. Being pre-approved gives your offer added weight if a seller is entertaining more than one offer.
Third, when you have your pre-approval, and have selected a buyers’ agent (Realtor) to represent you, shop for that home, but have some fun with it. This may sound off-subject, but I have worked with buyers who put so much pressure on themselves to purchase that perfect home, they did not enjoy looking for their home. Also remember, no one ever finds the perfect home. Usually during the purchasing decision, you will make some compromises from your original wish list.
Fourth, when you find the home, and have a contract on your new home, don’t forget to give your home a physical exam. Hire a home inspector to inspect the home during your inspection period. Home inspectors can also do a check for radon gas, arrange a termite inspection, and other services. Your buyer’s agent can give you some names of licensed home inspectors.
Lastly, move into your first home, invite some friends, and celebrate being a new home owner.