Preparing to buy your First Home
I love getting that call;
“I want to buy my first home!”
It is usually quickly followed by “but I have no idea where to start or if I even can!”
You are not alone. It is one of the most common real estate conversations I have.
The idea of buying a first home is exciting but daunting!
Buying a home is a big undertaking at any point in our lives, but never more so than buying your first home. And when you think about it, it is no surprise! A home is usually the most significant investment we make in our lives.
The financial responsibility you are claiming to take on is not all! The economic adjustment, combined with household responsibilities and maintenance, is incomparable to renting or living at home. Regardless of the utilities or chores, you may have previously had, nothing is the same as being a first-time homebuyer. It’s a big deal.
It is exciting but can be challenging and stressful when a first home dream becomes a scheme. So my best advice to help keep the adrenaline and exhilaration high and the stress points low is to prepare for the process. Here’s how.
Seek out mortgage pre-approval
Knowledge is power! Obtaining pre-approval is reassuring and helpful in the process, especially during the seller’s market when things in real estate are hopping! It is simple! Finding a bank or mortgage broker to help you safely establish what you can buy while guaranteeing that amount and interest rate is great peace of mind and clarity for a length of time. Then, you can go head-on into house hunting with clearer, realistic direction and assurances, especially when deciding to make an offer. Along with being prepared, it saves the huge potential disappointment of hope lost when you find a home that you either cannot afford, or you lose to the financing process to other bidders who have obtained mortgage pre-approval in place.
Write down the “Must have’s”
You can save yourself and your trusted Realtor® working for you if you have a precise list in your mind of what is really important to you, compared to the things you would deem “nice to have.” If you are purchasing as a couple, puzzling through the conversation of the priorities you each have for your home is such a critical pre-house-hunting exercise. Use that document to guide your search. It will help you create sensible decisions and stick to the essential things you want to have. You won’t stumble if you stick to your must-have list. Even if that walk-in pantry is to die for, make sure your must-haves are achieved, and you still may end up with that lovely pantry!
Align a trusted tribe to support you
If you are feeling ready to embark on such a significant investment, such as buying your first home, you want some trusted help on the way. While you don’t want too many confidants throwing their advice and tips at you, a few supporters should walk your house-hunting journey with you. Start with a Realtor® you trust. You want a real estate expert who aligns with your goals, listens to your needs and genuinely cares for your best interests. Make sure you also trust they will tenaciously advocate for you in the process. An experienced Realtor® will help you with the other aspects of buying you may need, including recommending a lawyer, a reliable mortgage broker to get you a pre-approval, house inspectors and maintenance trades. Once you have chosen your expert to work with you, create your confidential circle of trust to support your decision-making. A couple of experienced homeowners or loyal family members or friends can provide the emotional support needed during the process. Finding your tribe of support with one of the most significant decisions of your life is a must.
Your first home-buying journey is a marker event in your life and will never be forgotten. It is the first roots you will make. If you are ready to enter the world of homeownership, you have been planning, dreaming and saving your money for a long time! So embrace it and do what is necessary to make it a positive experience.
The market is finally shifting from the fast paced Sellers market we saw for the past two years, so it is a great time to consider getting into the market. However, multiple offers are not completely out of the question just yet, and can make buying a home a rollercoaster of emotions. You may need to have no conditions, so be as prepared as possible to be the fortunate buyer when you find the home you want! If you have questions about navigating the current market as a first-time home buyer, I would love to chat!