If you are a first time homebuyer and you are anxious to buy your first piece of real estate, it's important to take things slow and make the best decisions. You don't want to rush into anything, and you don't want to overpay because you're eager. A real estate agent can help you find the right house at the right price.
Once you have found a few potential houses that you like, it's time to find out as much as you can about the properties. Consider the following recommendations.
Ask to See Three Sold Comparable Properties
Ask to see the sales of three comparable houses in the area to see what the final sale price was. This means you can see what you should offer, and if the property is overpriced. Differences in the properties will reflect the price, and your real estate agent can help you come up with the best offer to get the property that you want.
Walk Through More Than Once
The first time you walk through a house you're trying to take everything in, and it can be difficult to see potential flaws and things that you may not care for. After the first appointment, if you decide to see the house again make sure that you have plenty of time. Take the time to look in closets, imagine where your furniture will go and more.
Drive around the property to see the surrounding neighborhoods, so you can see what's around the house beyond what you saw on the way you came in.
Choose the Right Lender
Paying too much for the house and choosing the first lender that approves you can be a common regret for many homeowners. Make sure that you take the time to shop around and compare mortgage rates, along with down payment requirements and more. Just because you use a bank for daily finances, or because the real estate company recommends a lender, doesn't mean it's the best fit for you.
Getting pre-approved before you start looking to buy real estate is a great way to make sure that you're shopping in the right market, and that you are being practical about what you can spend on the home. Get pre-approved by a few different mortgage companies, and then find a realtor that is familiar with properties in your budget, and who is ready to start sending you the listings that you can potentially buy.