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      New Home Buyer's To Do List:

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      Buying a home is accomplished with a few well thought out steps. Most new home buyers start thinking about purchasing a home of their own when they realize they plan to be settled into a particular town or area, because of jobs, schools, or family. Approximately 95% of new homebuyers start the search for their new home online. This allows them to zero in on a few neighborhoods and a style of home that interests them. New home buyers frequently make the mistake of looking for a home before they get their financing in order!

      You wouldnt go shopping for a car without knowing your budget same goes for a home!

      new homebuyer photo

      Follow these few steps:
      1. Putting down roots. Decide whether or not you are going to live in one area and one house for at least 7 years. On average it takes at least 7 years to reach a break-even point in buying and selling a home that was purchased at fair market value. If you think you may move sooner than 7 years it may be wiser to rent.
      2. Money, money, money. How much money can we afford to spend on a home? Many first homebuyers put the cart before the horse and start looking at houses beforetheypre pre-qualified for a loan. Check with your local lender. This process costs nothing * and will allow you to get a real picture of the budget you have to spend on a home.

      Caution: do not rely on just an online mortgage calculator, these do not provide an accurate picture of your finances. An experienced loan officer can give you a snap shot of your buying power and you will know how much house you can afford.

      *Note: Banks all have different lending institutions that they use, some even loan their own money, so shop around for the best terms on your loan. Also mortgage bankers are an option; they have many more lenders to choose from and often can offer the most competitive terms. Neither of these institutions are paid until you close, so there are no up-front costs to you.

      1. Realtor or no realtor; that is the question? Realtors are trained professionals who are educated in the art of buying and selling real estate. They also study and know the market in the areas that you are interested in buying in. They too do not get paid until they close your sale. Competent, experienced Realtors are able to guide you through the process of buying your first home. They help locate a home to buy, using the criteria youve established. Based on factual data of the local market, they work with you to negotiate a selling price. Relators sign an oath to work for you; most will have you sign a Buyers Representation agreement, which establishes their duties to you as their buyer client.
      1. Eureka! Weve found it! Finding your new home can be exhilarating and fun, but also exhausting! Each time you view a home let your Realtor know what you do and do not like about the home, this will help your Realtor narrow the search. On average, new homebuyers view 12 homes before they purchase. Once you have found the home that suits your needs, let your Realtor guide you through the negotiating process. In the end this should be a win-win, for both you the buyer and the seller.

      Written by Deborah Johnson, Assoc. broker C21 Baribeau Agency

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