You’ve made a wish list of what are looking for in your first home and you have an idea of how much you can spend. Now what?
- Have a Buyer’s Broker – Realtors “work” for the seller in a real estate transaction, that is who pays their commission after all. You can easily have a broker work for you – it is a simple step – and it is worth doing to ensure the broker represents your interest. Share your wish list with the broker and start looking at houses.
- When you look at houses take a notepad and make notes on each house as you go through it. Trust me, once you have looked at 4 in a day you won’t remember which house had which features.
- Remember that wish list? Well, you probably won’t find one house with everything you wished for. Be prepared to make trade-offs to get the house that best meets your criteria.
- Once you have a home under Purchase & Sale get it inspected by a licensed Home Inspector. It is best to attend the inspection as you will learn a great deal about the house you are looking to purchase. If the inspection finds that costly repairs will be necessary you can renegotiate the price or walk away. Whatever you do, do not ignore the inspection report.
- Have some money in the bank after the closing. Even if you don’t encounter unexpected repairs to the house you will find getting settled in your first house expensive. For instance, do you have a lawnmower, a snow blower, yard tools, or enough furniture for the house? Those things all add up and do so quickly.
If you follow these simple steps you improve your chances of having a smooth transition into home ownership. And be sure to check out Biddeford Savings’ website for our three-part First Time Homebuyer videos to help you on your path to homeownership! Good luck!