Buying your first home is both exciting and a little intimidating. The thought of your very own place is thrilling. You can already imagine exactly how you will decorate from choosing the perfect paint colors, to selecting the furnishings that truly match your style.
On the other hand, it can be a little scary. Once you've found your dream home, you are faced with trying to understand everything that goes along with the arduous process. Negotiating a price, getting through inspections, securing financing, working with your attorney regarding title work, closing statements and finally getting to the closing table can be downright exhausting. Luckily, there are professionals that can help you each step of the way. Your real estate agent or broker is a valuable resource and can connect you with reputable professionals for each task at hand. There may certainly be bumps along the road, but that's OK. With a little patience and some good old fashion perserverance, you will be a proud homeowner before you know it!
But of course, before negotiations can get underway, you have to choose your new dream home. Currently in this market there is an abundance of inventory. You can spend days, weeks and months looking at properties in just one area alone, never mind if you have two or three other locations that might interest you. It can become very overwhelming and you could end up in a massive state of confusion. Like Mom always said, a little preparedness will go a long way. Taking some time before you start looking at properties, and putting together a simple plan of attack will save you time and sanity in the long run.
The first crucial step is identifying your price range. Talking with a mortgage professional can help determine what you can comfortably afford. Then, determine a few basic features you might be looking for in a home, such as location, number of bedrooms, baths, and lot size. Now you have something you can build from.
During this process, you are going to learn a lot about yourself. In the beginning, you may feel like you only want to look at a Cape Cod style home, but in the end, find that you like the colonial or ranch style much better. You may start out thinking that you want a move-in ready home, but in he end, realize that you don't mind putting in some work to keep the cost down and being able to choose the color of your counter tops, cabinets and floors.
As you view the interior of various properties, you will quickly realize the things that are must haves, and the things you might be willing to compromise. This will continue to help narrow down the search. One of the most important things to remember is that the perfect house does not exist. You very well may have to forgo the finished basement for now, but be able to have that two-car garage you've been dreaming about.
And then, one day, it will happen. You will walk into a house, fall in love, make an offer, and enter the ring. We can save the negotiation process for another day, but regardless of whether your offer is accepted or not, you've learned a ton just going through these first steps. Even if this particular house isn't meant to be, you will be well equipped to continue your journey to find your new home.
As alway, I welcome your feedback and thoughts.
Be well,
Rhonda