First Time Home Buyer? Here Are Two Main Tips to Simplify Your House Hunt

31 May 2019
 Categories: Real Estate, Blog

Getting the opportunity to purchase your first home presents a world of possibilities for you. One thing you will quickly realise is that finding a property is generally not very challenging. However, finding the perfect property for yourself can prove to be more hectic than you thought it would be. The reason that finally settling on the home of your dreams can be a challenge is that there is a myriad of things that could go wrong. Perhaps you like the home but do not like the neighbourhood. Alternatively, you may have found the house of your dreams but simply cannot afford it. The reality is that all these things can be avoided if you have a plan in place. If you are a first-time homebuyer, there are two main tips to simplifying your hunt for homes for sale.

Tip 1: Set a budget and get pre-approval for your financing

Before you can start looking at houses for sale, it is critical to have a budget in mind. Considering that there is a myriad of properties that are on the market, having a budget helps to whittle down all the options that will not be financially feasible to you. Once you have identified your budget, you should then strive to get pre-approval from your lender. Pre-approval matters because a majority of sellers would prefer to negotiate with an individual that already has been pre-approved to pay for the house, rather than negotiating with someone who may end up not having the money for the property. Therefore, to increase your chances of successfully identifying and purchasing your first home, have both a budget and pre-approved financing.

Tip 2: Have a comprehensive checklist of wants

Another reason why first-time homebuyers go wrong is that they assume that they can live without the things they initially wanted during their househunt. For instance, you may be set on en suite bedrooms but find an almost perfect home that does not have an en suite master bedroom. You may think that settling for that buy will be better than missing out on a home. The reality is that if you do not know what you will not compromise on, it is likely that you could develop buyer's remorse once you buy a house. A few of the non-negotiables that you could list include amenities in the neighbourhood, number of bedrooms, exterior living spaces and so on. Furthermore, if you are buying your first house and you are a parent, you should also look into non-negotiables for your child. For example, to have a backyard or to live on a cul-de-sac with other families present.