Buying your first home can be an exciting but stressful experience. There are so many things to keep track of and consider that many first timers become overwhelmed. From finding the right home, to figuring out what you can afford and understanding all the steps involved, some people give up before they even get started.
We talked with Real Estate Expert Lacee Root on top tips for first time home buyers. She shared some of her tips for first time home buyers to make it an easy and enjoyable experience.
BIM: “Lacee thank you so much for taking the time to provide tips for first time home buyers. The first question is about getting a handle on all the things that first time home buyers must think about and plan for. Where do they start?”
Lacee: “Well I would say the first thing is to get a good Realtor to help you. One who can guide you through the process. It is important to work with someone who has the patience to explain everything and keep you oriented so you know what to do at each junction along the way. Picking an agent that is the right fit for you is the most important first step since they will be an integral part of the process. Buyers should consider whether they feel they have effective communication with their potential agent. If they can communicate with their agent well and the agent takes time to fully explain everything then even if they hit any rough water along the way they will be able to navigate successfully.”
BIM: “That makes perfect sense. After you pick your agent what should the first time home buyer do next?”
Lacee: “I would say getting your documents organized and getting prequalified for a mortgage. Not getting pre-approved early on is a common mistake and one that is easily avoidable. Your agent should be able to help you find a great mortgage company that understands your local market and can help you figure out how much of a mortgage you will qualify for and how much you will need to put down. Once you have that information it will make the home buying process a lot easier.”
BIM: “What else do first time home buyers need to know?”
Lacee: “Well they need to be clear on what they need versus what they want. In other words, just making a list of all the things that they want in a house and then deciding what is most important and what they can’t do without. So, when it comes time to make decisions they already have a clear idea of what is essential for the transaction to happen. Also, it’s important not to compromise on the really important things. Buying a house without one of your must have items will just be frustrating later. If you have written down your must haves then you can avoid compromising on things that are a really important in the heat of the moment.”
BIM: “What’s one of the most common mistakes you think first time home buyers make?”
Lacee: “A very common one I see is relying too much on online information. This happens a in a couple of ways. One is not getting pre-qualified by a lender and just relying on online tools or information that tells you how much you should qualify for. For example they might look at their credit score on a tool online and then see an article that says certain credit scores can qualify for a specific loan size range and they might think that is what they can expect. That’s a helpful guideline but if they are serious they need to really get pre-approved for a loan. Otherwise that lack of real knowledge about what they are approved for can backfire at a crucial point in the home buying process. Another example is if they are not working with a Realtor and they are just using online tools then there is a good chance they are not seeing some of the newest and hottest homes on the market. The ones that are just hitting the market. Also, there are listings that never even make it online in some cases and without an agent working for them they would never know about those. One more way is that pricing can be off on properties on online tools. So, all those tools are great but when you are ready to actually start the buying process then it is important to talk to experts and get the information that they have access to in order to have the best buying experience.”
BIM: “Great information. How can people learn more about you and The Mayo Home Team?”
Lacee: The best way is our website at www.islandhomes4sale.com