Buying Real Estate For The First Time

Buying a home for the very first time is both exciting and terrifying in spite of its numerous advantages such as value appreciation, tax breaks, and deductible depreciation costs etcetera.

Despite the advantages there are also vulnerabilities and risks that you have to contend with during the acquisition process. You can manage these risks and lessen the stressful process by observing the following guidelines.

Seek the help of a mortgage broker or mortgage specialist to help you determine your budget, secure a pre-approval for your mortgage and to have him assist you in the home acquisition process.

As soon as you have done the above, most especially getting a pre-approval for your mortgage loan, you can then start the process of searching for your dream home. As soon as you have a short list of homes that interest you, get in touch with a real estate agent. Having a buyer’s agent costs you nothing since it is the seller who pays all the fees. But if the owner is selling on his own, then the situation becomes better for you as the price of the home would be lesser than if there was a real estate broker involved.

Make sure that the location of the property meets your needs and specifications.

Make sure you get a disclosure statement from the buyer or the real estate broker.

Do not allow yourself to be pressured by the real estate broker or seller.

Before you ask to view the short-listed properties, conduct your own research to identify any problems or issues that might impact the acquisition and the amount of your offer.

As soon as you have decided on one particular property, visit the neighborhood during night time as well.

Interview the neighbors regarding schools in the district, playgrounds, and other amenities.

Find out the property value taxes in the neighborhood and inquire about neighborhood association fees if any.

With the assistance of a lawyer, make a formal offer, give a deposit and outline all of the conditions and terms of your offer.

Provide the owner a copy of your pre-approval to signify the seriousness of your intent in buying the property.

Request all necessary documentation from the owner including title clearance within a specified number of days so as not to prolong the buying process.

It normally takes 30 to 90 days from the date of offer to complete a home acquisition deal but it is very important that all terms and conditions and guidelines between you and the seller are taken cared of as early as possible.

It is always best to educate yourself when buying real estate and not simply rely on the real estate broker, the owner or somebody else to provide you with the necessary information. This makes the home buying process much more exciting!

Gerald Mason
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