Guide to Buying Your First House
When you buy your first home, it’s most likely the biggest and most life-changing financial transaction you will have ever made. The process itself has many important steps that must be followed in sequence, with deadlines for certain processes and the constant chance that things could fall through at the last minute. But, as with most things in life, proper preparation can alleviate many of these concerns. Once you have determined your financial wherewithal for buying a home, ideally with a price range in mind, you can turn your attention to the available properties on the market.
Once you have found homes that you like that are within your price range, you’ll need to get the answers to the following questions:
What is the home’s condition? — Depending on your own abilities, a fixer-upper may be a great bargain; but you always need to consider the cost of crucial big-ticket items such as the roof and foundation.
Is this neighborhood the right fit? –Depending on your needs, you may want to look at the quality of the schools, access to transit, distance from work, upkeep of neighbors’ homes, etc. Also, do homes in this neighborhood hold their values?
How much should I offer? — To determine this, you must look at the offer price, compare it to comparable listings, consider the current climate of the local real estate market, and then decide how much you feel comfortable paying.