First Time Homebuyers, Follow These Tips

firsttime home buyers
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Are you ready to make the leap from renter to first time homebuyer? Now that you’ve made the decision, what’s next? Finding your dream home from the available homes for sale in Tampa can be tricky, especially if you’ve never gone through the process before. But, don’t let the stress and excitement of buying a home cloud your judgment. To make the right decision, make sure you follow these tips:

Talk to a lender first.

Before you even call an agent to start searching for a home, visit different lenders in the area and get pre-approved for a loan. This should be done first so you know exactly what your budget is and don’t waste time looking at homes you will never be able to afford. Be sure to shop around and talk to different lenders before making a decision so you know you are getting the best deal possible.

Make a list of demands.

Once you know how much you can afford, it’s time to sit down and think about what you are looking for in a home. Make a list of features that you cannot live without, such as three bedrooms, a two car garage, a big backyard, and a pool. Then, make a list of features that you would like in a home, but aren’t necessary. These can include things like an extra room for a home office or energy efficient appliances in the kitchen. Once the list is done, share it with your real estate agent so he or she knows exactly what to look for when searching for your home.

Calculate all your expenses.

First time homebuyers often make the mistake of not calculating additional expenses when they are deciding how much they can afford to spend. To avoid being in an unpleasant and stressful financial situation, don’t make this mistake. Add up how much you will have to pay per month for your utility bills, mortgage, homeowners’ insurance, property tax and HOA fees. Don’t forget to add in other personal expenses such as your car payment, health insurance and grocery tab. Figuring out how much you take in and how much you have to pay towards these expenses every month will give you a better idea of what you should buy.

Do more than one visit.

First time homebuyers (or any homebuyer, for that matter) should never make a decision on the first visit to a home. The excitement of buying a home can be overwhelming and can cause you to overlook certain parts of the home that aren’t so appealing. Make sure you always ask to visit the home for a second time and bring a friend or loved one with you. This person will help you see the home for what it really is instead of looking at it through a pair of rose colored glasses.

For more advice on real estate matters, talk to the pros. Contact our team of real estate experts at Coast 2 Coast Realty who have years of experience working with both buyers and sellers in the Tampa area.