Home Buying Tips for First Timers

Buying a house may be a bit stressful. The Winthrop first time home buyer tips below may make it less confusing. Real estate is a major financial investment and home buyers should enter with some introductory information.

Preliminary Steps

Request a Pre-approval Letter

Interview a local lender and ask for a pre-approval. Note that banks may provide varying programs than other lenders. Review the options and closing costs to identify the best option. This will familiarize you with the potential up-front and monthly expenses of real estate ownership. This also helps determine your maximum purchase price.

Getting Help from a Real Estate Professional

Find a real estate broker to assist you through the property purchase process. Pick someone that best fits your needs. Knowledgeable brokers will help identify properties, submit contracts, and ensure a smooth transaction. This expertise is particularly important to first time buyers.

Buying a house or condo without help from a professional can be a nightmare. Hiring a real estate agent to help you buy your home will make life much easier.

Buying Process Information

Seeing Listings for Sale

Only visit real estate that fit your budget. This prevents the disappointment of wanting real estate that you cannot afford. Visiting listings will take extensive time, so sticking to your budget will also save valuable time.

Contracts

Real estate professionals can offer guidance on contracts and negotiating them, but they do not provide legal advice. If you need a legal opinion, ask about hiring a real estate attorney to explain terminology and add any necessary terms. Do not sign any paperwork that you do not completely understand.

Home Inspections

Inspections are not intended for discussing price changes as they sometimes do not find any issues at all. Also stay away from negotiating obvious problems. Such strategies often fail and lead you to lose the money spent on the inspection. In cases where issues are found, homeowners can agree to address issues, compensate you for them, or do nothing at all. Maintaining a good relationship with the seller will facilitate any needed negotiations.

Walk-Thru Prior to Closing

Shortly before the closing, you may have the ability to view the home one last time. It is a good idea to make this after the sellers have removed their belongings. Resolve any issues before finalizing closing paperwork as there are few options afterwards.

Closing and Settlement

Closing is a crazy process. You will need legal identification for the closing. Any money owed must be certified. Also bring a personal check in case there are any final corrections.

Once the settlement documents are put on record, the home will be yours!

Additional Winthrop First Time Home Buyer Tips

The property buying process will be less intimidating with some advanced understanding. For details beyond what is included in this Winthrop first time home buyer tips, contact Jared Swanson at the Mass Home Team by calling 617-207-8060 or by emailing jared@swansonhometeam.com.