Tips For First Time Home Buyers

The home buying experience can seem overwhelming for first time home buyers. If you are a first time home buyer following these tips can help make the home buying process a much simpler and smoother process for you.

1. Get prequalified to buy a home: This is an important first step to make. Contact a local Mortgage Bank/Broker and see how large a purchase loan you may qualify for. Your lender can estimate the monthly mortgage payment for various home purchase prices. Figuring out your preferred buying range before you start searching for homes helps you save time by  pinpointing your search.
2. Make use of an experienced Realtor: A Buyer's Realtor can really help you in the home buying process. An experienced Buyer's Realtor will help you find a home that you will like, help you make a fair offer on a home, help you with the purchase contract, offer valuable information about the home buying process. A Buyer's Realtor is paid through the seller's Realtor cost not by you.
3. Take your time but don't be afraid to pull the trigger: In your home search you will most likely look at multiple homes. Everyone is looking for that home that they fall in love with.  In a market when buyer's outnumber the sellers you may find yourself in a multiple bid situation. In a seller's market homebuyer's must put in an attractive offer if they are to have any chance of getting the offer accepted over the others. In a buyer's market homebuyer's have the advantage and can often get a better deal on the purchase. In any case, if you are serious about buying a home now, especially in a buyer's market, you must not be afraid to make the offer.
4. Research the neighborhood's you are considering buying in: Find out about the school systems, crime, property taxes, location to stores. Don't be afraid to knock on a neighbors door and ask them their opinion on the neighborhood.
5. Get a home inspection: Although a home inspection is generally an option as a home buyer, not getting one is a mistake. Their have been countless homebuyer horror stories about buying a home as is and later finding out that many expensive to fix problems exist. Getting a licensed home inspector to check the house out from top to bottom is worth the cost. Make your purchase of the home contingent upon a favorable home inspection. Any issues found by the inspector can now be reasonably discussed and repairs agreed upon or you can take back your offer.

If you would like our assistance with buying a home in Maryland just give us a call at 443-943-6486. Or email us.