10 Expert Tips For Home Buyers

Buying your first home can be an amazing experience. Even buying your second or third can be just as rewarding. So whether this is your first or third time purchasing a home, it is never too late to understand how to maximize the process in the best way possible. Below are ten first time home buyer tips I have put together to help you through the home buying process.

1. Budget your money

Buying a home is a big purchase when you think about all of the other things you may buy in your life. Because of this, you want to make sure you are doing everything correctly before you decide to make an offer on a home. What this ultimately means is budgeting your money by putting some away, minimizing your spending, and saving enough, so when it does come to closing a house, you have the funds to do so. Aside from having the money for the down payment, you want to make sure you have the funds covered for the preliminary pieces beforehand. This can include hiring an inspector and appraiser and later dealing with the cost of moving, etc. I understand that something like this may feel daunting, but if you plan it out correctly, it will work out smoothly. You can also look into first time home buyer grants to see if that could help you with your budget.

2. Hire an agent

Hiring an agent is so important, I cannot stress this enough. When you hire a real estate agent, they will make sure to not only work hard to find your dream home but do everything they can to get you the best deal. Real estate agents are trained in being able to find you properties online that work well within your budget if that is feasible. Agents also have access to off-market properties that no one else has access to, making them not available on search engines. Make sure to check out my off-market properties on my website and subscribe to my email list for off-market exclusives. Hiring an agent also means you will save time from having to tour homes and can help you when looking at homes that may be overpriced.

3. Find your perfect home

While an agent can get out there and help in the search for your next home, you must understand what you want. An agent cannot adequately find you home if you don’t give them the type, neighborhood, and price range you hope to see. It may mean scouring the internet for open houses or regular listings to help you get an idea of the kind of home you want. Scheduling out times to go to open houses is also a good idea if you want to know the feel of the house yourself before making any rash decisions. Make sure not to do too many at once, so you don’t get burnt out right away. Finding the home that works for you may not be the easiest, but if you do it right, the reward will show.

4. Understand your monthly allowance

Aside from looking at your first-time buyer down payment, how much home can you afford? Sometimes people can get stuck in the excitement of coming up with enough money to make the down payment on their dream home, but what happens with all of the other expenses that come with it? The main difference between buying and renting a home is that when you rent, you don’t need to worry about the maintenance or upkeep. When owning your own home, you will need to make sure that you will have the funds readily available in case something needs to be fixed or changed on the house. Aside from that, you also need to pay for property tax, insurance, possibly a homeowner association membership, and don’t forget utilities. Make sure to have a clear understanding of these expenses before you buy that specific house.

5. Buy in the winter or summer seasons

Buying during the month with the most intense seasonal weather is vital in understanding how the house works in regards to utilities. As you walk through and view a home, pay attention to how often the air and heat turn on, and how long the home stays at a reasonable temperature. You do this to understand precisely how much utilities you will need to use to keep the house at a satisfactory temperature. You also want to ask the seller if you can see the utility bills for the last few weeks during the winter and summer seasons to see how much it costs to keep your house cold or warm. Understanding this information will help you know how to budget accordingly in the long run.

6. Get a home inspection

When buying a home, never assume that the home you are going to buy is in perfect condition. You want to make sure you have someone come in and check to make sure things are good to go. You will be able to see if any problems weren’t mentioned before, or maybe weren’t noticed by anyone beforehand. Some things to look out for are structural and foundational problems that may cause long term issues. You may also find plumbing issues and leaks that will need fixing before you move in, which may result in a negotiation with the seller. This way you can get a better deal on the home if it means needing to make the repairs yourself, or the current owner may want to fix it before giving it off to you.

7. Check out the neighborhood

Before you move into a home, you want to make sure the area surrounds places you want to be around. Understanding the communities surrounding you is a great way to get the most out of your new home. If you have a family and are looking for a place with parks and easily accessible schools, you will want to inform your agent to make sure you are looking at the right places. If you are single, a student, or looking for a vacation home, you will want to see if there are universities, nightlife, exciting sights, or whatever else you may want to be close to before buying the home. I specialize in the areas of Sunnyvale, San Jose, Santa Clara, Los Gatos, East Palo Alto, and East Menlo Park, so be sure to check out those community pages to learn more about those areas.

8. Think about buying a fixer-upper

If you are looking for a home that you may want to sell later, a house in need of some tender loving care may be something of interest. I will advise that these can be a risky purchase, so be sure to understand how much money you will most likely need to put in, which could end up being a gamble. If you want a home you can live in and fix up, this is also a great option, but remember, you will need to budget accordingly. If the house only requires small things like retiling or repainting, you are more able to work with that, but if it requires more on-hand work like plumbing or repairing the foundation, then make sure to hire professionals to work on those pieces for you. Regardless, you will need a budget you can work with, the time you can put towards it, and an inspection, so you know where you are starting.

9. Identify the resale potential

This idea of resale potential goes hand in hand with buying a fixer-upper. You don’t always need to purchase a house because you want to live in it forever. It is just as typical for someone to buy a home, fix it up, and sell it to someone else. Some things you want to look for when you know you may be re-selling in the future is to understand the structure it is on, the materials it is made out of, and how the layout on the inside looks. The number of bedrooms and bathrooms makes a difference to a home’s value, just as whether or not it is an open or closed floor plan. All of these things are pieces you should be considering when it comes to a potential resale.

10. Quiet down the stress

All of these tasks can seem daunting when it comes to purchasing a new home. It is no question that the act of buying a home can become an anxiety-filled and emotional process. To relieve some of the stress, think about contacting me and scheduling a private consultation. I will be able to help you narrow down your search and find something that fits nicely into your budget. I also have off-market properties available that may be of interest to you. As a top real estate agent in Silicon Valley and its surrounding areas, I have years of experience in getting the best offers and finding the right homes for my clients. Contact me if you are a first time home buyer in California ready to start your home buying process.