Your first home purchase is likely to be one of the most important in your life, but it's also likely to be one of the most stressful ordeals you'll ever go through. Part of this stress stems from a lack of familiarity with the process, since the average first time homebuyer isn't a real estate guru. There are a few things you should be aware of, which can help you avoid the stress that comes with being outside your comfort zone during the home buying process.
The Role of Your Realtor
While there's nothing that says you have to deal with a real estate agent when buying a home, first time buyers are encouraged to make use of them. Thankfully, the services offered by real estate agents are paid for by the sale of property. That means they only get paid for their time with you once you've closed a deal on a home, so it's in their best interest to expedite the process for you.
A good real estate agent should be your guide, advocate, and supporter, throughout the entire buying process. Many real estate firms will even help to facilitate financing on a home you find through them, and will direct you to insurance brokers to provide coverage for the home you secure. This is of course in addition to helping you find the right home in an area you like, even if that home isn't listed through their agency.
Critical Buying Steps
While your real estate agent will tell you about these steps and facilitate their completion, it's a good idea to learn all you can about the important stages of home buying. Starting with financing, learn what you can about first time homebuyer loans, special financing options and requirements specific to your state. While federal programs exist as well, banks, states and non-profit entities also offer assistance or special considerations for first time buyers.
Your real estate agent should also schedule a home inspection, but you need to find out just what your state requires an inspector to look for, and what to do with the information provided. In some cases, inspections that find a number of faults or report a specific dollar amount in repairs can be grounds for terminating a purchase contract. Ask your real estate agent to explain these guidelines in detail, and what options you'll have if the report isn't favorable.
There's a lot to be excited about during your first foray into buying a home. However, it's important to not get into such a hurry that you lose sight of critical details. It's okay to put trust in your real estate agent to some degree, but there's no substitute for being well-informed. Contact a company like RE/MAX EXECUTIVES PLUS for more information.