8 Tips to Help your Chances for Buying your First Home
Posted by Bill Knoll at Jan. 13, 2018
- To buy your first home, you will want to Work with a Good Realtor. You will want a seasoned professional with extensive experience and good industry relationships that can help find you homes that may not be listed yet or get your search timely.
- To buy your first home, you will want to get preapproval. This is important! It will show the seller that you are serious and can afford their home. Also you don't want to fall in love with your dream home and then find out that you can't qualify.
- To buy your first home, you might want to consider a home that needs some work. There are some loans that will loans are guaranteed by the FHA, which means lenders take less risk when offering this loan. As a result, it's easier to get approved (especially with a lower interest rate). The loan will not only be for the home purchase but also to do the improvements.
- To buy your first home, look just beyond your favorite neighborhood. For example, I have gotten folks into an 1800 square foot, three bedroom home just a few miles fromt he beach for less than 200k. You can get a whole lot more home for less money if you don't mind a few minutes drive to the beach or wherever your dream destiination might be.
- To buy your first home, have your Realtor find you some new neighborhoods that are just transitioning. Get in on the ground level.
- To buy your first home, consider changing your budget. For example if your approval is for 170k and you have had no luck looking at 159k homes, try searching for some homes that are just under your threshold. $20,000 price point increase may open a whole other realm of homes for sale.
- To buy your first home, try talking to locals and landlords. They may offer information about homes that aren't even on the market yet.
- To buy your first home, always be open to other alternatives. Your Realtor can show you other options such as rent to own, investment properties and how he/she will negotiate for you. I have taken a few extra courses above and beyond what it takes to obtain my Realtor's license. One of those is my Certified Negotiation Expert Designation. That has taught me how to get my buyers the best deal options.