The process of buying a new home can be an exciting one, but there are many potential pitfalls that home buyers need to avoid. Here's the checklist for first time home buyers in short:
Get preapproved. This is where most first time home buyers make a big mistake. They jump into the purchase without verifying affordability. A home buyer should never assume that he or she will be able to purchase a house at the asking price. A qualified real estate agent will do this for you. He or she notifies the seller so that he or she can give you a better price range.
Determine what your budget is. This is very important because quick property buyers with cash often enter into contracts with sellers who provide some sort of structural warranty or insurance protection.
Structural warranties and insurance coverage vary greatly. Buyers need to understand the total cost to repair or replace the home, as well as the cost of structural defects or upgrades. When they know this, home buyers can focus on features such as flooring and kitchen cabinets that are important to them, without spending too much money.
Use a real estate agent. A qualified real estate agent can help you in the home buying process by putting you in touch with experts and lenders who can guide you through the buying process. Buyers need to realize that this process is very complicated. They don't want to take on the extra work themselves. A real estate agent can do just that.
Visit open houses. Many sellers have a private buyer in mind when they list their home for sale. If you attend one of these open houses, talk to the sellers to get their contact information and visit there. An agent representing a realtor can also do this, but most agents will let the company that buys homes as is know that you are an open-to-list person who wants to learn all they can about FSBO homes sold in your area.
Join a homeowners' association. If you live in a community with a homeowners' association, it will be easier for you to find houses for sale. Many of these associations offer various programs to help first-time buyers, such as lower down payments, assistance with finances, and more. Not only will this information be useful to you, but you may also find that it makes it easier for you to negotiate a low price on a home that you would otherwise pay full price to buy. You can get more enlightened on this topic by reading here: https://en.wikipedia.org/wiki/Real_estate.