Douglas Adams had this correct when the planet was treated as a piece of real estate in the book “The Hitchhiker’s Guide to the Galaxy” and I find it to be wonderful advice when buying property. Though you are not looking to remove a planet to build an intergalactic highway it can sometimes feel that way when buying a home. Here are some easy things to look back on when you start your buying process.
1. “This isn’t your forever home”
I say this to mean that just because you didn’t get everything you wanted this time around doesn’t mean you can’t or won’t get it in the future. You can look at your home as an investment opportunity and plan on selling every five to seven years and/or you can also look at it as your forever home, but just because you buy there doesn’t mean you will die there.
2. “Location, location, location”
When you start looking for a property consider also your location and needs. Central locations have higher resale value, being close to parks, schools, public transportation, nightlife, etc. all make for a desirable place to live. Don’t forget to do a drive by at night, neighborhoods are different at night and what is quiet during the day may not be at night.
3. “I don’t have enough money for a down payment”
If you’ve rented, you’ve owned, you just haven’t reaped the benefits from it. First time buyers programs and the Federal Housing Authority make it easier for buyers, even in competitive markets, to get into their first home with down payment assistance, etc. Don’t count yourself out of the process before you’ve even started.
4. “Where do I find someone to help me that I can trust”
Word of mouth is a great go to for almost everyone, but if your friends have bad luck check out the local Chamber of Commerce for where you are considering moving. The staff will know people who work consistently in the neighborhood and can give you advice. From there google the agent to see what their past deals are and what their reviews say to help find a good fit. Remember that you want to be comfortable with the person and their negotiating style.
5. “Don’t panic, and resend the document”
Once you’ve got your new home under contract remember that just because you sent something once to your mortgage broker, realtor, or lawyer doesn’t mean they have it in front of them when they ask for it again. Just resend the document, it keeps the process moving along.
Buying your first home is an amazing feeling, one that I hope everyone reading this article gets to experience. It also has to be the right thing for you and your circumstances, know your goals and limitations, and remember above all “Don’t Panic”.
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