It can be really difficult when buying a home for the first time. After all, you probably don’t know what to do and how to choose a house. Millions of people around the world have all gone through this process and were able to come out with a home no matter how difficult buying a house for the first time can be. To make things easier for you, here are some steps you should follow so that house-buying for the first time won’t be as difficult as it is:
Go find an agent
Some of you may think that hiring an agent is just a waste of money. But it’s actually important if you don’t know what to do when buying a house for the first time. The purpose of the agent is to help you save time. Instead of spending time looking for houses yourself, the agent will do it for you. He/she can give you listings that fit what you want in a house. More importantly, you won’t be wasting your time and energy as the agent will do everything for you. All you need to do is to simply pay them their service fee (commission) when everything is finished. An agent can also give you good advice on if the house is overpriced or if it’s at a good location.
Tour the houses
To make sure it will be easier on your part and less emotionally draining, pick and tour a maximum of only seven houses at a time. Anything more than that can make the choosing process difficult and confusing.
Go to your bank and secure a loan
If you don’t have the cash in hand, go to your bank and get a loan pre-approved in advance before buying a house. This helps you set a budget for your house. This is also important because sellers want an assurance from their buyers that they will be able to secure a loan from the bank before they begin negotiations.
Negotiate with the seller
Never try to compare the selling price of a house with the other houses you went to. This is because sellers have the freedom to choose the selling price. They can simply ask you for the price they want. Instead, try negotiating the price of the house by comparing its price to comparable sales (which are similar houses that are in the same condition and location as the one you are trying to buy). However, you may need to pay more for that house if multiple buyers are bidding on it.
Inspect the house
Some people make home inspections a must before a contract of sale can be completed. And if the seller fails in letting the buyer inspect the house, the buyer has the right to cancel the sale. It’s always better to inspect the house before buying it. You don’t want to buy a house without knowing that the wiring was faulty or that the foundations are poorly made. If there are repairs that you believe are needed to be done, or if you notice that a bedroom is very close to the laundry room making it difficult to sleep when the washing machine is on then you could request some simple soundproofing work is done first (have a look at soundproofpanda.com for some ideas). Asking the seller to deal with problems in the house instead of canceling the contract is reasonable practice and most sellers will happily fix issues to avoid leaving the negotiation table empty-handed.