Purchasing your first home certainly comes with a great deal of decisions. Many first-time homebuyers end up being swept up in the tumultuous process of home shopping that can very well lead to mistakes. I certainly do not want you to end up having buyer’s remorse after making the biggest purchase in your life to this point. So, if you’re a first-time homebuyer, or if it’s been a long time since you purchased a home, I have some valuable tips to share with you.

Tip #1- Apply For A Mortgage Before Starting Your Search

Did you know that most first-time homebuyers start looking at houses before knowing what their mortgage terms will be? That means a great deal of potential home buyers don’t even know if they will qualify for a mortgage in the first place or how much house they can actually afford. The bottom line is that you need to be prepared and know your budget, otherwise you may fall in love with a home you cannot afford.

It’s also a smart idea to be preapproved for a mortgage before staring your home search because it is an incredibly competitive market these days. Your offer to purchase a particular property must include a pre-approval letter from a reputable lender. This will signify to the seller that you are qualified to make the purchase and you have the ability to close on the sale.

The good news is that mortgage interest rates have been holding steady at historically low levels. The lower the interest rates the better. It means your monthly mortgage payment will be lower and you will have a higher buying potential.

Tip #2- Choose Your Real Estate Agent Wisely

Did you know that a great Realtor® could make the difference of closing on a real estate purchase or losing it to another buyer? When choosing a real estate agent, make sure you choose a local agent who has in-depth knowledge of neighborhoods, new construction projects, schools and community happenings. As a full-time Realtor® in Amesbury, MA I search the MA and NH MLS systems for properties that meet my client’s needs.  A good real estate agent will also have inside information on new homes that are coming soon to the market. Keep in mind that you will depend on this person from the very start of the home buying process until you move in to your new home (and even after!), so this is absolutely not a decision to take lightly.

So how do you go about choosing a great real estate agent? First and foremost, look for a well-established real estate agency in your area that works with a team of full-time agents. Then speak with a few of those real estate agents to see if their personality matches yours. Remember, you will be spending a lot of your free time with your real estate agent during the home buying process so it’s important to choose someone who you can trust.

Tip #3- Choose The Best Type Of House For Your Lifestyle

Did you know that when it comes to purchasing your first home it’s important to weigh the pros and cons of the different styles of properties that are available on the market? For example, a condo or townhouse will typically be more affordable when compared to a single-family home. Often times that affordability factor can make the difference of being able to purchase a home in a more desirable town or area of town. However, when you purchase a condo or townhouse, you’re sharing the walls and outdoor space with your neighbors on either side. That means you will have less privacy. In addition, you will most likely need to pay condo fees should you decide to purchase a condo – this will add to your overall monthly payment. A good Realtor® will explain the ins and outs of all types of properties and help you weigh your options.

Please contact Erica Puorro at Stone Ridge Properties when you’re ready to make the move. I’m here to answer all of your questions and help you each and every step of the way.