Buying your very first home can be exciting yet overwhelming at the same time.  It can even be a little daunting.  You are going to make the biggest investment of your life.  Therefore, I would like to give first-time homebuyers some tips and advice that can help the process go more smoothly so you won’t feel so overwhelmed.  There are many programs for first-time buyers to choose from that will provide proper financial assistance.

Let’s start with how much you can afford to spend on your new home.  This will depend on various factors, such as your income, your monthly expenses, what you plan to put down on the home,and how much you are qualified to borrow.  Many lenders are now requiring 20% of the final purchase price of the home as a down payment.  However, some programs are still available that only require 5% down.  Try this mortgage calculator to see what you can afford.

Search for a real estate professional who is fully qualified to handle all your needs.  A real estate agent can provide huge amounts of information that will guide you through the buying process, making everything easier on you.  Make sure you tell your real estate agent that you are a first-time homebuyer so they can get you all the perks that go with first-time homebuying.

Make a wish list and begin shopping for your dream home.  It is very important to know what you want in a home before you begin looking for a home or you will be wasting both yours and your Realtors® time.  Some questions to consider: how many bedrooms, how many baths, new or old, one -tory or two, single-family or townhouse, near a school or not, what style of home, in a subdivision or not, private land or with acreage, near public transportation or not, etc.  Things like these are very important to ask yourself before you begin your house-hunt.

Making an offer on your dream home.  Now that you’ve found your dream home, it’s time to make an offer.  However, you should first get familiar with some terms used on a sales contract.  Your agent will be able to explain everything to you.   And work with your agent on negotiating a lower price.

Getting the home inspected.  It is very important to get the home inspected before moving in.  You don’t want to buy a home that is termite or mold-infested.  An inspection will tell you the condition of the property and let you know of any major defaults.  This will help you avoid buying a home that is in major need of repairs.

Getting home insurance.  All mortgage lenders will require you to have homeowners insurance before closing.  Be sure to have a copy of your policy when you come to closing.  Shop around for the best deals possible.  You will come across a wide range of prices when getting quotes, so use your best judgment in this area.

Good luck to all you first-time homebuyers.  I hope this advice will help you along your journey.

Realtor® Liz Miller  ~ Lake Havasu City Real Estate

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