Secrets for First-time Home Buying 101

Owning a home is the best way to build wealth for you and your family. At a certain point in life, renting turns into a waste of money when you could be spending less per month on a mortgage. A home is also the best long-term investment to have in your portfolio when retirement comes around. So, how can you make the process of buying a home simpler?

Follow these tips and secrets and stay ahead of the housing market racket.

1) First-Time Home Buyers Need to Know Their Contractors

You can and should perform bulk background checks on independent contractors. When you buy a new home and perform even minor renovations, you need to be sure you can trust the people sprucing up your home.

Many electricians, plumbers, carpenters, and more will be coming to your home. It will be overwhelming to keep track of them all.

Performing quick background checks will put your mind at ease that your team is dedicated to the project and trustworthy enough to allow in your personal space.

The renovations to your home should last for years to come. Do not take any risks.

2) A Great Real Estate Agent Should Be on Your Home Buying Process Checklist

Do not just pick the first name in the white pages regarding your real estate agent. This person will be your partner for months until you find your new forever home, so do not take the job lightly.

Feel free to interview several agents and request references until you settle on the one who responds to your wants and needs.

You hold power. Do not be afraid to speak up for yourself and layout your parameters. Make sure you pick an agent who has experience working with first-time homeowners.

Buying a home is a combination of what you want and what is available, so be steadfast in your desires but listen to the advice of an expert.

3) Open Houses Are Your Friend

Open houses are your opportunity to peer directly into your local market and see what is on the table.

Buying a home is all about comparison. Go to open houses that you know are not your best fit to get an idea of the neighborhood. When you find a home you like, you will understand how it compares better or worse to the surrounding houses.

Keep track of the schools in each neighborhood and where zoning changes. Write down the distances to public transportation and major hubs.

Even come back to the neighborhood outside of open house hours to see what is going on when it is not staged for you.

Is the community safe all day, or do you feel uncomfortable at night? Experience these areas from a harsher viewpoint than your dream, so you can be realistic about your expectations of living there.

4) Go For It

It's challenging to catch the optimal time in the market. Anticipating the cyclical housing market is extremely difficult and will delay the inevitable.

The only time to buy a house is when you can afford it, which will be different for everyone.

Start looking yesterday and when a chance comes up that meets all of your requirements — jump at it!

Conclusion — Think Long Term When Buying a Home for the First Time

If renting a home is like dating, buying a home is like getting married. You take on the baggage it comes with, but you can build something bigger and better than you started with care and time.

Be wise in the initial steps of buying a home, and it will save you many a headache down the road once you are moved in and settled.

Can you name any first-time home buyer benefits?