First-Time Home Buyers
If you are a first-time home buyer, use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home in Greater Charlotte Area.
- Pre-Qualification: Connect with a mortgage broker and find out how much you can afford to pay for a home.
- Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, the seller knows immediately that you are a serious buyer for that property.
- List of Needs & Wants: Make 2 lists, needs and wants. The needs should include items you must have (i.e., the number of bedrooms, a one-story house if accessibility is a factor, etc.). Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
- Representation by a Professional: Consider hiring your own Realtor, one who is working for you, the buyer, not the seller.
- Visit homes with your Realtor: Visualize the house empty & with your decor. Are the rooms laid out to fit your needs? Is there enough light?
- Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really your needs? Are the things you dislike about the home cosmetic or larger projects?
- Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
- Include inspection & mortgage contingencies in your written offer.
- Have the property inspected by a professional inspector.
- Request a second walk-through to take place within 24 hours of closing.
- You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
Don't be overwhelmed. Contact us directly to discuss these matters in further detail.