I am a first time home buyer... What should I buy for my first property?
by Jerome Leyba
on Wednesday, October 21st, 2020 at 9:37pm.
So you want to be a homeowner... Now what?
Time to start the home buying process! So exciting, but it can also be very scary. So, where do we start?
Connect with a local loan lender. This is a key component in preparing for your purchase. As a first-time homebuyer, you need to figure out what payment amounts work for you, how much you are eligible to borrow, and what other types of incentives may be available to help you purchase your first house. In many cases, first time home buyers may be eligible for down payment assistance and other cool options. Your local lender will be tied in with your state incentives that might work for you.
Connect with a local Realtor who specializes in first-time homebuyer purchasing. You will want to do your research on the broker you pick. Read reviews on Google and Zillow and see what they have sold and what past clients are saying about them. A first-time homebuyer broker will understand how to approach your home in a way to help you strategically plan your offer to keep your costs down as much as possible. Things like negotiating closing costs, as opposed to pricing, can be the difference between you keeping your out of pocket costs down, which can always be a challenge when purchasing your first home.
Be flexible. As a first time home buyer, you probably won't get everything you want. So pick features and updates that will work as a compromise to your budget. Be open to new and upcoming neighborhoods. Don't be afraid to take your time and do your research.
We tell first-time homebuyers to treat their first purchase as a home they will be buying for someone else. Statistically, you will stay in your house for 10 years, and your first home will more than likely not be your forever home. So pick features that will help you sell later. In Santa Fe real estate, we focus on kiva fireplaces, vigas (wood beams), tongue and groove ceilings, and other traditional features like that. These choices will help you later to bring a seller and a quick closing!