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What to Know as a First Time Home Buyer

Monday, February 20th, 2017 at 12:27am Engel & Völkers Sun Valley

Are you ready to make the jump from renting to owning? Congrats! While there is definitely excitement in the air, it can also be a bit of a stressful time. In order to make this process as smooth as possible, it is good to arm yourself with a few facts ahead of starting the home search.

  1. Determine your budget: While this may seem self explanatory, going the extra step of calculating your estimated mortgage payment and understanding your down payment can make a huge difference. Plus, you will want to take in mind any costs you may incur such as moving, purchasing appliances or furnishing your new home. Also remember that while online calculators can give you a ballpark estimate, meeting with a lender is always a safer bet and can earn you that helpful pre-approval letter for negotiations.
  2. Pick a great buyer’s agent: Not all real estate agents are created equal. It is important to do some research and find an agent that has the patience to take on a new home buyer. As a new home buyer you will probably have a lot of questions and you need to feel comfortable asking them as they come up. Some agents prefer to handle the marketing side of a listing rather than working with new home buyers
  3. Do your due diligence: Once you have found your dream home and your offer has been accepted, don’t get too excited! Be sure you have contingencies in your contract so you can do thorough inspections so you know what you are getting into. Remember that maintenance costs can really add up so if you aren’t prepared, owning a home could quickly become quite daunting.
  4. Consider a home warranty: Whether you build it into your purchase and sale agreement or purchase one on your own, a home warranty can help alleviate the unknowns of owning a house for the first time. Even with thorough inspections, things can break in your first year of ownership. Whether your ice maker goes out or a pipe springs a leak, a home warranty can help mitigate unexpected costs and provide a sense of calm when venturing into homeownership.

Whether you are buying a home for the first time or looking to find a second place for a weekend getaway, Engel & Voelkers Sun Valley can provide you with the service you need to make such a big decision. Our Sun Valley real estate advisors can you guide you through the process and help you find the perfect property. Give us a call today and start your home search with the help of a Sun Valley real estate agent.

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