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Tips for Your First Time Homebuyer

by Naomi Walker 2 years ago in house
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Things you should know before you buy!

Buying a home can be very scary. What do I need to know? Who do I need to ask? How do I avoid getting scammed? There are so many questions that make the process incredibly tantalizing.

As a licensed (active) realtor and a new construction Sales Rep at a well known builder, I'm here to offer you some tips on how to make sure you walk away with the best home, at the best price, possible!

First: You will have to decide if you are truly seeking new construction vs. resale. New construction is going to be a home that has been built within the last year, and no-one has ever owned it before.

Personally, I prefer new construction for your forever home. If you plan to be in a home for 30 years, you don't want a home that has already lost structural integrity over the last 50 years. You want something that is going to cause you minimal problems and walking into a resale can be the opposite of that. I've heard someone say, "why buy someone else's problems?" and I genuinely think that is a great point!

However, I do believe that resale can be a major benefit as well. A resale home is a home that someone has already owned and is now being sold by the new owner. In my situation, I didn't want to spend more than $250,000 on a home. I could afford more but I had recently sold a 2,200 sq. ft. home that was $400,000 and didn't want to add that type of mortgage again so i lowered my price point. The only real issue with that, was I was housing myself, my wife, my sister, her wife, their 17 year old, 6 ft. 3 inch. son, who is autistic so thinks more like a 7 year old, and our combined 3 dogs and 2 cats. So, as you could imagine, a 1,900 sq. ft. home wouldn't be too much fun for the 5 of us and our pets. We needed something bigger. We found a resale tha was 5,000+ sq. ft. for $250,000 and we snatched it up! But the home is 60+ years old and we expect to have 60+ problems. The main point is that it's not my wife or mine's forever home. We will live with everyone until they get their lives together and then we will find our forever home.

Second: Is a realtor necessary? Well, that really depends on which direction you're going. If you're going new construction, not really. You can use companies like Cash Back Realty to get money back at closing without one. A builder is going to pay a realtor regardless and this way, you can get the funds for additional closing costs, or pre-paid items. Having a realtor is never really going to help you, and not having one is never really going to hurt you. With new construction it's truly half a dozen one - six the other!

Resale is a different game.... with resale, you'll almost ALWAYS need a realtor unless you personally know the seller. Realtors use a system called Multiple Listing Service or MLS. They have access to every detail of every listing within their areas of expertise. They can reach out to other realtors, keep you on track and help you locate the home you're looking for.

However, it's important to find a realtor who is TRULY looking out for you. A realtor who wants to know your needs and family dynamic, otherwise, how can they truly help you find the home you're looking for? I have had experiences with realtors who simply were trying to get paid and they will run you around to the highest paying locations and just show you those homes. I finally figured it out after a wasted week of home searching and quickly fired those realtors. I've also had a couple experiences with realtors who asked about my family, cared about my situation and suggested homes that ultimately were purchased. That is the type of realtor you want!

Third: Don't Waste Time! If you love the home, BUY IT! One of the most heartbreaking experiences to have to have as a sales rep or real estate agent is to have to tell someone, who was really excited about buying something, that the item is gone. With ANY home, you are always at risk of missing out. Real Estate is ever moving and changing and things that could be there one minute would be gone the next. There are so many different moving parts in real estate so it's really important to buy it if you feel strong about it. You can always change your mind, within 3 days of the purchase.

I hope you've learned something! Let me know if you'd like me to share more. :)

-Naomi

house

About the author

Naomi Walker

Naomi is an active real estate agent as well as a new home construction sales and marketing representative. She has spent almost 5 years studying and learning about the housing market and is one of the top agents in her company!

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