If you are looking to buy for the first time, then you will probably be feeling rather lost and as if the whole world suddenly speaks another language – real estate agent-ese!
Well, to be fair, the real estate industry does have its own set of jargon and terms, which are bandied around by Realtors and all the other professionals!
But never fear, because as your appointed real estate agent, I will be able to talk you through all the strange terminology and odd words, which may sound rather foreign to you!
Here is my guide to the first things you may want to consider, before buying for the first time.
ARE YOU ACTUALLY BETTER OFF RENTING?
This may seem like kind of an odd thing for a Realtor to be asking, but it is a question that I ask of all my first-time buyers.
Would you be better off staying where you are?
It is something that should be considered carefully, if you are someone in an occupation which means you might frequently travel or move around the country.
If your home is likely to be unoccupied for months at a time, how would you plan on paying the mortgage for example?
Tenants can often be found, but it is not a certainty and there still may be large sections of time in which your property is not earning any rental income.
Have you properly budgeted, not only for the potential cost of the home, but also all the maintenance that you may need to do on it?
Also, if you are entering into a property partnership with girlfriend or boyfriend, think carefully about all the implications this means for your relationship and how things might work out if you ever go your separate ways.
WHAT ARE YOUR FINANCE OPTIONS?
Before you even decide to look to buy, it is as well to check that you would be eligible for a mortgage and this means checking the various types of mortgage out first.
It is possible to be pre-approved for some types of mortgage and is worth doing your homework thoroughly, before even beginning to see how much you might be able to afford.
This will help set your boundaries and stop you being disappointed at the last minute, if your application is not successful.
BE PREPARED TO CHANGE YOUR MIND
First time buyers can often have an unrealistic expectation level of just what their money can buy.
Sometimes, it is my sad duty as a Realtor to have to break the reality of the situation, to idealistic first time buyers.
To a certain extent, a flexible attitude is needed. You may need to compromise on things like area and some of the features you were hoping for.
This does not mean settling for second best – more making the best of your available options.
Location is often the one thing that couples feel the strongest about initially – but it is also the one thing that more people eventually do compromise on, when they realize that there are some great properties out there in other areas, that they had not previously considered.