6 Things Every First-time Home Buyer Should Do Before Searching For A Home In Dothan
June 27th, 2007 - Categories: Buying a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
Buying that first home should be one of the most enjoyable and memorable processes of your life. Here are the top six things you should do BEFORE you start looking.
1) Get pre-approved
Ok, so you think you have a good idea of what you can afford. You start looking and find a house you really like, then you find out it is $25,000 more than you can spend. What then? Not only have you lost a home you really liked, but you will compare every single home you look at from then on to that home you weren’t able to buy. Talk about setting yourself up for disappointment. Any reputable mortgage professional can assist you with this process, and there are several in the Dothan area that go above and beyond the call of duty for their clients.
2) Work with a real estate professional
There will not be a better source of information specific to the real estate transaction than an agent that works in the market everyday. Try to find one that specializes in working with first-time home buyers, or at a minimum works with these buyers on a regular basis. Market conditions in Dothan can change daily. A real estate professional stays on top of the market and will be invaluable to you in your home search.
3) Don’t look until you are ready to buy
It causes nothing but heartache when you start looking before you are ready, only to find your dream home and lose it to another buyer because you have to finish your lease first. Get pre-approved and work with your real estate agent to determine, based on market conditions and such, when you need to start looking.
4) Ask Questions
The more questions you ask your family, friends, mortgage broker, real estate agent, etc., the more informed and educated you will be. Use the experience of the people in your life that mean the most to you to your advantage. One caveat however; don’t let friends or family become involved in the process. You need their wisdom, but the final decision needs to be yours alone.
5) Be realistic
You are not going to find everything you want to have and even if you do you are not going to get it at $20,000 below market value. Look for a home that is below your top price and has 90% of the things you want, then be prepared to pay market value for it. Even folks that build a home will tell you if they had to do it over again, there are some things they would change.
6) Think about resale
The average family/person moves every seven or so years. The likelihood of you spending the rest of your life in this first home is probably close to zero. You need to consider this ahead of time and look for features that appeal to the masses (for resale) when you are home shopping. It is easy to personalize your home to your tastes with decor and amenities, but when you get ready to sell in a few years it may be hard to convince potential buyers of the benefits of having the laundry hook-ups next to the fireplace.
We would love to hear about your experience buying your first home. Leave a comment about the joy or pain you felt buying your first home.