by Emily Coombs
on Sunday, January 24th, 2021 at 12:11am.
Buying your first home is both an exciting and scary life milestone. On one hand, this is your space and you can make it whatever you want it to be. On the other hand, you’re taking on a whole new set of responsibilities and must be ready for anything. You’re also about to embark on a process that can be long and complicated with no prior experience to depend on.
With some research though, you can make your first experience as a home buyer a smoother journey. This starts at the very beginning, from the moment you decide that you’re ready to buy your first home. Before you even begin looking at homes, there are a couple of important topics you must first learn about. This begins with researching and looking at an overview of the entire home buying process. By doing this, you can get a full understanding of what you’re getting yourself into. Your research period prepares you in terms of what you can expect and limits the number of surprises that can pop up in the process.
Next, you must take your current financial situation into account. Buying a house is undoubtedly one of the largest purchases you will make in your lifetime. Therefore, before you begin your home search, you must do a deep dive into your finances and spending so you can decide what you can afford in a house. Knowing what you’re realistically able to afford can help you narrow your search so you’re not wasting your time on unaffordable properties.
After all of your general and personal research is completed, you can begin the actual fun part of buying your first home: the search process. Because of the Coronavirus pandemic, it is recommended to begin your property search online in a safe environment. If you see properties you would like a further look at, you can work with your agent to set up a special, COVID guideline-friendly viewing that works for all involved parties.
Another important factor to keep in mind when searching for your first home is the current state of the housing market. Due to the continuously record-low interest rates that have prompted many first-time buyers to enter the market, we are currently in a seller’s market. For you as a buyer, this means that houses aren’t lasting long when listed and that there are more interested buyers than there are houses for sale. Still, you can find a home when buying in a seller’s market so long as you have everything in order and follow specific tips.
Buying your first home certainly brings with it mixed feelings of absolute joy and a sense of being overwhelmed at the massive responsibility you’re about to undertake. There is no doubt, this is a life milestone that should be celebrated. However, it is also a milestone that calls for preparation and an understanding of the journey you’re about to embark on. By developing that understanding, you can make the entire process smooth and seamless to help you move into your first home even faster.