First-Time Home Buyer? First, Find Yourself a Good Team

By Karen Bellas

For most people, the first home that you purchase is your biggest and most important investment. Many first time home buyers have not learned how the home buying process works. Here are some pointers to get you started off on the right foot.

The first place to start is to go ahead and get a professional on your team. Realize that you are a beginner at the purchasing process, and to get someone's help who knows more that you do will save you a lot of grief. Another part of this process is that the seller has to pay your agent's commission, so expert advice will not cost you a dime.

Shop around for the right agent, rather than going with the first person you talk to. If at all feasible, steer clear of friends or family members who do real estate as a side job or for part time income. Remember, that the process is like hiring someone to do a skilled job for you. You will want to learn if the agent specializes in a particular type of real estate, what communities he or she is most familiar with, and whether or not he or she has good references. Contact former clients and ask them if they are really happy with the service they received. After you select your realtor, go ahead and listen to their advice.

Make Plans for the Financial End of Things

The next step after finding an agent is to go to a mortgage lender. You'll want to research the possibilities and find a mortgage company that you trust. Ask many people about their recent experiences, again, asking more than just family and friends. If you do not have experience in the world of mortgages, avoid getting a mortgage over the internet. Instead, use a local company where you can ask questions face-to-face or over the phone and get everything explained in this complex process.

Have your lender give you precise information on what you can expect to pay on a monthly basis. There will be a stack of very important papers to read and sign, and it is important to review them in detail with your lender. Make sure you understand every item and its purpose. If you are confused or do not understand, keep insisting on an explanation until you do understand. If someone tells you it is not important or just some form that the government requires, don't be afraid to find someone else for your mortgage.

Shop with Discipline

Now it is time for the fun part: searching out the right home. You have already determined what you can pay with your mortgage advisor, so keep to houses in your price range. Know what part of town you would like to live in, and walk through as many houses as you can in that area. View new homes and resale homes. A new home usually is more expensive but it does come with warranties, and the feeling of moving into a brand-new house is unbeatable. Nearly new homes, however, will usually give you more house for your money. Slowly pare down the list of possibilities and revisit the contenders until you feel absolutely comfortable with a choice.
Keep ahead of developments in the process and do not be afraid to ask questions to the professionals you have hired. Remember, your lender and your real estate agent are there to help you!

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