Dear Olivia,
I’m thinking about buying my first home, and a friend told me that whatever I do, do not take out any loans or spend large amounts of money so my credit isn’t impacted. That makes total sense! I was wondering, though, what else should I know before buying a home for the first time?
Truth be told, there are a lot of things you need to know before buying your first home! It’s a long process, but one that is totally manageable if you have a great Realtor to back you up.
That being said, there are some things you should do on your own that will make the process of buying a first home go much more smoothly.
Be Patient
One of the biggest surprises that first-time homebuyers have is just how long the process takes.
Most buyers spend at least a few weeks, if not a few months, looking for a home. Add to that the time for appraisals, inspections, and closing, and you’re easily looking at adding another couple of months to the timetable.
Additionally, sometimes you’ll find a home you like and it’ll be under contract. Other times you might put in an offer but the seller takes an offer from someone else instead. If that happens, you kind of have to start back at square one.
The point is that you need to prepare yourself for a process that takes several months to complete. It’s important not to get discouraged, though. That’s where having tons of patience will pay off!
Look for a Local Lender
There are some really fantastic lenders here in Fremont County that make buying your first home a much smoother process. What’s more, local lenders are highly competitive regarding mortgage rates and other terms, so you might find that shopping for a lender locally actually gets you a better deal than what you can find online.
Something else to consider is that if you work with a local lender, you can add a face to the name. Rather than being someone on the other end of the phone, you can actually go speak to a local lender in their office, ask questions face-to-face, and have someone there in person to help guide you through the process.
Besides, it helps our community when you take advantage of local resources!
There is No Such Thing as a Perfect Home
I’ve helped many buyers over the years who start the process with an idealized notion of what their home should be, and quickly realize that they will have to make compromises.
Sometimes they have to adjust the number of bedrooms they want or the size of the lot or even the location in which they wish to live. Other times they realize that a move-in ready home is simply not possible and have to focus on finding a fixer-upper that ticks most of the boxes.
It’s best to start your home buying process with a bit of an open mind, allow your Realtor to show you different properties in different areas, and visit homes that you feel might work for your needs. Sometimes, the home you think is “perfect” will end up being a dud, and the one your Realtor had to drag you to see ends up being the best fit!
If you have other questions about buying your first home, please don’t hesitate to contact me at 307-856-3999 or drop by my office at 309 N Broadway in Riverton!
~Olivia