Starting your home search: 3 tips for first-time buyers
Ready to start your home search? Discover three essential tips to help first-time homebuyers define their must-haves, navigate financial considerations, and prepare for the journey ahead.
Sometimes, the hardest part of any process is just getting started. This can be true for something as small as a chore list or a health and wellness goal you set for yourself. So, once you move onto the big-ticket items, it can feel especially daunting just knowing where to begin.
While the homebuying process can often seem complicated, you can start by focusing on which elements you can control, and then breaking down your timeline into manageable chunks.
Whether you’re entertaining the idea of buying a home for the first time, or you’re actively ready to start house-hunting, it’s important to be prepared and educated about where to set your sights as you begin your journey. Engaging a real estate agent is a logical first step, but there are plenty of factors to consider before you even arrive at that stage.
Check out the three tips below to get your mind wrapped around the home search process, and hopefully you can feel more at ease as you dive into this next chapter.
1. Define your homebuying “must-haves” and prioritize your needs
Think of your ideal home: you’ve likely got a check list of “must-haves” when it comes to your dream house. Consider the type of home (whether it’s a two-story or a condo), its size (including square footage or number of bedrooms and bathrooms), amenities (like having a fenced-in yard or fireplace), and the price range of house listings you’re willing to explore.
You may also be particular about long-term considerations related to the location of your new home, such as commute distance, school districts, and future developments of the neighborhood. Think through these items and discuss them with your spouse or other family members that may be living with you.
Once you’ve established a foundation for what an ideal home means to you, carefully consider these items while you begin to tour homes. It may be beneficial to have a physical list of these traits to review as you begin house-hunting.
Remember to be realistic with yourself and understand that it’s rare to find a home that checks off every item on your “must-have” list. While you’re touring, think about which factors may not be as important – for example, do you need a fourth bedroom, or can you live without it? – and which items are truly non-negotiable.
2. Think through all relevant financial factors
It’s no secret that there are many financial factors to consider when purchasing a home. You have the down payment, property taxes, and homeowner’s insurance to account for, but there may be additional financial factors that don’t always come to mind during the homebuying process.
If you’re part of a homeowners association (HOA) or a condominium association, remember and account for the fees associated with these services. Also, remember what costs you’ll incur for home repairs and ongoing maintenance, such as lawn care or pest control.
While most of these financial factors won’t match the amount of your closing costs or your ongoing mortgage payments, they may impact your decision in the homebuying process.
3. Prepare for your long-term home-search journey
Understand that looking for a home is going to take time. Try not to rush yourself – it will likely take some trial and error to see what you want out of your home, so grant yourself the luxury of time while looking at your options.
It’s also worth noting that there will be ups and downs in the process. You may find a “dream home” only to learn it’s not everything you thought it was during an inspection. Be diligent about doing your research, as not every listing is going to have all the details you need to know.
If you encounter any emotional or frustrating moments during the process, remember your end goal is going to be your new home. Try not to sweat the small stuff, and aim to be committed to the process for the long haul to help land your perfect home.
We’re here to help
If you have any questions or need some outside perspective while hunting for your dream home, talk with a Wells Fargo home mortgage consultant. They can guide you in your home search by helping you identify lending options that best fit your situation, as well as help you navigate the home loan process.
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