{"id":61799,"date":"2019-04-15T15:23:37","date_gmt":"2019-04-15T15:23:37","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=61799"},"modified":"2019-04-15T15:23:37","modified_gmt":"2019-04-15T15:23:37","slug":"21-tips-for-first-time-homebuyers","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=61799","title":{"rendered":"21 tips for first-time homebuyers"},"content":{"rendered":"<ul>\n<li>If a property has three flaws with no feasible solution, don\u2019t buy it.<\/li>\n<li>It never hurts to let the sellers know how much you love their home.<\/li>\n<li>Always ask for more than you expect, and when the seller counters your offer with what you really expect, accept and walk away the winner. It\u2019s not about who has the last say.<\/li>\n<\/ul>\n<p><u>First-time homebuyers<\/u> can easily be caught off guard by unexpected surprises. Here are 21 tips that will quickly get homebuyers up to speed and ready for a successful house hunt.<\/p>\n<ol>\n<li><strong>Money<\/strong><\/li>\n<\/ol>\n<p>Getting <u>preapproved for a home loan<\/u> can take some time for even the most organized person. Meet with a lender early, and gather the documents you will need so that the process is smooth when you are ready to buy.<\/p>\n<ol start=\"2\">\n<li><strong>Insurance<\/strong><\/li>\n<\/ol>\n<p>You will need to line up <u>homeowners insurance<\/u>. It doesn\u2019t hurt to start shopping early if you know the general type of property you will be purchasing. Carriers specialize in different types of properties, so make sure to compare rates.<\/p>\n<ol start=\"3\">\n<li><strong>The hunt<\/strong><\/li>\n<\/ol>\n<p><u>House hunting<\/u> is the fun part, but it can quickly become overwhelming, especially in a hot market where properties sell quickly. Most buyers start hunting online, and then they reach out to an agent when they are ready to start touring homes.<\/p>\n<ol start=\"4\">\n<li><strong>Search sites<\/strong><\/li>\n<\/ol>\n<p>Each site has different strengths, and you will likely find a few favorites. <u><a href=\"https:\/\/www.inman.com\/next\/beginning-of-the-end-for-zillow\/\">Zillow<\/a><\/u> maps out property lines, and <u><a href=\"https:\/\/www.inman.com\/2016\/02\/05\/realtor-com-transforming-character-news-corp-says-thomson\/\">realtor.com<\/a><\/u> has a nice app that shows you houses for sale nearby.\u00a0<u><a href=\"https:\/\/www.inman.com\/2016\/04\/29\/how-to-use-social-good-to-boost-your-business\/\">Relola.com<\/a><\/u> shares the insights of agents who have already been inside the houses and has a Q&amp;A section.<\/p>\n<ol start=\"5\">\n<li><strong>Open houses<\/strong><\/li>\n<\/ol>\n<p><u>Open houses<\/u> are a great way to learn about the market. If you are going to make an offer, be sure you visit the property at another time when you can have some alone time with it. <u>Open houses<\/u> can be noisy and active, which can divert your attention from things like road noise or carpet stains.<\/p>\n<ol start=\"6\">\n<li><strong>Find a great agent<\/strong><\/li>\n<\/ol>\n<p>You can find <u>agents online<\/u>, on Yelp, on search sites and <u>by referral<\/u>. Agents should stand out based on their knowledge and expertise, not just because they pay for a lot of advertising space. Having <u>a great agent<\/u> will ensure the success of your transaction and give you peace of mind. Make sure you interview a few, and pick the best fit.<\/p>\n<p>Don\u2019t just select the first friendly face you meet at an <u>open house<\/u>. If you feel you made the wrong choice at some point, it\u2019s OK to thank them politely for their time and let them know you have decided to work with someone else.<\/p>\n<ol start=\"7\">\n<li><strong>Check out the neighborhood<\/strong><\/li>\n<\/ol>\n<p>You\u2019re not just buying a house; you\u2019re also committing to the neighbors, the block and <u>general surroundings<\/u>. Don\u2019t buy the nicest house on the block. It won\u2019t appreciate as well as <u>the dump down the street<\/u>.<\/p>\n<ol start=\"8\">\n<li><strong>Be open-minded<\/strong><\/li>\n<\/ol>\n<p>Homebuying always involves compromise. If you have your heart set on a craftsman, don\u2019t avoid visiting mid-century homes. You never know how all the pieces will fall together, so be open to unexpected good surprises.<\/p>\n<ol start=\"9\">\n<li><strong>Don\u2019t be intimidated<\/strong><\/li>\n<\/ol>\n<p>It\u2019s easy to feel outsmarted when you embark on the journey toward homeownership. There is no shame in not knowing how it all works. <u>Ask everyone questions!<\/u> The pros have been down this path numerous times and are more than happy to share their expertise.<\/p>\n<ol start=\"10\">\n<li><strong>Three wrongs don\u2019t make a right<\/strong><\/li>\n<\/ol>\n<p>Three wrongs don\u2019t make a right \u2014 it\u2019s a basic rule. If a property has three flaws with no feasible solution, don\u2019t buy it. For example, a house with freeway noise, a steeply sloped lot and no off-street parking should be avoided.<\/p>\n<ol start=\"11\">\n<li><strong>Staging<\/strong><\/li>\n<\/ol>\n<p>Plain and simple \u2014 staging works. <u>Staged homes<\/u> sell faster and for more money. Don\u2019t let this prevent you from buying one, but know that the unstaged house might be a hidden bargain.<\/p>\n<p>Look beyond the pretty furniture and pay attention to the floor plan, moldings and the other aspects that will remain when the staging is removed.<\/p>\n<ol start=\"12\">\n<li><strong>Buyer burn-out<\/strong><\/li>\n<\/ol>\n<p>House hunting can become overwhelming, especially in a hot market. You might find yourself writing offer after offer without success. If you begin to feel overwhelmed by the market, rather than settling for the wrong house or paying too much, give yourself a break and restart the hunt when you feel ready.<\/p>\n<ol start=\"13\">\n<li><strong>Writing an offer<\/strong><\/li>\n<\/ol>\n<p>When you are ready to <u>write an offer<\/u>, review comparable sales and <u>determine what you feel is fair regarding price and terms<\/u>. Your agent will be a great guide in helping to determine a winning strategy.<\/p>\n<ol start=\"14\">\n<li><strong>Fixtures<\/strong><\/li>\n<\/ol>\n<p>Fixtures are anything attached permanently to the property including lights, faucets and built-in microwaves. Appliances that are simply plugged in, free-standing hot tubs and that pretty potted lemon tree by the door are not fixtures and not necessarily included in the sale.<\/p>\n<p>If you want them, make sure you write it into the contract. It might look like that washing machine isn\u2019t going anywhere, but it\u2019s not a fixture \u2014 it can grow legs.<\/p>\n<ol start=\"15\">\n<li><strong>Love letter<\/strong><\/li>\n<\/ol>\n<p>It never hurts to let the sellers know how much you love their home. <u>Writing a letter<\/u> of appreciation for the improvements they have made and the care given to the property as well as your vision for how you will live in it can inspire them to pick you if there are <u>multiple offers<\/u>.<\/p>\n<ol start=\"16\">\n<li><strong>Negotiations<\/strong><\/li>\n<\/ol>\n<p>It might be hard to stomach, but if you <u>strategically negotiate<\/u> to let the other side win, you will walk away the true winner. Always ask for more than you expect, and when the seller counters your offer with what you really expect, accept and walk away the winner. It\u2019s not about who has the last say.<\/p>\n<ol start=\"17\">\n<li><strong>Inspections<\/strong><\/li>\n<\/ol>\n<p>Invest in <u>home inspections<\/u> so that you know what you are getting into. If undisclosed <u>adverse conditions<\/u> are discovered, it\u2019s appropriate to ask the seller to lower the price accordingly.<\/p>\n<p>I don\u2019t recommend asking the seller to perform the repairs. They have no incentive to do more than the basics because they won\u2019t be living with the results.<\/p>\n<ol start=\"18\">\n<li><strong>Closing costs<\/strong><\/li>\n<\/ol>\n<p>It\u2019s not just the down payment you need to save up for, but also all the added <u>closing costs<\/u>. <u>Transfer tax<\/u>, <u>escrow fees<\/u> and <u>prepaid interest<\/u> have caught many first-time homebuyers off guard. Ask your agent or lender for a complete list of the costs for your area.<\/p>\n<ol start=\"19\">\n<li><strong>Closing<\/strong><\/li>\n<\/ol>\n<p>Many buyers expect they will sign the closing paperwork on the same day they will get the keys for their new home. Although this true in a few states, in general, you will sign paperwork as much as a week before the actual closing date.<\/p>\n<ol start=\"20\">\n<li><strong>Moving<\/strong><\/li>\n<\/ol>\n<p>Make <u>a list of everything you need to do<\/u> in advance. Here are <u>a few good ones<\/u>: Start packing \u2014 it takes eons. Book your\u00a0mover ASAP.<\/p>\n<p>Shut down your utilities in your old home and start them up in your new one. Change your address for all your bills, and don\u2019t forget the DMV.<\/p>\n<p>Put in a change of address with USPS. One final word of wisdom \u2014 move your clothes on their hangers. You\u2019ll thank me later.<\/p>\n<ol start=\"21\">\n<li><strong>Donate<\/strong><\/li>\n<\/ol>\n<p>Bonus tip: If you have extra food you don\u2019t want to move, you can donate it to the food bank. <u><a href=\"https:\/\/moveforhunger.org\/\">Move for Hunger<\/a><\/u> is a non-profit that will pick up your food and deliver it to local food banks.<\/p>\n<p><em>Heather Sittig Jackson is the CEO &amp; co-founder of <u>Relola<\/u>.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If a property has three flaws with no feasible solution, don\u2019t buy it. It never hurts to let the sellers know how much you love their home. Always ask for more than you expect, and when the seller counters your offer with what you really expect, accept and walk away the winner. It\u2019s not about [&hellip;]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/61799"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=61799"}],"version-history":[{"count":1,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/61799\/revisions"}],"predecessor-version":[{"id":61801,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/61799\/revisions\/61801"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=61799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=61799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=61799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}