A home is where the heart is? Well, let’s find out!
Buying something important, something valuable will make you think more than twice before buying it. Now imagine buying something so valuable and important, that a buying experience turns into a decision-making process. A decision so big, majority of the world’s population might make only once within their entire life span such as the decision of buying a home.
The real estate market trend for buying homes is witnessing progression globally, such as in the UK the “number of first-time UK house buyers hits nine-year high” reported in The Independent in 2017. Pakistan being the “18th largest ‘middle class’ in the world” (Express Tribune 2015) there is a high demand for not just sufficient housing but also information about how to buy something so valuable for first time home buyers in Pakistan
Gray 2 Storey House at Daytime.
I think it’s safe to say that most of the first-time home buyers were previously limited to the option of renting a place? Or were living in a joint accommodation, saving enough money to buy a home of their own. Don’t let the big world of real estate affect you, by making you feel a bit uneasy while making such a decision. Hopefully this blog about top 5 essential tips for first time home buyers, will guide you in making those sensible and smart decisions before ‘the big purchase’ is made.
The first essential tip is to identify, what type of a house you are looking to buy. The type of house is generally based upon a home buyer’s requirements e.g. the size of the house, the number of people it can accommodate or the facilities it might contain e.g. condo, an apartment, one story shack, duplex or a two story house.
It’s important that you choose an experienced agent who is there for you. Your real estate agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.
Also, when you use a buyer’s agent, you will see more properties. Not only are they plugged into their Multiple Listing Service, but they are also actively finding homes that are listed as FSBO, or homes that sellers are thinking about listing.
First time home buyers must learn everything they can about the home buying process: from simple real estate terms like gross living area, to more complex mortgage or insurance terms. They should also learn more about the different types of loans available and choose the one that best fits their needs and incomes. However, if you work with a buyer’s agent, s/he will answer most of your questions. Being prepared, though, will give you confidence and will speed up the closing.
As a first-time homebuyer, there are several essential tips you should consider to make the homebuying process smoother and avoid costly mistakes. Firstly, it’s essential to get pre-approved for a mortgage before you start searching for your dream home. This will give you a better idea of your budget and help you avoid wasting time looking at properties outside of your price range.
Budget Carefully: Before diving into the home-buying process, assess your financial situation. Determine how much you can afford to spend on a house without compromising other financial goals and responsibilities.
Get Pre-Approved for a Mortgage: This will give you a clear idea of your buying power and make you more attractive to sellers.
Research the Market:
Local Market Conditions: Understand the housing market dynamics in the area where you are buying. This includes checking the average prices, the demand-supply balance, and future development plans that might affect property values.
Long-term Perspective: Consider how your chosen area might evolve over the next decade, as real estate is typically a long-term investment.
Choose the Right Property:
Fit for Purpose: Ensure the property meets your current needs and can adapt to potential life changes. Think about factors like size, layout, and location.
Inspection and Valuation: Always invest in a professional property inspection to avoid any costly surprises after the purchase. Understanding the true value of the property in its current state is crucial.
Negotiate Smartly:
Understand the Seller’s Motivation: Knowing why the seller is moving might give you leverage in negotiations. This information can be crucial when making your offer.
Flexibility Can Save Money: If you’re not in a rush to move, you might be able to negotiate a better price. Flexibility on move-in dates can also be an attractive proposition for sellers.
Think About Resale Value:
Future Proofing: Even if you plan to live in your new home for many years, consider factors that might influence its future resale value, such as location, potential for improvements, and future area developments.
My Ideal Danish Equbal, valuing his extensive experience and leadership in real estate. As the founder and director of Brickfolio, Danish has transformed the industry with innovative solutions and sustainable practices, establishing Brickfolio as a leader in the field. His visionary approach and success make him a respected figure and a role model for aspiring professionals like me