Decoding the First Time Home Buying Process

First Time Home Buying Process

Decoding the First Time Home Buying Process

The first-time home-buying process can seem overwhelming. Buying a home is a big investment, and first-time buyers may worry that they will not make the right decisions. Fortunately, the procedure is fairly standard, and by educating yourself on the steps, you can ensure that your purchase will go smoothly.

  • The first step in buying a home is to manage your finances. Check your credit report to make sure there are no errors, and educate yourself on the types of loans available. Find a lender and secure financing, and set aside your down payment. Get a preapproval letter to instill confidence in sellers.
  • Next, find a real estate agent. The right agent can be a boon to a first-time homebuyer. Knowledgeable about all the ins and outs of home buying, an agent can help you navigate the process with ease. Make sure to tell the agent that you are a first-time buyer, as agents have different specialties and you want to be sure of a good fit.
  • Search for homes online. There are several real estate sites, including Realtor.com, that give you access to hundreds of listings. Much more efficient than traditional newspaper ads, these sites allow you to search by your chosen criteria.
  • Know your neighborhood. Location is extremely important, so educate yourself on the area to which you are considering a move. Researching crime statistics, neighborhood demographics, and school district information can help you make an informed decision.
  • Consider building. There are many advantages to building a home from scratch. You can create the home of your dreams, with everything from carpets to cabinetry chosen especially to meet your family’s needs.
  • Understand the terms of a sales contract. Study, so that you will be informed and understand the various elements and terminology. Here are a few things you will encounter in a real estate contract:
    • Acceptance: The time period in which the seller has to either accept the offer or make a counter offer.
    • Closing: The date on which the sale will be final.
    • Financing contingency: This clause means that the contract is subject to the purchaser’s ability to obtain financing by a certain date.
    • Inclusions and exclusions: This is where it is determined what is included in the sale and what is not. For example, major appliances may or may not be included in the purchase price of the house. Additionally, a seller may wish to include custom drapery or some other item especially made for the house.
    • Possession date: The day that the buyer can move into the house.
    • Make an offer, and be prepared to negotiate. Your real estate agent can help you with this and offer advice, but it is important for you to do your own research as well, in order to make an informed decision.
    • Protect your interests. Always have a home inspection before buying a home, in order to avoid unpleasant surprises. Also, do not forget to arrange for homeowner’s insurance before you close on the sale.

Clark Wilson Builder

If you are ready to begin the first-time home-buying process, consider a home from Clark Wilson Builders. With more than 35 years in the residential real estate business, it’s clear that you can trust Clark Wilson Builder to deliver the dream home you’ve always wanted. Whether you’re a first time homebuyer or a retiree looking to move into your fantasy home, the process starts with filling out our contact form. You can also call us at 512-788-3333 for answers to all your questions. Stay up-to-date on the Austin, Texas building industry by reading our blog, finding us on Facebook and following us on Twitter.

 

 

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  1. Pingback: First Time Home-Buying Checklist - Property Claim Tips, LLC » Property Claim Tips, LLC

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