Buying your first property can be intimidating. Taking the time to understand the entire buying process, who the key players are, and how to evaluate your property for the long term is vital to securing your financial future. These are the top 10 Questions first time home buyers ask our team:
Many real estate professionals will tell you different things but you’re here for the truth. This is going to be a long one but stick with me, it’s worth it. The truth is the time to buy is always and right now. I always tell clients, if you plan on investing in real estate for the long term, your property will appreciate no matter what. If someone bought a house for double the price of his neighbors’, by today’s standards and value, that house is considered a “good deal” despite a ‘few’ market declines.
I always make the argument that home ownership is much better than renting. The answer is obvious to me but it may not be for some. When you own a home and pay your monthly mortgage payments, you’re putting money into your house. After an estimated 3 or more years depending on conditions and market, you essentially have a relatively substantial amount of money saved up just by paying for your property. This money is just sitting there and can be used to do a cash-out refinance to pay for renovations, cars, debt, or better yet, another property! This builds with time and there’s no better time to start owning real estate than now.#2 How do I pick the right home?Some people can picture the perfect house they’d like to be in, some can’t, no problem. A few questions I consider to be critical for my clients to think about are: Where would I like to live? How will my life change a few years from now? Will I need more room for a family? What are some key features I can’t live without? It’s important to identify what’s most important to you and go from there. In my experience, I knew what kind of house I wanted to buy but it took time and looking at many different homes before I finally found what I was looking for. It’s encouraged to go see as many properties that fit the criteria as much as possible and hire someone to be apart of your team (more on that later).