LiveMARYLAND Buyer Tip: What You Should Know Before Buying Your First Home

So whether you're just starting to think about buying a home or are already in the process, here are few tips and some advice on how to make the most of this exciting journey.

• Find The Right Agent 

Most people start their search online, but before you go look at homes or visit an open house by yourself, it’s important that you have someone on your side to represent you and guide you through what is likely the largest purchase of your life! 

Buyer’s agents are usually paid by the seller, so there is typically no cost to you.

A good agent can provide you valuable guidance and support throughout the homebuying process. They can help you understand the local market, identify properties that fit your budget and lifestyle, negotiate offers and counteroffers, and navigate all of the complex aspects of a real estate transaction. They can also help you avoid common pitfalls and costly mistakes -  simply they are there to protect you, and ensure a smooth and stress-free transaction.

PRO TIP: Interview a few agents to find someone you trust and like spending time with. Ask friends and family for recommendations, and don’t be afraid to “break up” with an agent if you feel as though they aren’the right fit.

• Shop Around For Lenders

By getting quotes from more than one mortgage lender you are more likely to get a better interest rate, more favorable loan terms, lower fees, and save money  now and in the long term.

Shopping around for a mortgage may feel like a daunting undertaking, but it typically only involves a little time to gather some paperwork,  and communicate with mortgage lenders.

Ask you agent for lenders they recommend, and work with them to get the best deal. It could end up saving you thousands of dollars!

• Don’t Get Caught Up In The Cosmetics

When shopping for your new home, it’s important to look past the dust-covered countertops, bright purple living room, and old, dirty carpet. When walking through a home, try and focus on your list of needs - and on the things you cannot change (rather than low cost cosmetic changes).

Things you need that you cannot change might include the location, yard size, the view, square footage of the home, number of bedrooms, number of bathrooms, etc. Don’t worry about the paint color, and who cares if the house has horrible brass fixtures and ugly red carpet? You can change those things in a couple of days, and without dropping a ton of money.

Try to look beyond the surface, and even the dated kitchen, to see the hidden potential of a home, and you might just check all of your “must-have” items!

• Every Home Will Have Unforeseen Issues At Some Point

Your home inspection tells the story of the home on the day it’s inspected, yet every home will have unforeseen issues and repairs that pop up from time to time. That’s the joy of homeownership! But this is why it’s so important to have an emergency fund “just in case”.

Pro Tip: Schedule to have your main systems, such as your heating and cooling, roof, appliances, and chimney serviced on a regular basis, and consider opting for a home warranty to help alleviate the cost of any future unexpected issues.

• Always Consider Resale Value

FUN FACT:  The average person lives in 11 homes in their lifetime

Even if your next home is supposed to be your “forever home”, it’s important to consider resale value. While your existing home buying requirements should hold top priority, you also need to consider what might appeal to prospective buyers in the future. This includes a home’s location, school district, neighborhood, and overall condition.

After all, a house is one of the most significant financial and personal investments you’ll ever make. When you go to sell, you’ll be much happier when you make money on your investment!

• Buy The House You Can Afford

NOT the maximum the mortgage lender thinks you can afford.

The last thing you want is to be “house poor”, with little cash left over for things like unexpected repairs, retirement savings, and, in some cases, even utility bills, groceries, and other day-to-day expenses.

When lenders pre-approve you, they are looking at your GROSS (aka Pre-Tax) income, and not taking into account your full scope of expenses such as utilities, interest, trash and all the other costs that come with owning a home.

PRO TIP: Put together a budget and outline all your monthly expenses to get a better idea of what mortgage payment you are comfortable with (don’t forget to include savings for things like vacations, date nights, concerts, vet bills, etc).

Are you ready to start your journey on the LiveMARYLAND Path to Homeownership? Message, text, call, or email us at shari@livemaryland.com, and we’ll find out more about your circumstances to get you connected with the right program for you!

The McIntyre Team of Keller Williams Integrity

Direct: (443) 870-4268 | Office: (443) 574-1600