Bellevue, WA

When it comes to buying a home for the first time, there are two overwhelming emotions; excitement and nerves. On the one hand, we can’t wait to become homeowners and start the next chapter of our lives on the property ladder. On the other, we don’t want to make mistakes or ruin the special moment.

 

We want you to focus on the former and really enjoy the process, and this is why we’ve compiled eight secrets that everybody in your position should know. If you enjoy the advice and have friends in a similar position, feel free to spread the word. Otherwise, let’s get started!

 

1. Consider Your Buying Power
 

How much can you actually afford? Rather than going into the process blindly and hoping for the best, we highly recommend considering this question early in the process. These days, there are some fantastic mortgage and home affordability calculators on the internet which allow you to see how much you can afford within moments.

 

Once you know the monthly mortgage payments that suit your finances, you have an advantage when searching the market. From here, you can consider our second secret…

 

2. Generate a Needs vs Wants List

 

When looking on the internet or speaking to a realtor, it’s easy to get carried away with what your potential home will have inside and out. However, we urge you to differentiate between needs and wants as early as you can. What features are ESSENTIAL to your home and which are a LUXURY?

 

 

As soon as this list is in place, you can ignore all homes that don’t have the essential criteria. Suddenly, you aren’t making sacrifices that you will potentially regret in the future. With all homes that match your needs, visit the open house, take photographs, and see what each offer from the luxury list. Making a decision on your first property is hard, but this simple list will make things many times easier.

 

3. Contact a Local Agent

 

While the internet is certainly useful in your search, we also recommend working with a local agent. Not only do they bring experience, they can negotiate, they have contacts around the industry, and they have the knowledge to guide you through the process (and prevent making simple mistakes!).

 

4. Cut All Unnecessary Spending

 

At this point, you’re well on the way to becoming a homeowner. As you’ve probably discovered, the next hurdle is saving enough for a down payment. Since it will also help after moving into the property, assess your spending habits and see whether they can be trimmed. If you’ve always been bad with money, have some of your salary sent to a savings account automatically. Also, take advantage of brilliant apps and online tools.

 

These are the first four secrets that first-time home buyers need to know. Join us in Part 2 as we go through secrets for the actual transaction process!