The home buying process can feel like an overwhelming experience.
As a first time home buyer, there are a lot of decisions you’ll need to make. The stress mounts as you’re required to make choices that have a huge influence on your life. Luckily, there’s a lot to learn from those who’ve been there already.
Want to feel at ease when buying a home? Learn and use these home tips and tricks.
1. Start Saving and Building Credit (Early)
Saving 20% for a down payment on a home isn’t much of a thing these days. However, it never hurts to go into the transaction with a chunk of cash on hand. This goes the same for higher credit scores.
Saving money and building credit brings a slew of benefits:
- Helps you better align to a home budget
- Creates good financial routines and habits
- Lessens the burden caused by higher rates
Strive to find a balance in paying down debts while saving more of your paycheck. Cut out things you don’t need and set your sights on becoming a homeowner. These small actions make a BIG impact during the home buying process.
2. Do Your Research and Due Diligence
Smart home buyers are those:
- Who are patient
- Do extensive research
- Follow through with their due diligence
You have access to the Internet… so use it!
Get on several websites to understand home values in your desired area.
Use this opportunity to look through prior listings and sales, too, so you have an idea of the trends. Likewise, dig into the blogs on property sites and learn as much as you can about the home buying process.
Do your due diligence when vetting real estate professionals, too.
Real estate agents talk a great game — that’s their job. It’s important to ground your emotions and see through the marketing. This extra effort in vetting an agent pays off big when it comes to negotiating prices!
3. Consider the Long-Term Potential
You can buy a move-in ready home that’s fully furnished with all the bells and whistles.
Or:
You can save a great deal by going after a home (and property) that has good bones.
By doing the latter, you could get everything you want (and more) because there’s so much potential. Perhaps it’s doing an addition or using this blog post and add smart features. Whatever the, a home that’s an “unpolished gem” is often the way to go!
Inspections also play a vital part in all this, too.
Inspections ensure you’re not going to run into issues later on. Or, at the very least, have a heads up so you can plan to fix those items before or after the sale. Inspection services also reveal hidden potentials, so don’t skimp on having it done!
4. Take On the Easy DIY Home Projects
We’re in the age of YouTube.
You think it and there’s likely a video out there covering how it’s done. By doing these projects, you can go after properties that are more fixer-uppers. Or, you could use these elements when negotiating the sale price.
What sort of projects could you DIY? Consider:
- New paint (inside and out)
- A minor bathroom remodel
- Swapping out fixtures
- Installing hardwood floors
These projects usually cost thousands of dollars when done by the pros. This expense is then added to the home’s value and sales price. You’re effectively paying a massive upcharge when really you could do them yourself!
Get More Home Tips and Tricks
Knowing a few home tips and tricks makes all the difference when buying a home. These insights arm you with information that’ll help you save money while avoiding unexpected troubles. This article touched on a few, but there are many, many more!
Check out more of the financial and home guides here on the site. Make your dreams of home ownership a reality!