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Does a day go by before you think of your dream home?
Whether it's a sea-front mansion, a countryside ranch, a mountain cabin, or a sprawling condo in the city, you look forward to the day you'll be handed the keys to the property.
Finally, after years of hard work and saving money, your dream is about to come true. Unbeknownst to you, you're about to encounter a new challenge.
Navigating the real estate market isn't easy, especially for first-time buyers. There are thousands of homes for sale that fit the description of your dream, and settling on one can be a nerve-wracking experience.
Read on for some handy tips for buying a house that fits the bill.
Have a Clear Picture of Your Dream Home
A common mistake homebuyers make is not understanding what they're looking for in a home. You might have an idea of the general location, i.e. in a coastal area, but that's barely enough. You need to know the must-have features, including:
- Number of bedrooms
- Bathrooms
- Size of the garage
- Kitchen design
- Energy efficiency
- Living plan (open or closed)
Keep in mind that your dream home is likely to be your forever home. Factor in how your living needs will change over time when listing the things you want in a home.
For example, if you're newly married and plan to have kids in the future, buying a house that's enough for just you and your spouse is a costly mistake. As your family grows, you'll gradually develop the need to move into a bigger house.
Get Your Financial Ducks in a Row
Homes are pricey. As of 2023, the median price of a home is about $410,000.
There's a good chance your dream costs a lot more than this, so it's crucial to be financially prepared. While assessing the purchase price is one of the most important considerations before buying a home, you need to add in other homeownership costs, such as electricity and water bills, insurance, routine maintenance, and property taxes.
If you need a mortgage, don't start house hunting until you've been pre-approved by your preferred lender. This will give you an idea of how much house you can afford.
Conventional mortgages require a minimum down payment of 3% (of the house price), but if you can put down more money, go for it. It will increase your chances of getting a better interest rate.
Find a Local Real Estate Agent
Sometimes finding your dream home can be like finding a needle in a haystack. The U.S. is a vast country, and there are homes for sale everywhere.
Once you've settled on a property location, hire a local real estate professional to help you search. They can help you find the house of your dreams quickly.
Checking Out Homes for Sale: Get Professional Help
Being a first-time homebuyer is exciting and challenging at the same time. There are plenty of homes for sale, financial matters to sort out, and lots of paperwork to deal with. It's essential that you have an experienced professional in your corner.
Based in Winston Salem, North Carolina, PMI of the Triad is a full-service real estate management company with expertise in real estate brokerage and property management. If you're eyeing a property here, contact our team for consultation.
