Real Estate Guide For First Time Home Buyers

Congratulations! You are now a bonafide adult because you are making big decisions like buying a new house. The process can be tough and expensive but because it is an investment that can last a lifetime, it is all worth it.  

Buying a house for the first time can be nerve-wracking. You know that when one important step goes wrong, the effect can be financially devastating. You want to make things right on your first attempt, and this guide will help you do that. 

  1. Evaluate your financial capacity. Make sure that you will not run out of gas in a long drive. Get your finances in check. Determine if you have enough money to pay for the down payment, monthly mortgage, sales commission for the realtor (this is being shouldered by the seller most of the time), closing lawyer, and other costs.
  2. Get pre-approved. Go to the bank, submit the requirements and wait for your pre-approval letter. The letter will tell you how much loan can you avail to pay for the Calabasas homes for sale. Limit your home searches from the amount of loan you are approved for.
  3. Decide what type of home you need. First, determine whatis your purpose for buying the house. Will you live on it or you will rent it out? If you will live on it, how many members will stay there and for how long? If you will have it rented, how much are you going to charge the rent? Knowing your purpose will determine what type of property you need to buy. 
  4. Find the right agent. Since it’s your first time, it will be better if you will have an agent who will help you in each step of the buying process. Hire a realtor who has a solid experience in the real estate industry and an expert on theneighborhood. More importantly, he must have the right attitude to do the job such as being professional, promotes open communication, and protects your best interest.   
  5. Find the right location. When people start searching forCalabasas homes for sale, they will likely assess its value based on its location. Select a house that is located in a friendly and safe neighborhood, easy to commute, and close to important establishments like a grocery store, restaurants, hospitals, fire and police station, etc. If you can find a house that is close to where you work, the better. By doing this, you can save both money and time going to and from your work every day.