Don't get inflicted with "First Time Home Buyer-itis."
In our 11th year of helping home buyers purchase their first home in the Cedar Rapids real estate market, almost every time the buyer will get 'the disease." It is a form of buyers remorse based on fear. (False Evidence Appearing Real)
Sometimes the reluctance to go ahead with the purchase comes during or after the deal is being negotiated. Sometimes it comes after the home inspection, when the buyer finds out that the house isn't "perfect." Because first time home buyers look at lower end homes the houses need a little work. This should be looked at as a way of gaining a little sweat equity and an opportunity. Your Realtor and a home inspector can help you decide what a red flag is.
By purchasing a year long home warranty, this can help ease your fears too. Many times we negotiate this for our buyers and have the seller pay for it.
Parents and friends are the biggest reason that we have seen who give the first time home buyer their "fuel" for fear. Sometimes it seems that the parents look at their role as being the "protectors" and no matter how great that first home is it going to get scrutinized beyond belief so to solidify their role to the buyer. "Good thing you didn't buy that one. I saved you!"
"First Time Home Buyer-itis" will happen to you, it's just a matter of when. What should you do to prepare for it? Here is our checklist:
1. See at least 10 homes before making a decision. Have you seen everything that fits your criteria? Go see a house that is lower and higher than your price range to understand the market.
2. Know what you NEED in a home not WANT.
3. Trust your Realtors judgment more than your friends or family. Your Realtor has gone through the process many times. How many homes has your family purchased?
4. Remember that you are the one paying for the house not your friends or family. If you are mature enough to pay the mortgage you are smart enough to make a good buying decision.
5.Sit down with your Realtor first before looking and have them run throught the entire process and strategy of searching and eventually buying a home. This way nothing will come as a surprise.
6. Feel comfortable with your payments by knowing exactly what your TOTAL payment will be including taxes and insurance.
7. Go to the Home Inspection and have the inspector show you potential issues and how to pro-long the life of the home.
8. Don't worry about making a bad decision, make the decision the right one! Education, trust and patience are key!