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Tips for first-time homebuyers

Holding house keys on house shaped keychain in front of a new home

Buying a home for the first time can be quite overwhelming because of the many different steps involved. If you’re in the process of purchasing your first home, here are some great tips to ensure home buying success:

  • Get pre-approved early

    One of the most common mistakes that homebuyers make is getting pre-approved at the last minute. A loan pre-approval is a tentative agreement made by a lender to loan you a certain amount of money for the purchase of your home. When you shop for a home before getting pre-approved, you won’t know how much you qualify for and it makes sellers more hesitant to accept your offer.

  • Know what you must have in your home

    Many first-time homebuyers tend to get swept away when they see a spectacular home, not knowing if the house truly answers their needs and wants. To narrow down your search, focus on the homes that offer the location, size, features, and amenities that you’re looking for. You should also find a home that complements your lifestyle.

  • Check out and compare similar homes on sale

    Also referred to as “comps,” comparable sales allow you to compare homes of similar style, location, and condition that were sold in the last three months. These comparable sales can give you a better idea on pricing and it can help in justifying the price that you’re offering to the seller.

  • Have your home inspected by a professional

    After the seller has accepted your offer and you go into escrow, it’s crucial to schedule a home inspection right after. Getting your future home inspected ensures that the home is in good condition. Any faults, problems or damages found in the home could change the purchase contract and give you a chance to negotiate with the seller for a lower price.

  • Be aware of the hidden costs

    Buying a home does not just involve its purchase price. You’ll also need to pay for the homeowner’s insurance, home inspection fees, and escrow fees. Aside from these home buying costs, there are also hidden costs that come with buying and owning a home such as utilities, maintenance, and HOA (Homeowners Association) fees.

  • Don’t be afraid to ask questions

    When it comes to buying a home, especially if it’s for the first time, don’t hesitate to ask a lot of questions about the home buying process and the home itself. Buying a home is a huge decision and investment. That’s why it’s important to know and understand every aspect of it.

  • Work with an experienced real estate agent

    The best way to ensure home buying success is by working with a trusted and qualified local real estate agent. Their expertise, experience, and huge network of contacts can save you a lot of time and money during the home buying process.

    If you’re thinking about buying a home in the communities of Chelan, Manson, or Winthrop, there’s no better team to help you than Coldwell Banker Lake Chelan Properties. We have over 20 years of real estate experience and we specialize in a variety of residential property types.

Looking to buy or sell a home in Chelan, Manson, Orondo, Brewster, Pateros, Twisp, or Winthrop, or other nearby communities? Get in touch with Coldwell Banker Lake Chelan Properties at 509-682-7777, or send an email to info(at)cbchelan(dotted)com.