Here are some common obstacles that first time homebuyers face and some questions they may want to answer themselves before house hunting:
What property type best suits my needs?
Every buyer has different needs, some commuters who use the metro-north to leave Crestwood station to Grand Central aren’t concerned about parking, while parking for others is of absolute necessity.
Do I want a home that is move-in-ready or am I willing to look at fixer uppers?
Most first time homebuyers need to see a few homes before they answer this question and be honest with themselves about whether or not they are willing to do work to the home and invest the time. Many new home improvement shows on HGTV have people in the mindset that making total renovations to a home is an easy task, but are you really up for the challenge?
What are your financing options and/or budget?
If your loan officer tells you that they can pre-approve you up to 500,000, ask yourself if you really want to spend the max amount that you can afford. If you can find a home that is 400,000 that is discounted because it needs some work done, is that something you are willing to take on?
Choose the right agent.
Real Estate agents are hyperlocal business people, meaning you want to find one that specializes in the neighborhood you are shopping in, if there is any issue with the area you are searching in such as flooding or high levels of radon, an truly knowledgeable agent will be able to tell you the in’s and out’s of the neighborhood, both negative and positive. An agent can also help you determine the value of the home and make sure you are not overpaying for it. Be careful of choosing the listing agent of the property you are interested in, the listing agent is contractually obligated to represent the seller and cannot always work in your best interest.
What are the things that you must have in your new home?
Do you need to be close to the metro north? Do you need a finished basement and a two car garage? Do you need an oversized yard? If you find yourself not finding the things that are necessity in your new home you may want to consider either looking at homes that are priced higher that do have these amenities or figuring out which of these amenities is most important and that you can live without.