Congratulations! You’ve finally taken the bold decision to invest in your first property. However, the real estate market can be tough to navigate. Especially if you’re in it for the first time. Whether you’re looking for your dream home or want to make a sound investment, the entire process of property buying can get overwhelming pretty quickly. 

Take it easy! Here are 6 pro tips that will help you make the right decision as a new property buyer.

Find out how much you can actually afford

Figuring out how much you can afford to pay for your home is one of the most important things you should do early on. As a new property buyer, your budget will depend on several factors. These include, among others, your income, the amount you’ve saved up for the down payment, and the mortgage plan you’re opting for. There are many online mortgage calculators to help you figure out your monthly payment. Also, don’t forget to factor in the “invisible costs” such as property taxes and maintenance expenses.  

List down your property requirements

Different families have different needs. These include preferred locations, lot sizes, pet policies etc. Features such as the backyard, bathrooms, kitchen, and bedrooms can be changed to your liking anytime. However, factors such as neighbourhood, lot size, or pet policies aren’t that flexible. So if you’re buying property for the first time, make sure you list down all your must-haves before searching for a new home to make the process easier. 

Fully utilise open houses

Let’s face it - property pictures on any listing site won’t tell you a lot about it. While it’s true that photos give you a nice idea of what the property looks like, they can’t open up your senses to it. That’s why we always advise our clients to take their time when viewing a property. Keep your ears peeled for any unwanted noises. Look out for any foul odour. And check the overall condition of the property inside out.  

Hire a home inspector 

A home inspector is a professional who examines the safety and overall condition of your property. You might be saying  “Hey, buying a property is expensive enough in the first place. Why add another cost?” - we hear you! But imagine this: a few days after moving into your new home, you find out that some of the exterior walls have a damaged siding or poorly installed shingles are allowing water to enter your home. What a nightmare for any property buyer! To avoid this, we will highly recommend hiring a professional home inspector to help you make an informed decision before investing in any property.

Put your negotiation hat on!

Now that you have found and carefully inspected the property you want to buy, it’s time to drive a hard bargain. Remember, you can always save more by asking your seller to cover the cost of repairs or deduct them from the asking price. You also ask them to share some of the closing costs. However, your bargaining power will depend on the current state of your local market. If it’s a buyers’ market, your seller will have an upper hand. So keep a close eye on the current market trends to strategies your offer. 

Work with a local real estate agent

We all have our unique needs when it comes to buying a home. A real estate agent with a local office can help you find a property that meets all your requirements and navigate through the entire process. Interview a few agents before choosing one. Ask about their experience, especially with first time property buyers, and how they can help you with your real estate needs. Having a professional agent with in-depth knowledge of the local market will go a long way into helping you find and secure your dream property.