First Time Home Buyers Tips

Gerry Goodman’s Six Financial First Time Home Buying Tips in California

 

How you manage your money and the decisions you make through the home buying process can significantly affect the financial outcomes of buying a house and your financial health as a result. Gerry Goodman, experienced real estate agent can offer some of the industry’s best financial first time home buying tips in California that will help you come out on top.

First Time Home Buying Tips

Here are the few points to remember:

1. Watch How You Move Your Money

One of the biggest first time home buying tips that Gerry can offer is ensuring that you are careful about the ways you spend your money when you are getting ready to buy a house. Home creditors look at spending habits, and how much credit you have sought in the past, especially in the months leading up to your seeking a home loan when considering your eligibility. If it has shown on your financial record that you have made large purchases, or have been moving a lot of money around to cover extraneous expenses, you may seriously affect your eligibility for a home loan, or you may be approved for a lot less than you expect.

2. Ensure You Are Pre-Approved

This may seem to be a no-brainer, but you would be surprised to know how many people get to the point that they want to buy a house, and then go to the bank to get their mortgage and get denied. If you are wanting to buy a house, get pre-approved for your home loan before you go house shopping. This will save you the disappointment of finding out that you can’t actually buy the home of your dreams, and will also save your realtor time as well.

3. Don’t Forget About Hidden or “Sleeper” Costs

When you are going from a renter to an owner, it’s easy to neglect the quiet, or “sleeper” costs associated with buying your home. These are the costs that you definitely have to cover, but don’t actually see, such as property taxes, maintenance costs, and in some cases, homeowner association dues. Gerry’s tips for buying a house include sitting down to entirely capture the sleeper costs of your home, and anticipate for these costs to inflate over time. You do not want to become “house poor”! When you’re a renter, you’re not having to pay these costs – being a homeowner is a different story and the costs can be surprising and overwhelming at times.

4. Making Sacrifices

When buying a home, interested buyers usually come to real estate agents such as Gerry Goodman with a large wish list. A pool, a large fireplace, marble countertops, you name it – these things cost money! Getting the right home for you may have you making sacrifices from your wish list in order to be able to afford a home that meets most of your preferences. Don’t forget that you can always continue to upgrade your home over time; every feature on your wish list does not have to be matched at the expense of your financial health. Work up to all the features you want in your wish list.

5. Bid Smartly

Gerry’s tips on buying a home include ensuring that you are bidding on a home-based not only on what you can afford, but also what the market will require you to bid in order to stay competitive in the sale against other buyers.  It does not usually work to an interested buyer’s favour to bid low on a property, as they may risk losing it to an interested buyer who bid higher. An experienced real estate agent such as Gerry Goodman will be able to consider your budget while understanding the current market values of properties in the area you are interested in buying.

6. Never Forego an Inspection

One of the greatest mistakes homeowners can make is neglecting to include a house inspection in the conditions of a house sale. Gerry’s tips for buying a house include ensuring that the inspector is hired and does a thorough job going over every detail of your potential new home. Something to the naked eye could look like a quick $50 fix, while an inspector may reveal damage that could cause you thousands. Protect yourself from these hidden costs by getting an inspector your trust to look at your house top to bottom before allowing you to make an offer.

Gerry Goodman’s first time home buying tips in California may seem to be common sense, but you would be surprised at how many homeowners can actually cut corners or overcommit themselves financially in their house buying process that will end up costing them big bucks in the end or make them lose out on a good buy. Be smart about your dollars and cents, and make sure that you are enlisting a real estate who can help you make the proper decisions to ensure your financial health long into the future once you buy your new home.