Don’t be afraid when buying your first home.
Ryan Serhant is a broker with Million Dollar Listing New York has some great professional tips and advice for first time home buyers that are looking to get into the real estate market. He says that most young people that are trying to buy a home for the first time usually jump into it too soon and start looking on online at places like Zillow and Trulia for their dream home, and he says stop now. “[People] go out and start shopping based on what they think they want, when at the end of the day what you need—the home you’re going to buy—has nothing to do with what you think you want on day one.”
Getting pre-approved is a great way to find out exactly how much you can spend. Before you even begin to shop, go to a bank, sit down with banker and get approved for a loan. If you are getting a loan and you are already “looking for a home and you are not pre-approved already, it is like going to the mall without a wallet. It’s a waste of your time,” Serhant says. You may be able to afford more than what you are currently seeing, but you also might have to lower your price point as well.
Use a Broker
This is a good way to make sure you are seeing the best options for you and your wallet. This is also a good idea because “buyers agents in the United States is paid commission by the seller,” says Serhant. The seller either pays both agents, or just the seller’s agent.
Have a budget, and stick to it!
This may seem like common sense, but with the US economy and the global economy being unstable and not 100 percent reliable, it is important not to risk it, especially if you feel uncomfortable with the amount of stretch you are taking.
For real estate inquiries, stop by the beautiful Montrêux Welcome Center at 16475 Bordeaux Dr. in Reno, NV or call us at 775.849.9444. The Welcome Center is open 7 days a week, from 9:00 am – 5:00 pm.