It’s a big step, buying your first home. And with all the forms and procedures you’ll need to fill out or follow, it’s easy to get lost in the process.
To help you out, we at Frank DeZao Homes would like to share these top 5 tips for first-time home buyers looking for the right home in Bergen County.
COME PREPARED
The Bergen County real estate market is competitive so you will need to be efficient. Get ahead of the competition by scheduling a private viewing before the property’s open house.
Then, prepare an offer template. That way, when you find a house you like, you may quickly express your interest in a seller’s home before other offers flood their inbox.
It also helps to be pre-approved for a loan. This means you already have your mortgage lined up with a bank and are serious about buying a home.
In Bergen County, first-time home buyers may sign up for the American Dream Program at any accredited bank. According to the program’s mechanics, when a partner bank pre-qualifies your mortgage, “the first mortgage amount will then be used to establish a maximum purchase price for your new home.” This will set your budget and help you refine your search.
KNOW WHAT YOU WANT
With a budget in mind, identify what you’d like to see in a home.
Consider these questions:
- How big should the entire property be?
- What features and amenities must the house have?
- How far should your home be from work or school?
- What amenities should the community have?
When you have your answers, you’ll find it easier to whittle down your list to a few prospective homes.
BE WILLING TO LET GO
Perfect neighborhoods, dream architectural styles, target listing prices – all these may change from the moment you begin your search to the point where you make an initial offer. Remember: Prices change during negotiations depending on factors like location, the house’s condition, and upgrades made to it.
The more flexible you are, the easier it will be to find the right home for you.
LOOK FOR LOWER-PRICED LISTINGS
As stated before, home prices will change once negotiations start. To make sure your purchase doesn’t go over your ceiling price, look for homes below that value.
Let’s say your budget is $500,000. Using this price as a guide, look for listings at about $450,000.
During the offer process, and while you compete with other first-time home buyers in Bergen County, you may find yourself bringing your offer higher and higher until it reaches your ceiling price.
WORK WITH A PROFESSIONAL
Once your offer is approved, you will still need to deal with insurance, walk-throughs, contracts, and closing costs. That’s hard to navigate for anyone, let alone a first-time home buyer.
Talk to a real estate professional who understands the home-buying process and is up to date on market trends. Call us at 201.953.9376 or leave a message here today.