3 Key First Time Homebuyer Tips

Buying a home is an important financial investment that many of us would like to make at some point during our lives. Following are just a few useful first time homebuyer tips for those who have never owned a home and are now looking to buy.

The home buying process involves much more than hiring the movers and buying the right curtains. Some important home-buying tips include calculating the cost of renting versus owning a home, the legal fees involved, the quality of the local school district, signs of home value, as well as local preservation laws in the neighborhood in which you want to move.

One of the important first time homebuyer tips to keep in mind is to consider how easy it will be to sell your home in the future. What! It may seem strange to think about selling something that you haven’t even purchased yet. After all, this is going to be the home that you grow old in…right?

Perhaps, but on average, American homeowners move every 5-7 years so it is likely that your first home will not be your last. Knowing this in advance, it is wise to look for signs of whether the prospective neighborhood will hold its value in the long run. When working with a real estate agent, they will be able to give you a sales history of the neighborhood that you are considering. How long do homes typically stay on the market before selling? Historically, what percentage increase in home value has the neighborhood experienced? Is the overall condition of homes in the neighborhood good, or is the area showing signs of decline? Keep your eyes open and inquire about these types of trends.

Another of the important first time homebuyer tips is to check the test scores and desirability of the local schools, whether or not you have children. It is likely that future home buyers want to have a home in a good school district. Many strong school districts have parcel taxes, but in most cases the potential buyers outnumber the homes available. This is also good news for you should you wish to move once your kids go away to college. Additionally, when the home is located in an area zoned for a desirable school then that adds value to the home since it is a characteristic that many want, increasing the number of people that will someday want to purchase your home. As an example, you can have a beautiful home, with a great lot for kids; however, if it sits within a school district that is struggling, then some of your potential buyers will consider homes elsewhere.

Having an environmental research group do an evaluation of the neighborhood is another of the important first time homebuyer tips you should consider. Every state has different laws that govern what types of health hazards have to be disclosed, as well as how far such hazards have to be from a house in order for them to be considered dangerous. Remember that environmental factors are just as important to your home price negotiations, and value, as the interior tests for structural damage or lead poisoning.

Environmental research is today very common in commercial real estate. However, most people tend to overlook it when it comes to their homes. In most cases, there won’t be a serious problem, but it is nevertheless important just to give you peace of mind. A standard report from an environmental data firm will only cost between $100 and $150, and will inform you of every potential environmental concern within your lot. In many areas of California, environmental hazards disclosures have become the norm, such as earthquake hazards, lead based paint, and dump sites. Good agents will most likely insist on the report and disclosures to fully inform and protect their buyers.

With these first time homebuyer tips, you are now well equipped to make the right choices during the entire home buying process. Owning a home is a key aspect of the American dream. It is therefore important to keep these home-buying tips in mind so that you avoid turning your dream home into a nightmare. Working with a qualified Buyer’s Real Estate agent can guide you through this process. Their commissions are paid, in most cases, by the seller so it makes perfect sense for you to add them to your First-Time Homebuyer Team!

By: Hillary Caston

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The Laguna Beach Real Estate market and Laguna Beach Homes is a dynamic area in which to invest and live. In order to get the best information, and make the best choice for your real estate needs, count on The Coastal Property Experts and the team of Hillary Caston and Associates. Find out what’s new on the market by going to: www.thecoastalpropertyexperts.com” target=_blank>www.TheCoastalPropertyExperts.com. Find out why you should find a talented www.thecoastalpropertyexperts.com/buyers-info.php” target=_blank>Real Estate Buyer Agent Team to assist you with your next purchase.