Buying a new home is a very big undertaking, and it’s a very big investment. For that reason, first-time home buyers who have never been through the process before will want to consider several strategies before they pull the trigger on their purchases. This article will discuss some tips that every first-time home buyer should know.
Purchase a home with good potential. This is not to say that buying a “fixer-upper” is right for everyone. However, home buyers tend to be exceedingly picky. Everyone wants to buy the perfect new house, but this need for perfection sometimes gets in the way of a really good deal. First-time home buyers may therefore wish to look at homes that have been on the market for a while and question if the reason the home has not sold is a fixable one.
For example, it is not uncommon for a new home not to sell simply because the home had bad display furniture inside it. Or, maybe the kitchen has ugly cabinets that can easily and affordably be replaced. These “fixable” issues should not dissuade a first-time home buyer from considering a property, especially if it is a really good deal and has excellent potential.
Another strategy first-time home buyers can do to save money is to purchase a foreclosed home or a probate sale home. A foreclosed property can sometimes be obtained at a very good price via public auction. Buying a home at a probate sale is another money-saving option. These sales sometimes happen through court-supervised options. In both probate sales and foreclosed property sales, it may be wise to consult with a real estate lawyer before making the purchase.
Source: FindLaw, “Buying Your First House,” accessed Aug. 26, 2016