ABODE First Time Homebuyer Guide

Your Guide to Buying Your First Home

1. DECIDE TO BUY

Congratulations, if you are reading this guide, you have already completed step 1, making the decision you are ready to buy. This step may seem obvious, but making the conscious decision and committing sets you up for the best home-buying experience and highest likelihood of success.

2. FIND YOUR AGENT

Finding the right real estate agent can make or break your home-buying experience. A Realtor’s job is more than just finding you the right home. Their job involves listening to your needs, anticipating problems, and maintaining standards.

3. SECURE FINANCING

Once you have chosen your agent, it’s time to contact a lender. By connecting with a lender, you will learn more about the lending process, get pre-approved for a mortgage, and better understand the price range you qualify for.

4. IDENTIFY YOUR CRITERIA

When you begin the search for your first home, the task can feel immense. How do you know which house is right for you? The first step to answering this question is to get clear about your criteria and understand why you want certain qualities in your new home.

5. FIND YOUR HOME

Finding the right home to submit an offer on can essentially be boiled down to four steps:

1. Set up a search with your agent through the MLS (multiple listing service)

2. Check out homes that match your criteria

3. Create a rating system to evaluate how homes meet your needs

4. Decide to make an offer

6. MAKE AN OFFER

When submitting your offer, there are three main components you want to strategize with your agent:

1. Price

2. Terms

3. Contingencies

7. PERFORM DUE DILIGENCE

Congratulations, your offer has been accepted! Now is your time to conduct an inspection of the property to search for any defects or issues. Once inspection results have been released, you may renegotiate your offer to account for items found in the inspection. The main goal of an inspection is to look for major health and safety issues.

8. CLOSE

Now that your offer has been accepted and the inspection complete, it is time to close on your new home! Leading up to closing day, most action items will be handled by your agent and lender. However, it is essential that you return any calls/emails promptly and provide all necessary materials requested by your agent or lender. During this time, it is also cruicial you do not make any large purchases or credit increases.

9. MOVING IN & PROTECTING YOUR INVESTMENT

Upon moving into your new home, there are a few often overlooked items to do. They can include switching over your utilities, mail, and internet/cable. Next, it is important to discuss good home upkeep habits with your agent, so you can protect and increase the value of your investment.

9. ENJOY SERVICE FOR A LIFETIME

Keeping up with your home increases its lifespan and your ability to live in it! Now that you have moved into your new home, it may be time for you to make some upgrades that improve your home or increase its value. These upgrades can be as simple as yard work to increase curb appeal, adding a fresh coat of paint inside, or tackling a heavy hitter like a new roof.

“Living in your first home just may be the most exhilarating material experience you can have.”

-Gary Keller

Four Rules of the Buying Process

1. The rules of real estate are always local.

2. The best deals are usually win-win.

3. Price and value are not the same.

4. Choose with your heart and your head.