The Dos & Don'ts of Buying Your First House

Do:

Get preapproved.

Securing a loan is one of the most challenging steps to take before you buy a house. Along with finding a lender, applying for a mortgage involves paperwork that could take days or weeks to gather. Getting preapproved allows you to take care of this step in advance, preventing unpleasant surprises that could derail the sale. Sellers may also take your offer more seriously if they know you’re already approved for a loan.

Know what you want.

When you’re house hunting, it’s easy to get overwhelmed by the available choices. Knowing what your first home must have will help narrow down the options and keep you from making compromises. Compile a list of necessary features, such as a large backyard or a deck, and go over the points with an agent so that they know what to include in the search.

Don’t:

Make decisions based on emotional reactions.

Sometimes a house may seem ideal, but try to avoid getting distracted by beautiful tiles or expert staging. The perfect home should have the square footage, number of bathrooms, and the location you need. While you should love a new home, try not to let emotions guide your decision to make an offer.

Underestimate closing costs.

The asking price of a home is an important factor during negotiations, but many buyers forget about the closing costs. These expenses, including fees for the attorney, title office, and inspections, can add thousands of dollars to the home's final price. An agent may recommend asking the seller to handle some of these expenses in exchange for a flexible closing date.

If you’re hoping to buy a house, let the agents at REthink Luxury in Chattanooga, TN, help. Their team serves prospective homeowners throughout Hamilton County. You can count on this accomplished real estate agency for long-term support. They'll also be happy to answer any questions about the buying process. Call (423) 710-6305 to discuss your needs.