EPM’s Expert Tips for Buying Your First HomeJanuary 25, 2021
Ready to become a homeowner? If you’re about to make the move and buy your first home, you want to ensure that everything runs smoothly. Since you are new to this process, it can’t hurt to get some expert advice. EPM is a well-known national lender backed by a team of highly trained professionals. Check out the company’s top home buying tips.
Get a buyer’s agent.
Choosing to go with a buyer’s agent takes the majority of the hassle out of finding the right home for you. The alternative is searching for properties online and attending open houses. Needless to say, that can be a drain on your time and energy. By choosing to get an agent on the job, you will gain personalized service and more easily find homes that suit you.
The experts at EPM advise that you find a buyer’s agent at the start of your home buying journey. Chances are, there’s a multitude of options out there. Look for agents who are based in your local area. That way, you can be certain that they have an understanding of the properties currently on the market and any other factors that may affect you.
Make a list of must-haves.
Searching for your dream home? You may already have a list of criteria in mind, but it’s time to get something down on paper. When you speak to your buyer’s agent for the first time, they will be eager to learn about what you’re looking for in a property. If you have already taken the time to make a priority list, it will make both their and your job easier.
Whether you’re buying a home alone or with a partner, spend some time writing down your top priorities. For example, you may have a minimum number of bedrooms that you need or a specific area in which you want to live. The experts at EPM suggest that you take the time to weigh which of these features are must-haves and which are simply nice-to-haves.
Book a few home viewings.
Once you have decided on your must-have features, it’s time to start booking some viewings. Avoid booking too many home appointments at once, or you will find it overwhelming. Instead, whittle the list of options down to a manageable number (usually less than seven). Upon going to these viewings, ensure that you are ready to inspect every element of the home.
EPM suggests that you take your list with you when you attend appointments. That way, you will know what you’re looking for and be able to pinpoint standout features. While most homes are staged with furnishings, you should be wary of being wowed by style. These elements are not for sale, so they have no bearing on whether the home is right for you.
Negotiate the sale price.
Don’t take the sale price of a property for face value. When you have found a home that suits your needs and budget, it’s time to start negotiating the price. Keep in mind that sellers can put their homes on the market for any price they see fit. That does not always mean that the property is worth the price tag. To ensure that you are getting the best value for your home, take the time to do some research along the way.
Finding out what the average prices are in nearby areas will give you a starting point. You can compare this particular property to similar houses on the market and see how it measures up. Doing so will give you a clear idea of whether the sale price is fair. Keep in mind that you can offer less than the asking price when bidding on a property.
Book a home inspection.
Before you seal the deal, you need to make sure that there are no issues with the home. For that reason, the experts at EPM recommend booking a home inspection ahead of time. In some states, you will need to do this before you make an official offer. However, if you make it afterward, you will need a contract contingency in place. The latter means that you have the right to withdraw your offer if the inspection uncovers any problems.
When you have the inspection report, you get to decide how you wish to proceed. The sellers don’t have any obligation to make changes or repairs based on this report, but that doesn’t mean that you can’t use it to your advantage. For example, if the inspection uncovers a problem that will be costly in the long run, you can alter your purchase offer to reflect that. Be clear about what the inspection found and why you have changed your offer.
Buying your first home doesn’t have to be difficult. Navigating this process can be straightforward when you have some expert advice to help guide you. These tips are by no means comprehensive but can work as a starting point when you’re looking for a property. Why not start doing some research and looking for your ideal home today?
Operating across 49 states, EPM is a nationally recognized lender that offers various mortgage products. The expert team includes certified underwriters and a management department with more than 50 years of collective experience. Selecting EPM as your lender of choice could mean that you get a decision on your loan application in a timely fashion.