Buying a house is one of the biggest decisions you’ll ever make. And, as with any big decision, there are a lot of misconceptions out there that can influence your purchase. In this blog post, we’re going to explore four of the most common misconceptions first-time homebuyers have, and how you can overcome them. From budgeting to location to what you should look for in a home, read on to get the information you need to make an informed decision about buying a home.
What buyers want in a home
According to a recent nationwide study, first-time homebuyers want a certain number of things in a home. They want a place to call home that is comfortable and functional, one with amenities they can use and enjoy. They also want a price that fits their budget and location that meets their needs.
The study found that first-time buyers are most concerned about being able to comfortably fit all their belongings in the home, having enough counter space and storage, and feeling safe in the community where they will live. They are less concerned about views or acreage size.
When it comes to price, the study found that first-time buyers prefer homes within their budget range but are willing to pay more for a nicer home. Location is also important to them, with 75 percent saying they would choose an area based on its schools, transportation and recreational opportunities.
What matters most to first-time homebuyers
When it comes to purchasing a home for the first time, there are a few things that matter most to first-time homebuyers. In order to help them make the best decisions for their specific needs and preferences, here are five key things that first-time homebuyers should keep in mind:
1. Location is Key
First and foremost, location is key when purchasing a home. First-time buyers should consider what neighborhoods they would like to live in, as well as which ones have the best schools and infrastructure. Additionally, they should take into account whether they want to be close to family or friends or if they want a more remote setting.
2. Size Matters
Another important consideration for first-time buyers is size. They should decide what kind of layout they want – single family homes, townhouses, etc. – and select one that fits their budget and lifestyle preferences. Additionally, depending on their preferences, they may want to consider different floor plans (e.g., two bedrooms versus three bedrooms) or configurations (e.g., an open floor plan versus a formal dining room).
The top three things buyers prioritize when searching for a home
When it comes to purchasing a home, buyers have certain priorities that guide their search. These priorities vary from person to person, but they generally include location, size and price.
Location is the most important consideration for first-time homebuyers, according to a study by real estate company Redfin. Nearly three-quarters of respondents said that being within walking distance to amenities (like stores and restaurants) was extremely or very important when choosing a neighborhood.
Size also matters to first-time buyers. In fact, nearly two-thirds said they want a house that’s at least two bedrooms and two bathrooms instead of one or more smaller bedrooms or bathrooms in a single room. And while budget isn’t always the determining factor when it comes to selecting a home, it does come in as a top priority for many people. Almost half of respondents in the Redfin study said that they preferred homes that were within their budget range and within their ideal geographical area.
Finally, price is another key consideration for first-time buyers. According to PropertyShark, 73 percent of all homebuyers say the most important factor when searching for a property is its affordability. So it makes sense that properties in lower price ranges are more likely to be purchased by first-time buyers than those in higher price ranges.
How to spot a great deal on a home
There are a few key things that first-time homebuyers typically look for when searching for a home. Some of these items may vary depending on the particular region or city in which they reside, but some common factors include: proximity to public transportation, schools and shopping areas, and price range.
Some first-time homebuyers may also want to consider the following factors when researching homes: square footage, number of bedrooms and bathrooms, layout of the property, age and condition of the building, and backyard space. Once a potential candidate is identified, it can be helpful to conduct a walk-through with local REALTORS® in order to get an idea of how much work needs to be done on the property (e.g., new roofing), as well as what prices may be realistic given specific features and amenities desired.
It is important for buyers to keep in mind that not all homes will fit their preferences or budget; therefore it is important to do extensive research before making any offers or selections. By taking the time to investigate all of their options, first-time homebuyers can maximize their chances of finding a great deal on a home that meets their needs!
Tips for negotiating and getting the best deal on your home
1. Know your priorities:
When you’re ready to buy a home, it’s important to have an understanding of your budget and what you’re looking for in a property. Make sure you research the market conditions in your area, so you can get an idea of what properties are available and how much they’re going for.
2. Negotiate early and often:
When it comes to negotiating the purchase or sale of a home, be prepared to put in a lot of hard work! Start by researching what you want in advance, so you know what to bring up during negotiations. Bring along all relevant documentation, such as tax returns, loan applications, and estimates from contractors. And don’t be afraid to ask questions – even if you think you know the answer!
3. Get pre-approved for a mortgage:
Even if you don’t plan on buying right away, getting pre-approved for a mortgage can save you time and money down the road. Not only will this give you peace of mind when it comes time to make an offer on a property, but it can also help reduce your interest rates (if applicable). Try contacting your bank or credit union directly – they should be able to provide information about pre-approval processes specific to their organisation