“Real estate transactions involve one of the largest financial investments most people experience in their lifetime. You will benefit from a Realtor’s knowledge and having an extra set of eyes and ears to help keep things on track,” explain Kristie Penn.
Searching for and buying a new home can be an overwhelming and puzzling process. But the excitement and sound investment of owning a home far outweigh the frustrations. Professionals like Kristie Penn, a Realtor and new home expert with Viera Realty, can make it easier. She shares some tips and common misconceptions for first time home buyers.
Location, Location, Location
You’ve heard it before but the saying still holds true. “Real estate is all about location,” Kristie says. “In terms of investment and lifestyle when purchasing a property, it is of utmost importance to research the property’s location, to observe the surrounding homes/views from the property, drive through the surrounding neighborhoods, and become familiar with the city/county statistics and economic status.”
Identify the benefits and potential objections to a property’s value by researching the surrounding areas’ land use, zoning, school systems, public safety and comparable property statistics. Become familiar with the conveniences of the area, local shops, restaurants and other local lifestyle amenities which typically enhance the likeness of a property.
Common Misconceptions:
“The most common mistake first-time home buyers make is not obtaining a pre-approval from a lender,” Kristie says. “Oftentimes buyers are excited and want to jump in to the fun of touring homes and begin their search while they may be unaware of their financial status relating to their ability to purchase a property.”
Buyers should be aware of their potential credit flaws, know their estimated monthly payment and understand the process of financing before beginning their home search.
Another mistake made by first-time home buyers is not taking into consideration a home’s resale value. “Buyers are generally excited and anxious while looking for the home most appealing to them by way of its color, design or floor plan and just thinking about moving in.”
Questions to consider:
- Does the home also have potential appeal to others?
Has the home’s integrity, construction quality and required maintenance been thoroughly examined and properly cared for?
- Has the buyer compared their potential purchase to other properties that have been sold?
Buyers need to be conscious of the price they are paying for their property based on other comparable homes, price, size and condition. These are all significant elements that can influence a home’s value.
New & Improved
There are many benefits to building or purchasing a new home and details buyers should understand and consider. Building or buying a new home means higher energy efficiency ratings. New homes also have lower maintenance costs, are less likely to surprise you with a serious issue and often new home construction includes a home warranty.
Here are a few tips for buyers considering new construction:
- Use your own Broker/Agent. Be sure you establish a relationship with your agent prior to beginning your new home search. Inform the builder when visiting their model for the first time that you have an agent (if your agent is not with you.) Include your agent in all aspects of your new home’s purchase from the review and signing of the contract (usually generated by the builder) to the inspections, walk through’s and finally closing. You will benefit from having someone to advocate on your behalf, assist with negotiations, avoid conflict of interest and ensure you get what you want.
- Know and understand the lending process; understand what the benefits are of using a builder’s preferred lender.
- Maintain a realistic expectation for the build time and completion of your home. While a builder may have quoted you a timeframe, keep in mind there are many other factors which determine the home’s production pace. Finalizing of plans, receiving county permits, potential weather interruptions and availability of materials can all be external factors which can slow the pace of construction.
Why Use a Realtor?
Realtors are professionals who adhere to a strict code of ethics and maintain a high level of knowledge in the process of buying and selling real estate.
- Will help you determine your buying power
- Has many resources to assist you in your home search
- Provides assistance in the selection process by providing objective information and insight about each property
- Educates in understanding different financing options and finding a quality lender
- Guides you through the closing process and make sure everything flows together smoothly
- Can give you up-to-date information on market trends, pricing, financing, and the terms and conditions of the comparable properties
- Has the ability to market and advertise property through the multiple listing services and other venues
- Assists you with negotiations, strategizing an offer plan or establishing a marketable list price without compromising your market position.
For more information contact Kristie Penn Realtor, New Home Specialist, (321) 863-6084 or kristieisyourrealtor@gmail.com
