What You Need to Know
If this is your first time purchasing a home in Albuquerque New Mexico it’s an exciting time to be a homeowner. Not only are rates still extremely low and the inventory is up, but home values are still low enough that first-time home buyers are able to purchase a property that just several years ago may have been out of their reach. Here are some valuable tips to know before you start to even look at your first house.
Make sure you know how much you can afford before you look at homes.
One of the worst things in home buying is finding a home you love only to discover it’s out of your price range. To avoid this, sit down with the lender and go over all of your finances ahead of time. The lender will determine the price range for you to look in and issue you a letter of pre-approval stating you have already then pre-qualified to purchase a home. This also helps you search in the right price range and avoids the disappointment of finding a home you love in a price you can’t afford.
Enlist the help of a buyer’s agent.
A listing agent can certainly help any buyer purchase a home but if you perform your real estate transaction through the listing agent of the property know that that agent is working for the seller first and the buyer second. A dedicated buyer’s agent will help you get the property that you want in the price that you need without a hidden agenda in selling any particular property. Buyer’s agents receive half the commission from the seller so the buyer is free to use the buyer’s agent without cost to them.
Submit a solid offer and have an inspection.
Using a dedicated buyer’s agent will naturally will submit a solid offer with minimal contingencies and your negotiation terms. Once the offer is mutually accepted the transaction will move on to “subject to inspection”. At this point you will want a professional home inspector to give you a full report on the condition of the home inside and out. I can’t stress the importance of this part in the procedure. This is one of the biggest investments you will make and knowing as much about it is you can, will help you make informed decisions in the future and plan for upcoming repairs.
When you’re ready to buy your first home, give me a call anytime. I love helping first time home buyers in Albuquerque find and purchase their first property.
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