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Hi, I’m Leslie.

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There’s a First Time for Everything...

There’s a First Time for Everything...

(or Some Things I Wish I’d Known as a First-Time Homebuyer)

Buying a home can be an exciting venture for those dreaming of their next step, looking for a project, or hoping for long-term financial gains. I became a first-time homebuyer in my late 20s, after realizing how much money I was putting in my landlord’s pocket yearly. Looking back now – after selling, buying again, and becoming a real estate agent myself – hindsight really can be 20/20. That said, here are a few nuggets which I hope help others as they navigate the beginning of their own experience:

Get Comfortable with your Spending

After completing my mortgage application and discussing various loan options with a broker, I was prequalified for the price of the very first listing I had ever visited. I left the office overwhelmed but excited, with a folder full of information. Soon, after visiting more properties, I got a better sense of the costs associated with ownership. When it came down to it, taking on the prequalified loan amount was going to make things a lot harder on my bank account, and day-to-day. I ended up reevaluating costs and considering other neighborhoods – and ultimately landed on a unique property in a monthly price range I could live with. Lesson learned: Be sure you understand the facts about funding your purchase and are satisfied with the anticipated outcome.

Get your own Representation

Though it seemed simple enough to just stick with the agent who showed me the property I wanted to purchase, I now understand that they were really only working for the seller. State regulations vary, but this is often the case when a buyer comes into a property transaction without representation. The agent shared facts and walked me through what seemed an exceptionally complicated process at the time – but ultimately had their client, the seller’s, interests at heart. I was simply a customer.  Lesson learned: Find a licensed agent to advise and watch out for you, the buyer, throughout the process.

Get Organized

From getting mortgage approval to putting in an offer – then closing on a home – the paperwork (hard copy or digital) really adds up. And a lot of it looks the same to the untrained eye. After the closing, I hung onto nearly everything, just in case… When selling my home years later, it paid to have the original paperwork accessible for dates and statistics my agent requested. Lesson learned: Have a system, and make it your own.

This list isn’t exhaustive, but hopefully puts into perspective a few experiences first-time buyers can face. Plan ahead, utilize your local experts, and stay on top of the details. And if I can help any first-time buyers reading this, please don’t hesitate to reach out!

Photo by Jeffrey Czum for Pexels.

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