The housing market is constantly changing, and prospective home buyers must stay informed to get the best deal. With current fluctuating mortgage rates, ever-evolving local regulations, new construction options, and various financing strategies, first-time homebuyers have a lot to consider in 2023!
But don’t worry; with our four insider tips, you’ll be ready to own your dream home or investment property this year. Let’s explore the tools you should use while searching for a new house that fits both your financial and lifestyle needs.
Use a Professional Real Estate Agent
The first tip for anyone thinking of buying a home in 2023 would be to use a professional real estate agent or a professional real estate agency. If this is your first time buying a home, you might be under the impression that you can do it yourself and that paying for a real estate agent is a waste of money.
However, you might not realize just how much work it is to buy a house and how complicated the process can actually be. First, Wandsworth estate agents, for example, will be able to handle all of the paperwork that needs to be done and negotiate for a better price. More importantly, they have access to a wide range of properties and will help you to find the home of your dreams much faster than you can.
Go to the Viewing
The second tip for anyone looking to buy a home for the first time would be to actually go to the viewing. Even though almost everything is done online these days, from online shopping to education, buying a home still needs to happen in person. If you ask any homeowner, they will first tell you that going to a viewing will allow you to get a feel for the house.
Second, any photos uploaded on real estate websites can be deceiving since the photographers will do whatever they can to make the property seem more appealing to the sellers. This includes using different lenses to change the angle of the room to make it seem bigger and purposefully avoiding taking photos of any of the faults the house might have.
Inspect the Fundamentals
One of the most important tips on this list, if you are buying a house for the first time, would be to inspect the fundamentals of the property. For example, you should start with the foundation and ensure that everything is as it should be and that nothing is cracked or threatening to collapse. Next, you should inspect the plumbing since this can be very expensive to repair or replace.
Speaking of being expensive to repair or replace, you definitely need to inspect the electrical work of the house. Check all of the plug outlets to ensure they are all working, and look at the electrical box to see how new it is, as well as its state. Replacing the electrical wiring of a home can cost hundreds of thousands.
Decide if You Want a Fixer Upper
The next tip on this list, if you are looking to buy a home for the first time, would be to decide if you want to buy a house that is in fully functional condition or if you want to purchase a fixer-upper. Buying a house in fully operating condition obviously lets you move in immediately. That said, fully functional homes will naturally be more expensive.
Buying a fixer-upper comes with its own benefits, such as remodeling or renovating the home to your wants or needs. However, with that said, you need to weigh whether it is worth fixing up the house at the current price. More importantly, you need to determine if you can afford to remodel or renovate a fixer-upper since it can be costly.
