So I'm taking the day off to finalize buying our new house. I decided to take a 5 day weekend to work out the loan paperwork and the inspection (and because I wanted a 5 day weekend). So far everything is moving along rather smoothly. I have learned a few things about buying your first home that I'd like to point out to others:
1. Decide what you want before you go looking. It is very hard to hit a target that you're not aiming for. Decide where you want to live, and generally what you're really looking for.
2. Get your own real estate agent. It doesn't cost you any extra for the buyer to have a real estate agent. As it turns out, the seller pays their real estate agent, who in turn, pays your real estate agent. You do eventually pay for them by proxy, but you don't pay up front for their services. If you don't like the first one you talk to, look around for someone you feel you can trust.
3. Get a home inspection and title insurance. Home inspections are an up front cost that you have to pay, but they can potentially save you thousands in home repair in the long term. The cost depends on the specifics of the home being inspected, but they look at the structure and make certain there are no real problems with the property before you buy. The same thing can be said for Title insurance. It can save you thousands of dollars in the long term, and it is a one time cost. It protects you from any title disputes that might arise in the future.
4. Shop around. Don't settle for a home that you don't like. It is okay for home shopping to take a long time. It is a very large purchase, so you better be happy with what you end up with.
5. Listen to the experts. Your family and friends can help, but remember, the inspector, loan officer, and real estate agent are really the experts in this field. Their advice can be invaluable.
I'm sure there will be more to add to this list in the future as we get further into the process.
