The Six Golden Rules of First-Time Homebuying in 2022
Posted by Alex Narodny on Monday, February 28th, 2022 at 2:38pm
By, Lisa Roberts
Every bird needs a nest, and every human needs a place to call home. Having real estate to your name is an important step on the socio-financial stability scale. A house or an apartment that is rightfully yours gives you insurance that you won't be left out on the streets if a grumpy landlord wakes up extra moody one day. This kind of security is crucial in these challenging past years. So, if you decide to take a step towards homeownership, here are some golden rules of first-time home buying in 2022 to follow.
1. Be realistic about your options
If a sparrow decided one day it wants an eagle's nest as its home, it would probably find a way to move into it, but it wouldn't survive for long there. The same applies to you. Be honest with yourself. Don't cherish unrealistic fantasies about fancy homes way above your budget. You might even be able to reach some of these options by sacrificing a lot, but is it really worth it?
Ask yourself these critical questions:
- What is your realistic budget - Keep in mind that you are a human being with needs way beyond just having four walls to surround yourself with. Remember - you can't eat a beautiful house (if you find an edible one - run).
- What do you want, and what do you need regarding your future home - Make a clear line between your desires and your needs, so when the time for the final decision comes, you will have your priorities straight.
- Where do you see yourself in five years - This is an important question to ask because if you see yourself investing in something big in the future, you might want to re-consider mortgage or make some adjustments to your home and budget-related plans.
2. Slow down
Right now, the whole world feels like it's spinning at the speed of light. In general, the real estate market is more rushed and on edge, but don't let that influence your decision-making. Also, once you've decided to buy your first home, of course, you will be excited. Excitement can be a good thing, but don't let the mix of it with anxiety make you rush with the whole process. You need to look into your mortgage plan carefully.
Mortgage needs careful consideration
As the mortgage becomes more involved, the process of purchasing a home will become more complicated. Not saving enough money in advance can lead to a lack of down payment and closing costs later.
Additionally, rushing to complete the transaction may leave gaps in your credit history, making it more challenging to secure a better loan. So, give yourself some time to process and plan this critical step of your life.
3. Take advantage of the situation and make your first-time home buying in 2022 experience more profitable
The last two years have been historically challenging in the real estate market. An increase in consumerism followed by a slow rise in supply in 2020 made 2021 the craziest year for real estate in recent history. But, according to experts, things are cooling down, and this is probably the best time to get involved in the crossroad of leftover increased supply and decreasing consumerism.
Even bidding wars are not as severe. The lower the demand - the lower the prices, which makes it an excellent opportunity to demand a good home option for yourself in 2022.
4. Hiring a good real estate agent is half of a work
Whenever you're doing something for the first time, you're more or less clueless, and it's a smart move to hire someone to point you in the right direction. A real estate agent is indispensable if you want to get the most out of the home-buying process. An experienced agent has extensive knowledge of the local housing market and the information you will need to make the purchase that works best for you.
A competitive market means you'll need a real estate agent who can move quickly on a property you're interested in and help guide you through bidding if it comes to that. To be sure that you hired a qualified and experienced agent, look up top-rated agents online and read reviews from previous clients.
Then, narrow down your options to at least three of them, and interview them thoroughly. Find out if they have any relevant experience and a proven track record in a specific area, and then choose the one you think is the best for the job.
5. Think about the movers on time
Have you ever seen birds collecting little twigs as a team to make their nests faster? That's a pretty good strategy for humans too. Your friends or family can help move your belongings; but residential movers are properly trained and are best suited to transfer everything in no time. Hiring professional movers is a better way to go, but whatever you decide, know that you can’t relocate to your new home all on you own.
Once you've decided on a purchase, it's best to invest some time in finding the right movers. That way, at the peak of your excitement because of your first home being bought, you won't have to stress about handling your precious belongings.
6. Don't be afraid to seal the deal
It's quite a big deal to buy real estate for the first time, and it can be intimidating. New potential buyers often make the amateur mistake of not grabbing the opportunity by its tail when it presents itself. Some hope for the miracle offers, and that's the path you want to avoid.
When you find a home that meets your needs but not all of your desires, you want to think about it a bit. But, don't overthink it because that offer might be gone in a month, and you can be left with way less appealing offers. Don't be afraid to seal the deal, and have your nest at last.
First-time home buying in 2022 made easy
The first-time home buying in 2022 can seem messy and unpredictable at first glance. But, according to the numbers, now is a perfect time to sail into the real estate world, and by following these golden rules, it might turn out to be a pretty good experience for you.
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