First-time buyers are typically among our most excited clients but can also be equally complicated. Buying a house is a significant decision we make in our lives. So significant that many have given up on buying their own home and have chosen to rent instead.

Thinking about our less experienced colleagues, I picked up the phone and gathered insights from my seasoned realtor friends. This is to exclusively provide you with everything you need to know and how to handle a first-time buyer.

Frequently Asked Questions

As a first-time buyer, it's natural to have a series of doubts when evaluating a property. Here are some of the most common questions, so I advise you to be ready to answer them when showing a house.

- How much can I afford to spend on a property?

- What are the additional costs associated with purchasing a property (taxes, legal fees, brokerage commissions, etc.)?

- What type of property best suits my needs and lifestyle (house, apartment, condominium, etc.)?

- What is the ideal location for me and my family?

- What is the overall condition of the property, and will it need major repairs?

- How will this purchase affect my long-term finances?

- What type of mortgage financing is most suitable for me, and what are the requirements?

- What type of homeowners insurance will I need, and how much will it cost?

- What are the pros and cons of buying a new property versus a resale property?

- What kind of public utilities and amenities are available in the area (schools, public transportation, shops, parks, etc.)?

These are just some of the many questions you might have when evaluating a property as a first-time buyer. It's important to ask all necessary questions and seek professional guidance to make the best possible decision, hence you must be ready to earn their respect and trust.

Tips for Evaluating a Property as a First-Time Buyer

It's common for our first-time buyers to feel overwhelmed and excited when purchasing their first home. These doubts generally make it challenging to close a deal with our most indecisive clients. Some of the colleagues I called have a series of tips they use to accompany their novice clients from the first meeting. Below, I share my selection of common tips.

1. Establish a clear budget

Before starting your search, determine how much you can afford to spend on a property. Consider initial costs, such as the down payment, as well as recurring costs, such as property taxes, insurance, and maintenance.

2. Make a list of your needs and desires

Think about which features are essential for you and which are simply preferences. This will help you focus on properties that best suit your needs.

3. Research the real estate market

Learn about the real estate market in the area where you're looking to buy. Know the average prices of similar properties and how they have been fluctuating over time.

4. Examine the location

Location is a key factor when evaluating a property. Consider proximity to your workplace, public transportation, schools, shops, and other services that are important to you.

5. Inspect the property

A thorough inspection will help you identify potential structural, plumbing, electrical, or any other issues that may need repair or maintenance.

6. Consider resale potential

Although you may be buying the property with the intention of living in it for many years, it's important to consider its resale potential in the future.

7. Consult with professionals

Don't hesitate to seek help from a real estate agent, a home inspector, and a real estate lawyer. These professionals can provide guidance and advice throughout the entire purchasing process.

Remember, the most important advice you can give is to encourage your client to take their time and not feel pressured to make a quick decision. Buying a property is a significant investment, and it's important to ensure they are making the right decision for themselves and their future.