5 Tips For People Buying Or Selling Their First Home In 2020

People who are looking to buy their first home in 2020 may all feel nervous, excited and at the same time scared. We can make their wishes and needs lists, figure out how much they can afford to spend, and decide what communities they want to look in. We've rounded up the 5 best tips for people buying their first home in 2020 to help them get started with a little guidance.

EXPLORE FINANCING OPTIONS

There are nearly as many different types of mortgages and down payments as the houses are. Buying a house these days does not have to mean automatically putting down 20 per cent of the value of the home and then paying a 30-year fixed-rate mortgage.

Conventional mortgages are still very appealing for many homebuyers, as they offer straightforward terms and are available from a wide range of lenders. You also have the option of fixed-rate or adjustable-rate mortgages, and earn terms of 30 years or even 15 years. Every option has its own pros and cons so take your time and study thoroughly.

While it is best to put down as much as you can – without breaking the bank – to lower the total monthly payments, people can buy their first home with 10 percent, 3 percent, or even no down payment depending on the type of program they sign up for.

There's a wide variety of loan schemes and grants out there, and a good mortgage broker will help customers find the one that suits them.

HIRE AN AGENT

An experienced real estate agent knows the local market and knows what to expect from houses that are sold in. They can be invaluable to anyone looking to purchase their first house.

Using available listings the right real estate agent will take a list of likes and dislikes and scour to find potential properties to give homebuyers. We keep their eyes on the housing market's pulse and are ready to leap the moment something positive is showing up. The agent can also let a customer know when a home is being priced too high, or when it's a good deal, and can help negotiate.

SET A BUDGET

This is the biggest thing people would miss over buying their first home in 2020. We may think they know how much they can afford, but they fail to consider all of the factors.

The price of listing is not necessarily what will be paid each month, or the total cost of ownership. Ensuring you factor in factors such as taxes, other expenses, utility costs, as well as any possible repairs provides a more realistic idea of whether or not a first-time homebuyer can afford a specific home.

BUY FOR TOMORROW

Many first-time homebuyers buy homes for what they need today and fail to ponder what they might need tomorrow. And, a few years down the road, and a couple of kids, they're suddenly shopping house again.

People buying their first home need to weigh their future plans while shopping, including potential marriage, babies, pets and even job changes, all of which can influence how they choose one home over another.

NEGOTIATE

Practically everything is negotiable when you buy a home. Many first-time homebuyers believe that only the price is on the table, meaning they lose out on the opportunity to purchase a lot of bells and whistles.

Reparations, potential large replacements, appliances, and even home warranties can all be negotiated and many sellers are more willing to throw in these items than to lower the overall price.

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