Education for Buyers and Sellers

Return to the Blog Home Page

Real Estate 101: What to Expect for Your First Transaction

What to Expect - Buying Your First Home

Buying your first home is an exciting experience! But, many new buyers don’t know what to expect when they find the home of their dreams. There are many concerns and problems that can pop up along the way, so it is essential that you have an experienced real estate agent who can help with your transaction.

Know the Numbers

Just because the home looks good at first glance, doesn’t mean that it is the right property for your family. As you talk to your real estate agent and the seller, you need to look at the numbers to understand the age, quality, and price of the property.

What numbers are important? It depends on the type of property that you are buying. Usually, home buyers look at the asking price to ensure that they can afford the mortgage. It is also important to consider the age of the home, roof, plumbing, and electricity. Find out if any natural disasters impacted the property and when the damage occurred. Ask about utility costs. Consider how much you will need to spend if the property needs renovations.

All of these details can help you decide whether the purchase is right for you. If you decide that the home isn’t a good match, then you can continue looking at other options in the area.

Negotiations for a Fair Deal

Even though the seller is asking for a certain price, it doesn’t mean that you need to pay that exact amount. It is normal to go through a few rounds of negotiation to ensure a fair deal for everyone involved. Don’t be alarmed or worried about the negotiation process because it is common to submit an offer and have the seller provide a counter-offer.

These negotiations often include the price of the home, closing costs, discounts for necessary renovations, and more. If the seller is highly motivated to close on the property, then they might agree to some of your requests. Work with your real estate agent to determine what you should be asking for in the negotiations.

Financing Options

Your real estate agent will help you find a home that matches your preferences. But, you will need to work with a separate company to get the financing that is needed to buy the home. Most agents will have a mortgage company that they can provide as a referral.

Work with the lender as early in the process as possible. The lender can help you understand your qualifications for a home loan. Then, you can provide this information to your real estate agent to find a home that matches your budget.

If you are getting ready to buy a home, then you need to be working with the best real estate team in Atlanta: DUFFY Realty. We have many years of experience in the industry, and we know the best practices for buying a home. Contact us today: (678) 318-1700

Tags: , , ,

Comments are closed.