First-Time Home Buyers Real Estate Tips & Advice
Articles,  Blog

First-Time Home Buyers Real Estate Tips & Advice


hello and welcome to the home buying
process a to z. I’m Audrey Whittington with realtor.com and today I’m very
fortunate to have with me Heather and Steve Ostrom. Who are with Coldwell
Banker and how many years do you guys have in the industry? Over 17 years. Oh my
goodness, so you have seen a lot of transactions. Yes. So today we’re gonna
focus on first-time homebuyers okay our favorite types right because you got to
kind of walk them through everything right? And they are so happy! Yes, super rewarding. So let’s talk
about I’m a first-time homebuyer I’m a realtor.com and I’m looking for houses
it’s centering my thought what is the first thing I need to think about while
I’m looking well there’s a lot of things you think about but timing is one thing
that’s sort of important of when your lease is up things like that time of
year or two that you want to be into the house because it sometimes takes a lot
longer to find a place than you think it’s gonna be it’s not like finding a
rental where you go out just a weekend and find it yeah it’s something you’re a
known and you want to take your time to find so don’t brush don’t rush do not
okay yeah my type is it’s like it it doesn’t always go perfectly so the more
research you do the better the process is gonna go without a doubt and then
there’s location location location is a huge factor in real estate always and
then thinking about how close it is far side close to this to you work
we tell people sometimes go to the property and then drive for your work
how it feels you know living in that neighborhood though different times of
the day because I think there might be different type of parking situations
throughout the day we like to visit during the weekday in the evening and on
the weekends I think people don’t often think about that they don’t they don’t
think about going different times okay because maybe it’s a gorgeous day and
the tree is in bloom not going to be a whole year where you’re the main route
to the school yeah navigation the neighborhood that can really matter to
our first-time home Bart they may not realize yeah okay so what you’ve you’ve
kind of gone through my list of things right but what do I need to compromise
on and how do I know that I need to compromise I really feel like this is
where an agent is so important yeah well I don’t think you compromise on the
bedrooms or the bathrooms there’s something you don’t compromise on if
there’s things like yard size you know being close to a trail
sometimes you can’t get all of the things you want Barajas is a big thing
to garages are different in different areas but that’s an important thing to
do we find that people a lot of times do compromise on that okay have the ride
and maybe the yard size right they’re looking for an acre and they get an
opening yeah deeds and if you start doing a searches for a while you’re
gonna start figuring out what’s in your price bracket yeah as far as what’s
available and what’s attainable okay so that’s a good point that actually gets
us into a different part of this which is fees so how do I know when I’m on
realtor , I’m looking how do I factor in different fees and what kind of fees
should I expect yeah well there’s lender fees when you’re a buyer which is sort
of important they’ll go over with you sometimes people don’t realize there’s
other fees associated with buying a property and homeowners fees is
something that counts against you so sometimes a property might have a large
homeowner association fee well that goes against your how much you can afford
oh it’s important talk to a lender to see if you have that cushion when it has
a homeowner’s association or certain areas have special taxes that are more
in certain areas than others but that basically goes against how much of a
house you can afford that’s really helpful I did not realize that that like
you know so you may have been pre-approved for an amount but if
there’s another you know $500 a month and homeowners fees you frankly you
might not get a proof for that yeah it does affect your budget as far as buying
the home makes it huge day okay so that’s really good to know and what are
we looking at in terms of billing cycles what does that mean like what is you
know a billing cycle well usually people don’t realize that you paid rent for
work and you pay your mortgage backwards so it’s something that people don’t
realize that which means in a rear yeah yeah but so it’s just different and so
there’s a little bit of time we’re a lot of times we close that we don’t have a
payment for a two or three months but it’s sort of and that’s a lot of the
buyers especially we get to the signing table and for some home sellers too but
it’s something different than directly okay good so a mortgage is paid
backwards and rent is paid forwards good that’s important I think that’s
really for the people who are moving from renting to buying it’s a really key
factor all right so what about keeping files what about like you mentioned we
were talking earlier about plan D like what does talk to me about what that
means well because especially if you’re coming
from a rental or maybe you’re living in mom and dad’s
place there’s a lot of variables like as far as if you are coming from a rental
you may have a specific time that you have to give notice on your apartment so
that part does become stressful because sometimes your loan does go one or two
days late you cannot assume a perfect file because there’s a lot of little
worker bees hidden behind the lender that are trying to process your file so
you just in case the file does run late and you’re overlapping maybe by three
days you want to make sure you have a place to go for those three days I think
people don’t think about that at all or another option we’ve told our buyers is
if things don’t work out maybe getting in a pod or some sort of temporary
storage so they don’t have to worry about their housing as much yeah we’ve
had many clients stay with their parents for a week or two just through the
theory time over we’ve had one go on vacation you know afterwards like can we
go with you but you know you have to think of those times so I think that’s
really important I’m glad you brought it up I don’t think people think about a
plan B because there’s a lot of moving pieces and then some of the other video
series we talk about all the different moving pieces with the mortgage so I
think that’s really critical so sometimes going back to location a
little bit what about rural versus suburban how do I know I mean if it’s
not dependent on my work how do I know yeah with preference you know what is
your preference to be close to things are not be close to things I mean you
still want to go out and feel that area how long it is to get anywhere and also
– it gets down to maintenance do you want to be a weekend warrior or do you
like having an active lifestyle where you don’t have to be a slave to your
yard you know because there’d is a huge difference as far as living a suburban
lifestyle or a country lifestyle because there are gonna be maintenance things
there’s gonna be more to take care of on a country property and on top of that –
you’ve probably gonna see different types of inspections it’s really
important to speak to an area specialist okay good I think that’s real important
because Realtors actually specialize in different things right I mean they’ll
have things that they’re some are as you say our country Realtors and summer City
Realtors so to speak and that’s a good question even ask for your agent you
know what area that you specialize in because you want someone on your side
that is looking out for all the things that may not be aware
that’s good that’s important well thank you today for joining us we appreciate
it this is Audrey Whittington going talking
about the home buying process from A to Z with Heather and Steve Ostrom thank
you thank you

2 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *