First-time home buyers guide

By: Karinna Galla

Being a first-time home buyer can be an exciting, but at the same time, it is an experience full of challenges. If you have never bought a property before, you must take the necessary steps to ensure that your purchase is successful and satisfying. From determining your budget to considering your long-term plans, there are many factors to consider when buying a home for the first time without dying trying.

Here are some tips to help you get through your first time and enjoy the process:

1. Determine your budget: Before you start looking for properties, it is important to know how much you can spend. Determine your budget by looking at your income, expenses, and outstanding debts. If you need credit, consider getting a mortgage pre-approval to find out how much you can afford to borrow. At Housebuy.mx, we have experts in mortgage matters who can provide you with advice, and you can also access your free prequalification in minutes by clicking on our simulator or on this link. Remember that not every option is available for non-permanent residents.
2. Define your requirements: Area, number of rooms, special requirements, age, type of property, etc.; depending on the budget that you have previously defined.
3. Research the area: Be sure to research the area where you want to buy. Look at local amenities, schools, and crime rates. You can also keep an eye on the local real estate market to see if it is a good time to buy. Also, consider external situations such as national and international monetary policies that could directly impact your investment.
4. Work with a reputable real estate agent: A good real estate agent will be a valuable resource when purchasing a property. They can help you find properties that meet your criteria, negotiate on your behalf, and provide valuable information about the local market and some other topics you might skip as first-time home buyer. Remember that approaching a real estate advisor will not increase your expenses and will save you problems and headaches.
5. Analyze: Buying your first home is a big step, and it must be carefully analyzed. Don’t rush into buying a property just because you feel you have to. However, taking too long to make a decision can mean someone else deciding to buy your dream home before you do, the price fluctuating, or interest rates rising. So analyze carefully your decisiones, but do not take too long for making them.
6. Do a home inspection: Before closing on a property, especially if it’s used, consider doing a home inspection. This will help you identify any potential problems with the property and give you a better understanding of what you are buying. If there are no “home inspectors” in your area, hire a facilities specialist who can help you determine possible problems and, where appropriate, their severity. Keep in mind that if they are new properties, by law, the builder must grant you guarantees in facilities, structures, hidden defects, and finishes. Find out the terms of these guarantees before taking the step.

   

7. Consider the future: When I was just beginning my career in the real estate industry, someone told me: “buy thinking about selling.” When buying a property, it is important to consider your long-term plans. Do you plan to stay in the property for a long time? Will it meet your needs in the future? Will it be easy to sell at some point? These are important questions to consider when making your decision, specially as a first-time home buyer.
8. Enjoy the process: You will only be a first-time home buyer once, so relax and, above all, enjoy the process.

I hope these tips help you with your first real estate purchase. As always, I invite you to contact us to obtain specialized advice and guidance in this great step that you are about to take.

Good luck!