Home Buyer & Home Seller Guide

With the expansion of the first homebuyer’s tax concession, this is the ideal time to be looking for a home if you are a first home buyer. With the Obama government deciding to extend the tax credit to individuals who earn less than $125,000 and couples who earn less than less than $250,000 combined, this makes it a complete buyers’ market. What is important however is to remember that you should be under contract by the end of April 2010 and close out the same contact by June 2010 in order to ensure that you get the first home buyer’s grant. Now, having done a brief recap on the first homebuyers’ tax credit, it is time to look at a few pointers when it comes down to buying a first home.

First Home Buyer Tips

Expand Your Search Horizon

Being an individual who lives in the digital age could have certain ramifications when it comes down to buying a first home.  With most properties nowadays listed online, most first home buyers do not tend to look beyond the listings on real estate websites, virtual tours and pictures they can find at the click of a button. With your first home it is essential that you take the time out and browse local newspapers, talk to your local real estate agent and drive around neighbourhoods you may be interested in. You never know the next best deal may be just around the corner.

Time Frame

Prudent buyers will know to take advantage of the first homebuyers tax credit and work keeping that time frame in mind. However, it may be beneficial to know that it is more important to find the right house that suits your criteria. In general most motivated buyers could get a house in as few as two weeks. Other luckier individuals might find a house in a matter of days. Being over cautious and over speculative as to prices and housing sector movements could mean that you might miss out on the bargain bus. If you are using a real estate agent, spell out your requirements and make sure that you aren’t wasting your time by seeing properties that do not match your parameters so you can speeden up the process of buying a first home.

When Is It Too Many?

This is probably a great question. It is hard to say when you have seen too many homes. One way of saying this is, if you are seeing 2 or 3 houses a days and have been doing so for a few weeks now, you probably are seeing too many. The thing to remember when buying a first home is that if you find a house that suits your needs and is what you were looking for, step in and buy it. Time wasting will only lead to some one else walking away with it.

Doing The Math

Every house you see, make sure you inspect in detail. Carry a camera with you to take pictures and get abetter idea when you sit back and analyse the property.  Ensure that you are comfortable with the locations and the infrastructure and amenities. Be sure to give it a mental ranking to help you make your final choice.

Once you have seen a few properties and have been able to narrow it down to a select few homes, re-visit them all once prior to making up your mind about buying a first home. This will ensure that you have done all that you needed to do. Remember, do not get pressured by anyone or be swayed by the suggestions of your real estate agent. It is your property and it is important that you are comfortable with it.

References:

1. Tips on Buying A House – Home Buying Institute
2. Buying A Home – U.S. Department of Housing and Urban Development