Get new listings emailed daily! Create Account Login
Www.facebook.com/RemericaHometownRealtors/ IconWww.remericahometown.com/blog/ Icon
Remerica Hometown Real Estate Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Ann Arbor, MI | 47 Posts
Belleville, MI | 1 Posts
Buy a Home | 27 Posts
Home Safety | 1 Posts
Homeownership | 3 Posts
Plymouth, MI | 8 Posts
Sell Your Home | 29 Posts
May
29

Avoid Overpaying for Your First Home
Everyone wants to get the best deal possible on Plymouth homes for sale. A home is such a big investment, first-time buyers often fear they'll get taken advantage of or end up being forced into spend more than they can really afford. Don't let fear get the better of you. The good news is there's a lot you can do to ensure you're not overpaying for your home. 

  • Educate yourself. Don't wake up one day and randomly decide to look at houses. Come prepared. Do your research ahead of time. If you've narrowed down the neighborhood, knowing the types of homes that make up that neighborhood, the price range of homes and what features they commonly have can all help you know an overpriced house when you see it.

  • List out your wants and needs. This logical approach helps you be more objective when evaluating properties. If you absolutely love the style or location of a home but it doesn't have anything on your must have list or you can't reasonably add any of those things, you should probably look elsewhere. Knowing ahead of time what the absolute necessities are and where you can compromise will make it easier to move on if necessary.

  • Communicate with your agent. Our REALTORS® want to help you find an amazing home, so make sure you communicate clearly with them about what you're looking for and give feedback about the homes you visit. Answer questions honestly and make sure you both know the best ways to keep in touch to avoid schedule conflicts and miscommunications.

  • Keep your emotions in check. It's easy to get caught up in the excitement of finding a home. Sometimes buyers are so enthusiastic about a house they lose sight of the big picture. They're willing to overlook just about anything. Ideally, you want a deal both buyer and seller can live with. Being too eager puts the ball in the seller's court. If they think you won't walk, you'll be more likely to overpay. And you might be more likely to buy something you shouldn't. The more you know before you start about the process, what can be negotiated, and what the inspection findings mean, the more likely you are to feel confident and make a good decision.

  • Don't overlook the red flags. It may be helpful to think about what repairs are absolute deal breakers before you even start looking. Not every fixer upper is a good deal. If the inspection turns up major issues, you have the right to back out. Be prepared to take that action if necessary. If you're still going to consider the purchase, use that information to your advantage. If possible, get multiple estimates on fixing those issues. Then get the purchase price reduced as much as possible.

  • Get help when you need it. This can take lots of forms. If you're just starting to think about buying a home, community based organizations often have workshops for first-time buyers. Credit counseling is available if you're not sure how to go about saving for a down payment or improving your credit. HUD has housing counselors available that can help with a variety of issues. Depending on the situation, you may want to get advice from professionals in your network such as contractors or your real estate agent. Don't be afraid to ask questions about anything you don't understand and voice concerns when necessary.

If you're purchasing your first home or your next one, Remerica Hometown REALTORS® can help you find the right one. Contact us to start your home buying journey today!