No seriously, I’m not kidding. You need to jump on this amazing opportunity that life and the current housing market is showing us all at this very moment. You hear all the time that “rates are at an all time low”…well they advertise that because it’s true. Never in the history of real estate has there been a better time to buy your own place than right now.
“I’m just a kid”…”That’s big grown up stuff”….”I don’t have the money for that”. These phrases might actually leave your lips, or I’m sure they’re definitely running through your head. Either way, they are ok to think or say once! After that, you need to get passed that fear of “this is the biggest purchase of my life”, and get researching. Yes, research and research and research some more. You see, the more educated you are about the process, the LESS scary it will be.
“So how do I research buying my own place Tim?” Believe it or not, it is a way easier than you think.
My personnel suggestion is to start by watching TV. Yup, watch the good ole’ picture box. Why? Because there are good shows such as “My First Place”, “Property Virgins”, and “House Hunters” on HGTV, which show other people going through the same journey you want to take. Now, they don’t go into tremendous detail, but you will at least get to watch others, likely first time home buyers, go through the process. From seeing what to look for in the quality of a home, to making an offer, to the struggles of renegotiating…..it is all there. The more you watch, the more comfortable you will become with the overall buying experience.
Then, once you have watched a little TV, start to do it on your own, specifically begin to visit open houses in the area you want to buy. It isn’t a bad idea to grab a family member or a friend that has already bought one or two homes to be some moral support, especially if you still feel shaky about making your first purchase. I would say that you spend the weekends for at least 2-3 months making the visits to your potential areas. After that time, you will be able to have a pretty good idea of what the price ranges are of the houses in your prospective neighborhoods, also known as comparative prices or “comps”. Also, it will give you a chance to meet multiple real estate agents so that you can pick one that you like, essentially having “interviewed” them on the many previous weeks of open houses.
Finally, once you have done your due diligence and you have enough money saved for a down payment, make an offer! Even though you may feel as if your heart is getting ripped out of your chest with all the anxiety and adrenaline pumping through your veins, it honestly isn’t that bad. If you make an offer, and it gets accepted, that is freakin’ awesome! You are under contract, and you are that much closer to having officially bought your first place. Within about 45 days (most contracts last between 30-60 days but can be negotiated for any length of time), you will have the keys to your kingdom.
Ok my friends, I hope this helps. If you have any questions, comments, or concerns, I would love to hear about them so please feel free to put them below in the “Comments” section. Also, if you feel this was a helpful post, please feel free to “Retweet”or post it on Facebook by hitting the above buttons. Take care!