What You Need to Know About Buying Real Estate for the First Time

   Whether you are buying a home or an investment property, buying into real estate is such a major financial step. There are so many things to consider and so many tiny moves to make, it’s no wonder that so many first-time buyers and investors get overwhelmed. If you want to keep your first real estate transaction from causing you a lot of headache and stress, there are a few key steps you will want to take. That includes using these tips and tricks from Realty Navigator. 

Investing During a Recession Can Be Smart 

   If you’ve been dreaming about making this purchase for some time, you may be wondering whether making your move this year is wise. Well, with interest rates still low, now could be the perfect time to take the leap toward homeownership. 

   As far as viewing and purchasing your home, you should know that there are plenty of virtual tools you can use to avoid in-person interactions. You could ask your Realty Navigator real estate agent to show you potential properties via video-chat services, 3D walkthroughs or virtual open houses. 

Working With a Realtor is Always a Safe Bet 

   Given the widespread financial impacts of the pandemic, you may also be looking for ways to cut costs as you buy your first home or investment property. As you do, just keep in mind that cutting a real estate pro out of the equation is not a good way for first-time buyers to save money. While you may trim a few bucks from your budget, you will also lose out on a few crucial perks of working with a realtor. 

   Those perks include access to local housing market data that could end up saving you even more both now and in the future. Additionally, licensed realtors like the ones at Realty Navigator will have information about properties that haven’t been listed online just yet. That can come in handy in the midst of sellers markets, which is widely the case right now. 

Mortgages Differ for Buyers vs. Investors

   This is one tip you should pay careful attention to, whether you plan on living in your new home, flipping it or renting it out. That’s because securing a loan for each of these real estate goals will involve different requirements and steps. For instance, first-time buyers can take advantage of several incentives and rebates that can make paying for their new home more affordable. You may be able to use these special programs to fund your down payment, lower your tax credit or finance repairs on a damaged home. 

   Investors may be able to use some of these incentives as well, but Lending Tree notes qualifying for a loan can become more complicated. You will likely need to come up with an even bigger down payment on your own and you will also need to have exceptional credit. And if you have your heart set on flipping a fixer upper, getting financed can be even more difficult. 

   Honestly, if you have the financial stability and resources to buy a home or invest in a real estate property, now is just as good of a time as ever. Just keep in mind that you may need to move quickly to secure the property of your dreams since markets currently favor sellers. Also keep mind that having the right real estate pro by your side can make the entire process of buying into real estate less confusing and stressful. So don’t skip over this crucial step! 

Photo Credit: Unsplash

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The Author: Suzie Wilson has been an interior designer for over 20 years. She created Happier Home as a side project to help everyone she can style their home stress free.

   Realty Navigator is a full-service, independently owned, and operated real estate brokerage with offices in Annapolis and Chester, MD. We provide customized real estate listing services, residential homes, and land for sale from Brandywine, Prince George's County, to Kent Island and in Talbot, Caroline, Queen Anne's County. Trusted and experienced agents are standing by to discuss your real estate transaction. Call or click today at 443-256-3773 or 410-643-3404. If you need to speak to the Broker, Petra Quinn, call 443-600-1986.