Raymond Grinsell Shares Real Estate Investment Tips For First Time Home Buyers
Buying a home for the first time is one of the best experiences in life. That’s when you feel you’re really going to make it and the future holds endless possibilities. But as exciting as buying a house can be, you should be prepared for the stress and be willing to put in the hours as well.
Real estate investor Raymond Grinsell is the president of Equity Growth Asset Management and he knows how stressful buying a home for the first time can be. He has a gifted ability to sell 2–3-unit buildings and homes. With over 40 years of experience, his insights and tips are invaluable for people taking the first step to becoming proud homeowners for the first time.
Stick to your Budget
Since financing your first home purchase can be a hassle, it’s important to take your time with this step. Just as knowing what your non-negotiables are in any property you even consider buying, knowing what’s within your price range and what’s not, will save both you and the realtor a lot of time. And to avoid having regrets or second thoughts, you can use an online mortgage calculator to know the monthly payments you’re comfortable with. To use the calculator, set the mortgage period to 30 years or another length of your choosing, deduct the down payment, and enter the price of the property.
Set your Non-negotiables
Even before you start looking for your future home, you need to know what features such a home should have, and which area really suits your lifestyle and goals in life. “We call these the non-negotiables,” says real estate investor Raymond Grinsell. “For the property you want to buy to be your dream home, it has to include all of these necessary features.”
Your non-negotiables would be different from another prospective buyer’s list. They might have provisions for amenities, location, budget limits, accessibility, and square footage among others. Make sure to pass this information to your realtor as well. They’ll serve as guidelines to help narrow down your search.
Do your Homework
Once you have found your ideal property and before you make any more concrete moves to approach the owner and make an offer, you should get a good idea of the prices of real estate in that neighborhood. Research comparable properties in the area using real estate websites. This helps you make a good offer for the home or unit you plan to buy. Just remember that the difference between the first bid and final offer might be large depending on the negotiating skills of the owner. So, knowing the average rate in the area will guide you through this process.
According to real estate investor Raymond Grinsell, an experienced realtor can be the difference between a successful purchase and one you will regret for years to come. While you can always find your realtor online, it’s better to get a personal referral. If you had dealings with a realtor before and you were satisfied with their help, consider using them again.
Look for a realtor with a good knowledge of the area, someone who understands your list of non-negotiables, and can deliver an array of properties within your budget limits. Not only that, but the realtor would be able to help you get in touch with real estate lawyers and loan officers and be with you every step of the way.