Summary: Buying your first home is an occasion which marks a very special passage in your life. You are about to go from being a renter to being a home owner which, in a sense, means that youre going to be "all grown up". But when you start going through the process of first time home buying, you might quickly find that the last thing you feel like is a grown-up. Article Main: Buying your first home is an occasion which marks a very special passage in your life. You are about to go from being a renter to being a home owner which, in a sense, means that youre going to be "all grown up". But when you start going through the process of first time home buying, you might quickly find that the last thing you feel like is a grown-up. There are just so many things to consider that you can easily begin to feel overwhelmed. Take a deep breath and relax. Youre going to get through this and buy your first home. Here are the basics of the first time home buyer guide to real estate which is all you need to know to get started with the process: Know yourself. The first step to buying a home is knowing what kind of home you want to buy. Believe it or not, many people go looking to buy their first home without really stopping to assess whats important to them in a home. You should really take the time to figure out everything that you want in a home, including which characteristics are non-negotiable and which you can be flexible about. Ask yourself about everything from neighborhoods and number of bedrooms to age of the home and material of the construction. By narrowing this criteria down before you start looking into buying your first home, youll save yourself quite a bit of time and hassle. Find a realtor. Although its possible to buy a home without the assistance of a professional, its a lot easier if you work with someone who knows all about the process. Do your research into local real estate agents and find one who has the knowledge and experience to assist you in buying your first home. When interviewing realtors, ask them specifically about their experience in working with first time home buyers. Learn the terminology. Your realtor will be able to explain everything to you as the process goes on, but things will go a lot more smoothly if you know right away what he or she is talking about. You dont need to know what every single thing in a contract means, but you should learn the basic terminology of the real estate process. Learn about "the closing" and "escrow" and "mortgage". A basic book about real estate or a website defining common real estate terms can do wonders for making you an informed buyer. Know the market. At times, its a buyers market and at times, its a sellers market. Of course, you want to buy when the market is right for you, so start keeping an eye on the market in the months leading up to buying your first home. Dont buy until the time is right. Dont be afraid to negotiate. Some people find the process of bargaining to be a natural thing but many others hesitate to negotiate. Buying your first home is an exercise in the art of negotiation. Let your real estate agent help you with this part of the process but dont be afraid of doing it. You should get the home at the right price. Make sure that youre in your budget and get a good home loan. When you were first narrowing down what you wanted in your home, you probably considered cost. Before making the final purchase, make sure that the home is within your budget. And then make sure that you can get a good loan that will allow you to pay the mortgage on your home without excessive stress in your life. The new home may be ideal but if youre going to have to move out in a year because you cant actually afford it, then its not the right place for your first home. There are many steps that take place when youre first buying a home, from finding the home to closing the deal. However, the basics are all the same. By knowing what you want, keeping within those limits and working with professionals who can assist you throughout the process, youll be able to buy your first home with relative ease. Before you know it, youll feel all grown up. About the author: Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Erics Austin Lofts Guide, visit his Austin Real Estate companys website, & his Tulsa real estate website. He has seen considerable success in real estate, and looks forward to many more years in the business. See All articles From Author Tags:

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Word Count Appx. : 823 | Article Views 72 Published 06-08-2007