Buying your first home can be a stress-inducing process, even if it is one of the most exciting times in your life. Making the commitment to pay a mortgage for up to 30 years can bring about a great deal of worry. For first-time homebuyers in Baton Rouge, Louisiana, there are some tips that they should keep in mind to help alleviate some of the stress involved in purchasing a home.
Use a real estate agent
With leaps in modern technology, it is very easy to find a home you like online, contact the agent listed on the property and make an offer. However, that agent has a fiduciary responsibility to the sellers who they listed the home for. If you want to have a professional real estate agent represent your best interests, you will need to find your own.
Fortunately, in most states, buyers can work with an agent at no expense. The selling agent gets a commission for selling the home, and a portion of that commission goes to an agent representing the buyers.
Spend less than your approval
When you get preapproved for a mortgage, you see the maximum amount that you can spend on a home. While it’s tempting to spend that full amount on a home, you should also consider monthly expenditures such as insurance, utility payments, HOA fees and more. Budget additional expenses into your desired monthly payment.
Don’t decline the inspection
Most states give the buyers the opportunity to have a home inspection before the property closes. While some buyers opt-out of this because they have to pay for it, inspections can uncover some defects that they may have missed. Spending money for an inspection can save a lot of money and stress in the future.
Also, you should consider working with an attorney who is familiar with real estate law. This attorney might review all the contracts involved in the transaction and ensure that you are getting the best deal possible.