First Time Home Buyers Guide
Charlotte Communities First Time Homebuyers Tips, Tools and Strategies, Buying Your First Home Smart!
So, you are thinking about buying your first home! I know its exciting, I remember it well… yet it also means more… more responsibility (a mortgage eeks!!!), more commitment to your job, to the area, perhaps to a life partner… just MORE!
You may have came here looking for, details on the $8000 Tax Credit or, how to get your rebate back FAST, getting started with a Charlotte home search
I’m going to assume you’ve made the decision to buy your first home, and now you are trying to figure how to go about it. Whatever the reason you are considering buying a home, and at whatever age you may be, know this:
That everyone buying a home for the first time feels much the same way- both excited and nervous, and often over-whelmed by the “buying process.” The buying of your first home is confusing- regardless of your age, 25, 35, 55, the first home purchase is unlike any other purchase-
but like many other large “confusing” tasks, if you break the process down into its components, it not only becomes more manageable, it becomes more understandable, and can be fun!
This page, and the posts attached, are here to help you understand and some what simplify the process. Knowing what you need to do, before you need to do it, is less stressful, more accurate and more likely to lead to a successful outcome.  I liken it to someone reading directions to you before you miss the turn, better that than after!
Your starting point choices are
1) learn it all yourself-do it all yourself,
2) find knowledgeable experts (Real Estate broker -ahem- and Mortgage Broker) and turn the process over to them, or
3) a mix, become more knowledgeable your self, find quality professionals, and lead your home and mortgage search team to a home you’ll be happy with for many years.
There are pros and cons to each choice- but unless you have lots of time, energy, and desire to learn real estate, and a willingness to make mistakes I’d skip choice 1. Choice 2 makes sense if you need to buy from a distance- lets say you worked 90 hours per week, 50 of those in NYC, 20 in Boston, 20 elsewhere- and you spent a day in Charlotte every other week, but this is where you want to call home. Otherwise- Choice 3 is best for most, invest in yourself, become more knowledgeable yourself, lead the search, find good professionals (we steer you clear of the sand traps, land mines, etc) and work together to find a home, negotiate the deal , and buy it smartly. Sellers pay all commissions, so you don’t pay for Buyer Agent services.
As is often the case, good professionals give you a fast start. But what are you looking for? And how do you find them?
While there are sometimes specialties home buyers occasionally need, I think there are two broad principals that are over-arching. Get these right, you’ll get great help and 99.9% chance of a great outcome.
First you need a professional dedicated to your interests, one you feel confident is looking out for you in every way. You may not know right off, but in the course of e-mails, talking, meeting, it will become clear, and if you don’t feel that commitment- go no further with this person, I don’t care how knowledgeable or connected they are.
Second, you do want a knowledgeable broker, one who knows the market, knows the ins and outs, where (what I call) the sand traps and land mines lay, and how to avoid them. You can read what they write online, you can ask them questions and check their answers against what you’ve learned yourself, you can speak to their references, or All of The Above!
The reason I put dedication to your interests before knowledge is this– if you ask a question of an Agent he or she doesn’t know- if they are dedicated to your interests, they’ll research and find out the answer for you. If there isn’t that dedication, they make something up. Its true, and a good test too! Otherwise, no Agent could gain the experience necessary to become knowledgeable – we all start somewhere, and most of us learn, and the best of us keep learning, and stay dedicated to each and every client. Willingness to learn is an absolute necessity that helps define a dedicated Agent.
The principals above pretty well express the dedication of the McDonald Team at Wilkinson and Associates. You can meet Terry McDonald, and visit his home search site at any time under Search for Homes, top left, or this link, Charlotte Homes For Sale First Home Buyer
However, there is a learning curve, so a few successful years and lots of transaction experience makes sense too.
What do all the initials behind Broker names mean? In the best light, it means the Agent has taken course work provided by the local Realtor Association- these were very important in the pre-Internet days, when it was harder for a buyer or seller to learn about a Broker, so brokers tried to distinguish themselves with these designations. Unfortunately, there are not high standards to passing these courses, and an entire cottage industry sprang up “training” Agents, and without objective and high standards, many of these initials mean quite little. Without dedicaiton to your interests, they mean nothing.
Mortgage Loan Officers- this is the 2nd professional you need on your team, and you need a person you can talk to and meet with if necessary. Please, please, please, I beg you, don’t use an Internet source for a loan. In the last 3 years, I’ve had half a dozen terrible loan experiences, and all, ALL were Internet loan provider…some quite popular ones too. I’ve a list of several, we are Preferred Brokers for Bank of America,and we have trusted mortgage brokers if for some reason you can’t deal with BOA.
What do you want from a mortgage professional? Integrity, competence, and one willing to take as long as necessary answering your questions, so that you understand what’s going on, and what’s coming up.
Important links for first time home buyers…
There IS Money to Buy A Home In Charlotte and no, it doesn’t take credit better than God…
Free Buyer Protection Program From BOA covers against unexpected job loss, accidents and the like (Free)
Fort Mill First Time Buyer Market Report a look at low tax nearby SC, what $150-250K buys
A Physicians First Home- Great News From BOA Perfect if you are just finishing your residency and considering Charlotte
South Charlotte Town Home Market Report There were 96 town homes under $200K the date of this report
First Time Buyer Tax Credit to $7500 A look at this summers attempt to jump start housing- it didn’t work! But a real credit may be in the new plan.
Charlotte Real Estate- More Good Years Ahead Here are the facts (for you in the “reality-based” community) about Charlotte… a persuasive case for Charlotte’s bright future
Ten Essentials To Buying a New Home-Â good anytime, but doubly true in this market
Why You Always Need A Buyer Agent- A True Life Story this happened to me, 20 years ago, and demonstrates the need for Buyer Agents.
First Time Home Buyer Dos and Don’ts explores credit and some things Not to do when buying a house
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