The process of buying a new home is exhausting, whether you are an experienced buyer or not. For first time buyers it is all the more overwhelming. That said, it’s not to say that the process has to be a total nightmare. In fact, with some careful consideration and the right guidance, it can be an exciting and successful journey!
In this article we’re going to share some handy home-seeker tips, from real estate agents for first time buyers. Here’s everything you need to know:
Work with a real estate agent
Particularly if buying property overseas, such as in Thailand, the best way to navigate the property market and find your dream home is by working with an established and reputable real estate agent. It might be tempting to try and go it alone, but without any prior experience in real estate or the local market, you might find the process entirely too difficult. A real estate agent can:
- Show you the best properties in your chosen area that meet your budget requirements
- Will spend plenty of time getting to know your requirements
- Help you decide on the best amount to offer on a property
- They’ll submit offer letters on your behalf
- Help you to negotiate the best deals
- Guide you through the legalities
- Attend closing with you to ensure that everything is in order – including the necessary paperwork
- Recommend additional services, such as a moving company
To learn more about how a real estate agent can help you when buying property in Thailand, click here.
Make sure you are ready to commit to a loan
Unless you are fortunate enough to have all of the money ready to make a total up-front investment, you must be ready to commit to a loan. Taking out a home loan / mortgage is a huge commitment and not something that should be taken lightly.
Spend some time thinking carefully about what’s involved and be 100% certain that you are ready to make the plunge. Don’t just think about your current circumstances, but what things might look like in 5-years.
List your needs and non-negotiables
When searching for your first home, you must make a list of your needs and non-negotiables. When you communicate exactly what you are looking for to your real estate agent, the process will go much smoother. Save all parties involved a great deal of time and let the relevant people know precisely what it is that you are looking for, including the things that you are not interested in as well.
Thoroughly inspect a property before committing
A single viewing isn’t enough to make a full on commitment to a property. You should inspect the property thoroughly. In fact, it is arguably worth hiring a property inspector to make sure that the property in question is up to scratch, safe, and worthy of your investment.
Stick to your budget
As a first time buyer it is easy to get carried away and give into your emotions. Remember to stick to your initial budget: this was carefully thought out in the first place and sticking within your means is crucial.