Valuable Lessons for First-Time Homebuyers

Buying a home can be a particularly stressful, and time-consuming process. Buyers may learn through experience some valuable lessons for buying a home. Here are 5 useful tips for first-time homebuyers to consider when entering the real estate market. 


#1 Get your documents in order

To apply for a home mortgage, you will need income and tax documents. Typically, lenders will ask you for 2 recent pay stubs, 2 previous years’ W-2s, tax returns, and the past 2 months of bank statements. Having these documents in hand will save you a lot of time when buying a home.


#2 Watch the market 

Stay up-to-date with the housing market on both a national and local level. Just like the stock market, timing is key in the real estate market. If inventory is decreasing, it may be best to buy a home quickly before more buyers enter the market and spark a bidding war. If there are clear signs that the market is unstable in the area, you may want to wait or look for a home in a different city.


#3 See if the HOA contract allows renting 

It is common for homeowners to have the long-term goal of renting out the property when they decide to move. It can be a big disappointment to find out after you buy a home that your neighborhood does not permit rentals. Make sure to check the homeowner’s association contract before buying a home if this is your goal. Here in Bozeman, for example, the city has a temporary ban on short-term rental permits in its historic neighborhoods


#4 Read the ENTIRE contract

Buying a home will be one of the most important, and obviously expensive, purchase in your life, so don’t overlook or ignore the terms of your contract. If there is anything you don’t understand, ask your mortgage broker and your real estate agent to clearly explain the terms to you.


#5 Meet the neighbors

You might forget that you’re not just buying the house, you’re buying the neighbors too. Have you watched the movie Neighbors? Don’t end up like Mac (Seth Rogen) and Kelly (Rose Byrne) and wait until after buying a home to find out that your next-door neighbors are a bunch of college kids who throw wild parties every night.


Related Articles: 

Nationwide Housing Shortage


5 Steps Toward Buying A Home


5 Tips For A Winter Market


Hart Real Estate Solutions


Hart Real Estate Solutions Bozeman Montana



Comment balloon 3 commentsHart Real Estate Solutions • January 13 2017 04:05PM
Valuable Lessons for First-Time Homebuyers
Buying a home can be a particularly stressful, and time-consuming process. Buyers may learn through experience some valuable lessons for buying a home. Here are 5 useful tips for first-time homebuyers to consider when entering the real estate market… more
Tim's Know Your Homes 101 - Chalet
The Chalet-style home, as Americans know it today, was inspired by the Chalets of Switzerland. Sometimes, the architectural style is even referred to as Swiss Chalet, over the more standard Chalet. Chalets, as you have probably guessed, started in… more
Average Home Requires 22 Subcontractors to Build
When faced with putting down 200k plus for a new single family home, some buyers may wonder if their builder is walking away with huge profits. Although the builder may very well be making a good profit on the home, many buyers forget the… more
Home Builders’ Top 5 Concerns and Obstacles for 2015
Builders across the nation were surveyed by the National Association of Homebuilders regarding obstacles that may cause problems to their personal business and the overall housing market recovery. Here is a list of their top 5 concerns. Cost… more
Builders Address Bozeman Home Affordability
Local Bozeman builders have tried to come up with viable solutions to the affordable housing scenario in Bozeman. Although more building permits have been issued in the last few years, many of these homes are aiming at prices above $300, 000 (read… more
Back to School and the Real Estate Market
After the thralls of summer begin to fade into the dry grasslands that signal in fall, parents start thinking about the school season. In fact, a recent realtor. com survey found that school districts impact 60% of home buyers This carries so much… more
Want to be Happier & Healthier—Buy a Home
Canada Mortgage and Housing Corp. has done a recent study on Habitat for Humanity families evaluating the amount a family’s life changes when they move into a home The results ultimately found that families who own a home are healthier, happier… more
What Buyers Want. Clear Patterns and Trends.
In all the recovery of the housing market, there are clear trends developing within the houses that have sold versus the homes that have not. The National Association of Home Builders (NAHB) conducted a large study to pinpoint on how having… more
Ready to Buy? Here Are Some Questions To Ask Yourself
Doing your homework does not end when you make the decision, although it is a big step, that you are going to buy a new home. Here are a few guiding questions you can start to ask yourself in order to fully prepare for the adventure to come: &… more
Catapalooza: Bozeman Montana Real Estate. net Community Outreach
Catapalooza live music, crowds, and free give-a-ways, this event is like many the Bozeman community celebrates only its target audience is very specific to the 2500+ students arriving back onto campus this week. Businesses are showcasing what… more