First-Time Home Buyers
If you are a first-time home buyer, use the guide below for helpful hints and tips and learn how to avoid common mistakes when buying your first home in Park City.
- Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.
- Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Pre-approvals are generally free in our market.
- List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes - things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, hitting your Top Five should be considered an excellent result!
- Representation by a Professional: Enter into a “Buyer Broker Agreement” to secure your own real estate agent, one who is working for you, and not for the seller. It is a mistake to think that working with the List Agent will save you money, Total Commission is determined at the time of taking the listing, and in Utah is all paid by the Seller. Remember also that the List Agent represents the Seller and owes their client total loyalty. You deserve someone to represent you who is independent and who owes you their total loyalty as well.
- Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
- One or more detailed maps with your areas of interest highlighted. We have a downloadable map here.
- A list or file of the properties that your Realtor has shown to you. They should provide those on every tour of homes that they do with you.
- Paper and a pen for taking notes as you search.
- Your phone or a camera to snap pictures of homes you have toured to help you remember your favorites and features you really liked
- Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Are the rooms big enough? Is there enough light?
- Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There is no such thing as “the last home for sale”, so don't make a hurried decision that you may regret later.
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us directly to discuss any of these matters in further detail.