Why Patience Can Benefit the First-Time Home Buyer

When you are a first time home buyer, the promise of a new house is exciting and exhilarating. Before you rush into anything, you should realize that patience is extremely important in these situations.

Overlook Good Deals

Locking yourself into a mortgage is a long-term arrangement. Therefore, you should put a lot of thought into any decision that you make. Once you sign the papers, you are locked in for 30 years or until you sell the house. Even if you sell the house, there is no telling how long it might sit on the market. This means that you should be very sure of the deal you are getting before you make an offer.

Be sure to make a list of deal-breakers. Establish what you really want, would be nice to have or absolutely must have. Then, when you visit a home, score the home based on your list. Don’t forget to add neighborhood appeal because real estate is highly based on neighborhood values and appeal. Once your home is scored, give yourself at least one day to sleep on any ideas before making any offers.

Extra Incentives

The longer you wait to purchase a house, the more likely you are to get some great incentives along the way. For example, let's say that you are looking at a new house in a new subdivision. You talk to the builder, let them know that you are interested, but do not make an offer. Stay in contact with the builder and along the way the builder will let you know when they are ready to unload the property. It might be the last house in the tract or a house that fell out of escrow. Either way, the opportunity will be there for you with persistence.

At that time, a builder may offer extra incentives to close the deal. You might get nicer appliances, a big screen television and nicer finishes in the house for free. He might knock another $10,000 off of the price if you go ahead and do the deal. If you had rushed into the deal from the beginning, you would not have any of the extras. Since you waited, you gained access to some great things for free.

Better Financing

When you are trying to secure a mortgage for a property, the process can be very challenging. You have to prove your income, answer questions about your credit history, and do a lot of other paperwork. When you rush into a mortgage, you get whatever interest rate is in the market. Many homeowners have done this and then found out that the interest rate went down the next week. Being patient with the mortgage process will help you secure the lowest interest rate for your mortgage and save you money for years.