There's no place like home for the holidays. And much like the holiday season, buying a home can be both exciting and stressful. If you've never bought a home before (or if it's been many years since your last purchase), the process can often feel overwhelming. Our holiday gift to you is 12 tips to make your first home purchase the most wonderful experience of your year.

So, grab a cup of cocoa & let's get started!
 

1. Make Your Finances Merry & Bright
   Before you start scrolling through mycaar.com with visions of new homes dancing through your head, you need to know what your finances look like. You'll need to know your credit score, what kind of down payment you can afford, and your budget for your purchase. Don't forget to think about how things like homeowners' insurance, property taxes, and utility bills will play a role in your budget. A great way to start the process is to sit down with a mortgage lender (or a few!) to see what loans you will pre-qualify for before you start your search. They can even write you a pre-qualification letter that you can include with offers to improve the odds yours is accepted.
   
   
2. Find Your Elf
   Buying a home can take many months of home searches, visiting properties, and negotiating contracts. That's why it's important to find a REALTOR® that you work well with. Talk to your family and friends for recommendations on agents that they've liked and take your time to meet with several to find the right agent for your needs. Ask them what you can expect during the process, the best ways to communicate with them, and what expectations they have of you during the transaction to make sure you are a good match for each other.
   
   
3. Make Your List, Check it Twice
   Not every home can be as magical as Barbie's Dream House. The reality is that no home will check every box on your list. Make a list of things that you need, things that you want, and things you want to avoid. When looking at homes, make sure they have the things you need before you start looking at the things you want and things you want to avoid. Remember, no home is perfect. But some of them will be pretty darn close.
   
   
4. New Year, New You
   It's easy to focus on what you currently need in a home, but don't forget to plan for your future as well. Most homeowners plan to stay in a home for 10 years, so think about any life changes that you might expect to happen in that timeframe and how that might impact your needs in the future. Will you be having children or becoming an empty nester? Finishing school, starting a new career, or retiring with plans to travel more? Consider how these life events might influence what you need in your future home.
   
   
5. You'll Be Home for the Holidays
   Or whatever schedule works for you. Do you have a lease ending that you don't want to renew? Need to wait for a busy season at work or school to end before you plan a move? Talk to your REALTOR® about your ideal time frame so they can help you plan when to start your search, how to structure your offers, and what kind of contingency plans you may need if you can't find your dream home in your time frame.
   
   
6. Take a Trip Down Candy Cane Lane
   While the physical layout and look of the house are important, so is the neighborhood you'll be moving into. When looking at neighborhoods consider what your daily commute will be like, how far it is from your family, friends, and frequent activities, how far it is from grocery stores and other amenities and what traffic is like in the area.
   
   
7. Don't Expect Overnight Delivery
   You may be one of the lucky ones who falls in love with the first home they see, gets their offer accepted, flies through the contingencies, and closes within weeks. Or you may spend months visiting homes that just aren't quite right and participating in bidding wars with offers that aren't accepted before you reach closing. There's no way to predict how long it will take for you to find your dream home, especially in a market with low inventory. Prepare for a long-term search and hope for a Christmas miracle that gets you into a new home in a matter of weeks.  
   
   
8. Be Ready for the Mistletoe
   If you're in a market with low inventory, you may not have a lot of time to make a decision before offers are due. Have your pre-qualification letter handy, know what terms you'd like to include in an offer, and make sure you're aware of any deadlines or contingencies that the Sellers may have. Doing your research about the home, the neighborhood, and how it will fit your budget before you step through the front door will help you feel confident in whatever decision you make.
   
   
9. Rockin' Around the HOA
   Before you buy a house in a homeowners association, it's important to understand what they do. While each HOA is different, they commonly have a governing board and charge monthly (or yearly) fees to provide services including landscaping of common areas, snow removal, and trash pickup. Here in Virginia, buyers are given three days to review the HOA's paperwork including financial statements and rules & regulations. Take the time to read through the documents and ask about any concerns you may have.
   
   
10. Ignore the Grinches
    You've found the home, you're under contract, and you excitedly start telling your family and friends about the property! But they don't seem as enthusiastic about the home as you are. While getting a second opinion is never a bad idea, remember they won't have to live there. You will.
    
    
11. Be Aware of Scrooges
    Wire fraud scams are on the rise and if you transfer your down payment and closing fees to a scammer, you may lose thousands of dollars and your opportunity to close on your home. Make sure you only follow instructions that are sent to you by people you trust and verify the e-mail address or phone number that your wiring instructions come from. If you receive conflicting instructions, follow up with a phone call. Everyone involved in the process would much rather receive a "I just want to confirm I'm doing this right…" phone call than find out the money is missing on closing day.
    
    
12. The Handyman is Coming to Town
    Set aside a budget for repairs in the home, both immediately after closing and in the future. While Sellers may perform some repairs after the home inspection and negotiations, there will likely still be things that need to be fixed in the home. Not to mention things that may be broken during the move in process or first few weeks of home ownership. Set realistic expectations for yourself about what you can manage on your own and what you will need to call a professional to work with.
    
    

We hope these tips make starting your home purchase a little less stressful. If you have any questions about the next steps that you should be taking, give New Leaf Team a call at (434) 214-6121.