It’s the single biggest purchase of someone’s life – buying a home. So why does it feel like we are never taught how to do it, when to do it, and why to do it?
Take a deep breath – we think this will help.
We’ve compiled 10 tips you should know before buying your first home in Portland – meant to answer all of your burning questions and put your worries to bed.
1. The “perfect time” doesn’t exists – only you know when the right time is to buy: Your finances, your savings, your home. Only you know when buying your first home is right, and while the experience might not be perfect the timing will be. Don’t ask too many opinions, trust your gut.
2. Know your non-negotiables: have a list of things prepared that you must have in your new home. Whether its certain finishing or financings, know what you cannot say yes without. Knowing what you aren’t willing to compromise on makes sure you are nothing but happy in your new home. Side Tip: your budget should be on that list (see Tip #4)!
3. Get approved BEFORE you find the perfect home: there’s nothing worse than finding your dream home only to find out that you can’t afford it, or worse, that you miss out on it while you’re waiting to be approved. Make sure you know that you are approved before you start your search.
4. Stick to your budget: going hand in hand with tip #3, know your budget and stick to it. Be clear with your agent about what you are comfortable spending and establish your price point boundaries. At the end of the day, you can only get what you can afford, so there’s no sense in looking for what you can’t have (yet!).
5. Know your area: do your research! Know what neighborhoods you want to look in to. Consider things like your commute, your hobbies, and your budget.
6. Expect there to be upgrades and budget for them: while everyone talks about finding their “dream home” there’s always something that needs to be changed up in order for your new house to feel like home. Whether it’s a bathroom reno or a paint jib, set some money aside for those future home projects you may not be expecting.
7. Don’t forget closing costs: Speaking of unexpected costs, most first time buyers forget to factor in closing costs to their budget. Portland buyers can expect to pay anywhere from 3-5% of the purchase price in closing costs. With the median sales price of a home in the Portland area hovering around $485K, closing costs could come to $14,500 or more.
8. Trust your relator: we get it – buying your first home is SCARY. It’s one of the biggest purchases someone can make so how can you be expected to put all of your faith into an agent? But remember, your agent has trained, educated, and proven themselves to help make you feel as comfortable as possible. Keep this in mind when choosing your agent in the Portland Area.
9. Know the market: more research! Do some digging and find out what you can expect to pay for what you’re looking for. Also know the going interest rate, months of inventory, and average days on market to be able to determine if the market is right for you.
10. Relax!: this should be exciting, not just scary. Our minds may not know the difference, but we sure do, and we want you to feel as comfortable as possible. So, relax! We’ve got you covered.
Call us! We'd love to help you find the right house in the Portland area!
Related: How do I know it's the right time to buy a house?