Given the complexity of the real estate sector, first time home buyers often have difficulty navigating the market. As managing partner of Markmel Co., LLC, located in Urbandale, Iowa, Mark Hanrahan has over 25 years of investment experience in the real estate sector, which includes commercial development and acquisitions. He claims it is imperative that first time home buyers perform extensive industry research before making a final purchasing decision and utilize all available resources. He urges potential buyers to consider the following key factors.
Spend Time Prioritizing Your “Pros” & “Cons”
Mark Hanrahan recommends making a list of your ‘non-negotiables’ by taking into consideration both your lifestyle and values. From location to local amenities, it is essential to have a comprehensive plan of action. Take the time to understand the market by visiting multiple properties and gauge all available options. Research different neighborhoods and consider factors such as commute times, public transit, and noise levels. View comparable homes and continue to re-evaluate your options throughout the process.
Get Pre-Approved for a Mortgage & Simplify the Purchasing Process
Save time determining your financial situation by getting pre-approved for a mortgage. Being proactive will help you understand how much you should be spending on a property while leaving enough room in your budget to live comfortably and affordably. A pre-approved mortgage minimizes application time as individuals already have an established budget in place. Ultimately, those with a greater insight into their borrowing capacity will not waste time visiting properties out of their price range.
Make an Informed Financial Decision
Purchasing a first home is often unchartered territory for many, so it is crucial to work with an experienced professional that can help you further understand the process. The agent that you select should be highly knowledgeable and provide you with the confidence to make an intelligent and informed financial decision. Many industry professionals will specialize in working specifically with first-time home buyers. Consider meeting in person before choosing one and ask as many questions as you need to feel comfortable.
Take the Time to Determine Your Budget
Purchasing a new home can feel like a long process and may also entail various upgrades or expensive renovations. Mark Hanrahan encourages individuals who are purchasing their first home to take the necessary time to determine their overall budget and account for any additional financial costs. Similarly, ensure your overall budget includes total mortgage and maintenance fees.
Industry Professional Mark Hanrahan on Paving the Way to Future Success
According to recent statistics, 33% of individuals who purchased a home in 2018 were first time home buyers. With an increase in first time buyer demand, many will be seeking the advice of qualified professionals.
With years of industry experience, Mark Hanrahan understands the complexities of the real estate market and encourages all prospective buyers to perform extensive research. For more information on Markmel please visit http://markmelco.com.