First-Time Physician Homebuyers: 3 Things To Remember
Buying your first home is one of the biggest decisions you’ll ever make in your life.
Finding your dream home – and actually purchasing it – is a daunting challenge for many, but it doesn’t have to be.
In this post, we’re going to take a look at three ways you can make your first home-purchase as easy, simple, and hassle-free as possible, and they’re tailored to physicians’ needs.
#1: Remember That Your Real Estate Agent Is NOT Your Friend
That may sound a little strange, but when you think about it, it’ll begin to make more sense.
One of the biggest problems physicians have, when buying their first home, is that they are relatively inexperienced in the home-buying process, and think that a real estate agent is there to be their friend.
At the end of the day, your agent is there to make money – and that’s why you should always maintain a friendly, but professional relationship with them. Doing so will enable you to keep a clear head when making important decisions, and it will also ensure that in the case of things going wrong – or if you simply don’t feel as though they’re doing a good enough job – you can cut ties easily, without it becoming an additional stress in your life.
When looking for a real estate agent, it’s worth reaching out to ones that specialize in helping medical professionals find houses. While the core job of any realtor remains the same, those who specialize in helping physicians are likely to have a better knowledge of how the home-buying process works (in regards to getting mortgages, funding, and so forth) than a non-specialist.
If, after you choose a realtor, things don’t feel right, don’t be afraid to let them know. If you feel as though they’re not pulling their weight – and are hampering your efforts of finding your dream first home – then you’re well within your rights to fire them, and use someone else.
This is YOUR life – and you should never feel bad, or be forced into working with an agent who you don’t think has your best interest at heart.
Here at Physician Banks, we can help you find a real estate agent who does have your best interests at heart – and if you’d like to find out more, click here to get in touch and we’ll show you how we can help!
#2: Know Your Loans
The financial side of buying a home is undoubtedly the most daunting of all, and while you may think you’ve got a good knowledge of the home-buying financial side of things, it’s worth getting things ready well in advance, and things often can – and do – go wrong.
In fact, it’s not uncommon for loans to end up taking a lot longer than you expect – and this is the last thing you want if you’ve found your dream home, but only have limited time to get the funding sorted out.
One of the biggest problems that arise for physicians buying their first home, is the dreaded black mark on your credit file. You may think you have a perfect file… but just one accidental late payment can destroy your chances of getting a mortgage with fair interest rates…
So for the year leading up to your application, you should try to take a somewhat militant approach to paying off any credit cards or bills you have.
The best advice is to simply avoid any form of credit in the year before you want to purchase your home – and this will ensure that you never get yourself into a scenario where you get black marks on your file in the first place.
#3: Don’t Become Emotionally Attached
One of the biggest mistakes you can make is to become emotionally attached to a house, before the agreements, contracts, and financial arrangements have been finalized.
One of the unfortunate facts of life is that things can go wrong – and buying a house is almost never as straightforward as it sounds. You may find an offer you put in didn’t pass inspection, due to insecurities with the house itself – and this is just one example of where the deal can fall through.
Always try to keep an open mind, and keep an eye out for other properties. Until everything is finalized, and set in stone, assume that you may not get the property you want – and while that won’t be the case a lot of the time, it helps to enter with this mindset, as it will ensure you avoid any unexpected, devastating changes in circumstance later down the line.
That’s just a few of the things to be aware of when buying your first home. Above all else, it’s important to be prepared. Make sure you know exactly what you’re getting yourself into – and if you’re ever in doubt about something, don’t be afraid to ask questions, or seek advice.
The most important thing is that you’re happy in your new home – and it’s worth spending the extra time now to ensure that everything goes as smoothly as possible, to avoid problems later down the line.