Things You Need to Know When Buying Your First Home | Bahamas Real Estate

Buying your first home may be one of the biggest investments that you make in your lifetime. This huge life step can be very confusing and most people do not know where to start. Here are a few tips to help you navigate through the process:

1. Determine if Buying is Right For You – When figuring out whether buying makes sense right now in your life, take into account your finances as well as your future plans.
2. Get Your Finances in Order – Before you start looking, go to your bank and meet with a loan officer. Find out how much money you can qualify for.
3. Find The Right Agent – The right agent will make your home search a smooth process from the search right down to closing on your first home.
4. Focus on The Right Things – Needs over Wants. You may want a huge yard with a pool. Can you afford it in your first home? Wants and needs are different for everyone. Make sure you find a home that fits all of your needs first.
5. Consider An Investment Property – An investment property such as apartments would allow you to produce income.
6. Be Mindful of Your Budget – You need to know the absolute max you can spend on your home. Be sure to factor in extra costs like attorney fees and Value Added Tax.
7. Take The Time to Check For Issues – Ask the right questions. How old is the wiring or roof, are there any termites or pests. Do the appliances and a/c work? Is the water pressure okay?
8. Be Ready to Make an Offer – Knowing exactly how much money you can spend, makes it easier for you to place an offer on your first home.
9. Close and Move In – Once you close on your home, it is time to move in. You can start to paint, decorate and unpack. Be sure to change addresses with your bank, and other accounts.

Related: Six Fastest Ways to Save for a House

We hope you find these tips helpful; When you are ready to start your search take a look through our website or give our office a call so we can put you in touch with one of our agents.

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