Start Owning Real Estate in the New Year: Tips for First-Time Buyers

The start of a new year brings fresh resolutions, and for many, buying their first property is high on the list. However, stepping into the real estate market can feel overwhelming, especially if you're unsure where or how to start. Intel Advisory Services has put together some practical tips to guide first-time buyers through this exciting journey.

1. Understand Your Financial Position

Before you even start browsing properties, take a close look at your finances. Consult with your bank or a mortgage specialist to determine how much you can afford. Knowing your budget will save you time and help you focus on properties within your price range. Remember, owning a home is not just about the purchase price—factor in additional costs like closing fees, property taxes, and maintenance expenses.

2. Address Common Misconceptions About Real Estate

The real estate market is often surrounded by myths and misunderstandings. For example, many people assume that property prices are set by agents. In reality, prices are set by owners and influenced by agents, valuers and other professionals and also by a variety of factors, including market demand, location, economic conditions, and property features etc. Another common misconception is that negotiation is limited or discouraged; in truth, buyers have room to make offers and negotiate terms. Understanding these nuances can empower you to navigate the market confidently and make informed decisions.

3. Speak with Multiple Real Estate Professionals

Start by engaging multiple agents and consultants to get a broader understanding of the market and the types of properties available and then start narrowing your selection to develop a better relationship. An experienced, knowledgeable and trustworthy agent can provide insights, help you navigate paperwork, negotiate on your behalf and also send you great options first.

4. Explore Listings Online and On the Ground

Start your property search by leveraging real estate websites and property listing services. These platforms offer valuable information on the property. In addition to online resources, take the time to drive through neighborhoods of interest and look for properties with "For Sale" signs. These on-the-ground discoveries can uncover opportunities that might not yet be listed online, giving you an edge in your search. Being proactive in your search will help you spot opportunities and trends.

5. Don’t Be Afraid to Make Offers

When you find a property you like, make an offer—even if it’s below the asking price. There’s no rule about how much you can offer. Sellers in most cases are open to negotiation, especially if the property has been on the market for a while or if they’re eager to close a deal.

6. Don’t Rush but be Decisive

Buying real estate is a significant investment. Don’t rush into decisions without doing your due diligence. View listings, ask questions, talk to your agent or consultant and do your own research on the property and neighborhood to ensure the property aligns with your long-term goals.

Start the New Year with Confidence

Buying your first property doesn’t have to be daunting. With careful planning, professional guidance, and a good understanding of the market, you can make a sound investment and take a meaningful step toward your goals.