Buying a home for the first time is a momentous accomplishment. With rapidly-changing markets and record-high prices, securing a home is a significant step to earning long-term equity and planting roots in your new community.

As any Adam Weiner + Associates agent will tell you, being a first-time homebuyer comes with important responsibilities that can ultimately determine the success of your experience and your ability to find a home that meets your lifestyle and budget.

To make your first experience as a homebuyer one to remember, let’s explore these key tips that will help you get the most out of your budget.

Find the Right Realtor

Purchasing a home isn’t a solo endeavor. It requires the help of a professional Cricket Club real estate agent or an agent with ties to your specific neighborhood. With numerous agencies and teams advertising their services, simply choosing an agent can feel overwhelming.

There are several important qualities you should look for when choosing the right agent, including:

• Proven experience helping clients purchase and sell homes in your desired neighborhood
• Able to work collaboratively with other agents to negotiate the best price
• Open communication and open availability to address your questions and concerns
• Extensive market knowledge with the ability to understand current and future trends

Knowing what to look for in an agent will help you streamline your process and put you on the right track for an enjoyable home buying experience.

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Set a Realistic Budget

While you may technically be approved for a significant mortgage, the last thing you want is to become house-poor, unable to afford additional amenities or be able to enjoy life outside of your home. Setting a realistic budget that still leaves room for the rest of your expenses will ensure you choose a home that meets your current needs.

Take Advantage of Incentives

When it comes to owning a home, any place you can save money is a place you want to be. As a first-time homebuyer, it’s important to know all of your local incentives and tax breaks, whether you can receive a credit or are eligible to borrow money from your retirement account for your down payment. If you plan on doing renovations, most districts offer a rebate for a certain portion of your sales tax.

Prioritize Your Needs and Wants

If you’re prone to watching home renovation or real estate shows, you may have a long wish list for your first home. While there’s nothing wrong with dreaming big, it’s important to remain realistic during your search to avoid overspending. The experts at Adam Weiner + Associates recommend prioritizing the features you need in a home, whether that’s a spacious kitchen or yard space for children. Your wants, such as a luxurious master bathroom or a finished basement, may need to be put on the back burner and can serve as your inspiration for saving money.

Never Stop Saving

While you may have been able to save for your down payment, your expenses don’t stop there. As a homeowner, you have to be mindful of land taxes, insurance, closing costs and more. If you have a monthly budget, consider adding a new category for home-related expenses — a safety net that will ensure you’re protected when additional expenses occur.

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