Buying a home for the first time can be overwhelming and confusing. For first time home buyers, the process may seem daunting! At The Bienstock Group, we’ve guided many first-time homebuyers in Los Angeles to the home of their dreams. After being in the business for 17 years, here are our top tips for first-time homebuyers in Los Angeles!
1)Know Your Finances:
Before you begin your home search as a first time home buyer, speaking to an experienced lender is essential. The lender will evaluate how much home you can afford, how much down payment you’ll need, closing costs, and estimated monthly mortgage. Be sure to get pre-approved, ensure your down payment funds are ready, and compare lenders and rates. Knowing how much you can afford, and predicting estimated costs will help you navigate the purchase of your home in a calm and organized manner.
2)Get Familiar With The Location:
It’s very helpful to explore your potential neighborhood by taking a walk around, meeting the locals, and getting involved in local community activities. Remember to check the distance to essential amenities, such as grocery stores, pharmacies, schools, parks, and public transportation. Check out the local school, events, and the community vibe!
3)Understand The Tax Benefits Of Homeownership:
One of the most significant tax benefits for homeowners is the ability to deduct mortgage interest paid on loans used for purchasing, building, or improving their property, applicable to both primary and secondary residences up to a certain limit. Additionally, homeowners can itemize deductions for property taxes paid on their primary residence, though there is a cap on the total amount of state and local taxes that can be deducted.
At the Bienstock group, we can guide you through any type of home purchase. Whether you’re a first-time home buyer or a long-term investor, we’ve got you covered! We’ll guide you through the home-buying process from start to finish, and cater to your specific needs and goals!
4)Do Inspections Thoroughly:
Home inspections are crucial for first-time homeowners for several reasons: they provide valuable information about the property’s condition, help buyers make informed decisions, and assist in identifying potential issues. By keeping your eyes open for safety concerns, understanding the property’s current state, planning for renovations or upgrades, and protecting your investment, you can ensure a more secure and informed purchase.
Inspecting your future home is a primary security measure to ensure that you are aware of the condition of the property you are purchasing. Home inspections are an essential part of the home-buying process in California. Some home Inspections are required by law, while others are an optional measure to assess the condition of the property.
5)Buy A Good Homeowner’s Insurance Policy:
In this changing and challenging climate, hiring a knowledgeable experienced professional guide to handle the entire real estate process is more integral and valuable than ever. As experts in Los Angeles real estate, we guide first time home buyers through the entire home buying and selling process, including sourcing the best homeowners insurance policy for the newly purchased home. We love what we do, which is fiercely protecting our clients’ interests from start to finish every time. We’ll guide you through the process of finding the right insurance agent who can guide you to the home insurance plan that suits your specific needs! Secure homeowners insurance to protect your investment by shopping around for the best rates and coverage.
6)Work With A Talented Real Estate Agent:
A real estate agent plays a significant role in the purchase of a home. A qualified agent understands the market value and will ensure you pay the right price for your home. The agent will serve as the intermediary between the buyer and the seller/seller’s agent. An agent will also connect you to the best inspectors, vendors, lenders, and insurance professionals. As first itme home buyers, its essential to hire someone with the expertise and the connections to ensure the purchase is smooth and successful.
At the Bienstock group, we can guide you through any type of home purchase. Whether you’re a first-time home buyer or a long-term investor, we’ve got you covered! We’ll guide you through the home-buying process from start to finish, and cater to your specific needs and goals!
7) Keep up routine maintenance and necessary repairs as they arise:
Inspections typically provide details on routine maintenance needs, offering valuable guidance for first-time homebuyers on how to care for their property and maintain its condition over the long term. It’s important to regularly inspect your home for any signs of maintenance issues, such as leaks, cracks, or pest infestations, and address these issues promptly. Ignoring or delaying repairs can lead to more significant problems, so it’s crucial to stay proactive about maintenance around the house.
About The Bienstock Group:
The Bienstock Group, led by Sheri Bienstock, is an expert real estate group in Los Angeles, Hancock Park, and Miracle Mile. Sheri is committed to her clients and will invest all her effort to get you the best results possible. Sheri has 235+ five-star reviews on Zillow, and has been ranked #1 listing agent in 90036 since 2009 and in Hancock Park since 2016.
