With the real estate market constantly changing, navigating the home-buying process feels overwhelming for first-time buyers. Consider not just the purchase price, but additional costs like property taxes, homeowners insurance, HOA fees, mortgage interest, and maintenance. A general rule of thumb is to spend no more than 28% of your gross monthly income on housing expenses. Use an online calculator to determine the price range you comfortably afford. Don’t forget to factor in a down payment most conventional loans require at least 3-20%.
Before you start shopping around, talk to a lender and get pre-approved for a mortgage. They’ll review your financial situation to calculate the loan amount, interest rate, and monthly payments for which you’re eligible. It allows you to make competitive offers, as sellers often prefer preapproved buyers. Shop around with multiple lenders and compare rates. A pre-approval letter also shows sellers you are a serious buyer with the financing ready.
Find the right real estate agent
Having a well-informed real estate agent who truly comprehends your requirements can significantly impact your quest for the ideal home. Ask friends for referrals, or look up agents online that have lots of reviews and experience. Narrow down your choice to 2 or 3 agents, then interview them to find one you connect well with. The ideal agent will be very familiar with the local market, offer resources and connections to help you find homes, and provide guidance during negotiations and closing.
Once you know your price range, dig deeper into which neighborhoods meet your criteria in terms of amenities, commute distance to work and school, safety, etc. Drive around areas you’re interested in to get a feel for them in person. It will help your Koh Samui real Estate agent suggest homes suited for you.
Start visiting open houses
Attending open houses is an excellent way to get to know different neighborhoods and see what’s on the market. Take notes after each open house about what you liked and disliked about the property. Was there enough storage? How did the layout flow? Use these visits to refine your home must-haves to share with your realtor. Connect with your real estate agent, who will draw up an offer contract on your behalf and submit it to the seller’s agent. Your offer should detail the purchase price, proposed move-in date, contingencies, earnest money deposit amount, and any requests like the seller paying closing costs or repairs. Be prepared to negotiate, as most sellers won’t accept the first offer. Your agent advises on offer strategies and counteroffers.
Conduct inspections
After an offer is accepted, it’s standard for the buyer to hire inspectors to thoroughly examine the home’s structure, systems, and appliances. Your agent recommends reputable home inspectors to assess the plumbing, electricity, roofing, HVAC, and more. If issues are discovered, you request the seller repair them or lower the price. Inspections protect you from buying a money pit. Just before closing, you’ll do a final walkthrough of the home to ensure all agreed-upon repairs were completed, no damage occurred since the accepted offer, and appliances/systems are operational. It is also when you take meter readings for utilities. Look everything over closely and do not hesitate to delay closing if you find problems.
