If you are buying your home in the Bay Area for the first time, there are some things you should know. First, keep in mind that this market is huge! But don’t let this discourage you! Often, first-time homebuyers in Oakland make mistakes during the process, but this is a normal part of the procedure. As this marketplace is very competitive, you should use all the help you can get, including Royal Moving and Storage to help you pack and move into your new home. If you don’t have time to research on your own, just look at the list of tips we have prepared for you. Following them will surely make homebuying in Oakland less stressful and maybe even enjoyable!
What Are the Best Tips for First-Time Homebuyers in Oakland?
Before we explain each step in detail, let us give you an insight into what the process of buying a home in Oakland might look like. Remember, this is not something you can do overnight. There are many documents to prepare, plenty of people to talk to, and places to visit. However, before you start your house hunt in Oakland, make sure you complete the following steps:
- Find a good real estate agent
- Check different types of homes
- Compare your offers
- Prepare your documentation
- Choose the best financing
- Visit the place
- Choose the right neighborhood
- Be honest with yourself
- Make an offer
- Don’t forget about the closing cost
As you can see, there are many steps to follow and things to do as one of the first-time homebuyers in Oakland. But don’t worry! It sounds more difficult than it really is. Besides, you can always hire the best movers Oakland services to deal with other moving tasks, while you carefully study the tips written above.
Picking the right real estate agent is very important
Don’t sign the deal with the first agent you find. Instead, search further, ask for recommendations, and visit several real estate companies. You need a realtor who is experienced with first-time buyers so that he can explain the process to you from start to finish. Moreover, your agent should be familiar with the area, so make sure you find the one with a lot of knowledge about Oakland and its real estate market. Keep in mind that you and your agent will spend a lot of time together. Therefore, find the one who can understand your demands and provide the best advice possible.
Extra tip: opting for professional moving services San Francisco offers is a good idea here, as you will not have enough time to deal with both homebuying and packing your stuff.
Avoid agents who represent the sellers
Recently, there has been a thing called “dual agency.” This means that your agent will represent both you and the seller. If you can avoid this, do it! It is unlikely that the agent will be able to represent both parties in the best possible way and fulfill their interests.
Choose the right home for you and your family
Once you find a good real estate agent, it’s time to choose the type of home you want to live in. Oakland boasts plenty of different homes from which you can choose. What is special about this place is that you can find craftsman bungalows characterized by low-pitched roofs with wide eaves, large front porches, and sturdy construction. The most common types of homes are apartment buildings, multi-family homes, townhouses, and contemporary homes. If you are a little bit of an adventurer, you can opt for a Victorian home, a cottage, and an in-law unit. However, as one of the first-time homebuyers in Oakland, you should know that these homes are more expensive than regular lofts and other living spaces.
Don’t go for the first offer
You should know that the price doesn’t always speak for the value of a house. Therefore, a sky-high offer doesn’t mean that the house is valuable, just as a low offer doesn’t mean it is bad. On average, buying a home in Oakland will cost you around $ 900.000. Of course, this depends on the type of home you choose, the current real estate market in California, as well as the amenities you want your new home to have. Feel free to get at least three different offers and compare them. Your real estate agent can help you out and recommend the best offer based on experience in this field.
Get ready before you schedule a meeting with an agent
This will surely shorten the process! Imagine that you have found your dream house in Oakland but can’t find all the documents you need. You are running around the house in a fit of anger, and you don’t know what to do. To avoid this, make sure you gather your personal and financial documents in advance and store them in a file. To buy a house in Oakland, you will need the following documents:
- Identification: A government-issued ID, such as a driver’s license or passport.
- Proof of income: Pay stubs, tax returns, or other documentation to verify your income.
- Employment verification: Contact information for your current employer, or if self-employed, documentation of your business.
- Homeowners insurance: Proof of insurance coverage for the property.
- Inspection reports: Reports from any inspections done on the property, such as a home inspection or termite inspection.
Your real estate agent will help you by providing a list of documents you need. In case your ID card or passport is expired, you should let long distance movers in San Francisco deal with your moving technicalities, while you renew your documents.
Research some creative financing options
Yes, you can be creative when it comes to financing for your new home. Most people in Oakland choose a 30-year home loan. However, not everyone is eligible for it. This is a traditional mortgage offered by private lenders and not backed by the government. It typically requires a down payment of at least 3% to 20% of the purchase price. Luckily, the government of Oakland helps first-time buyers. They offer first-time buyer loans, tax credits, and special loans for teachers, soldiers, and doctors. In some cases, the seller may be willing to finance part or all of the purchase price, allowing you to buy the home without a traditional mortgage.
If possible, take a trip to the place
You saw a beautiful house on the Internet and instantly fell in love with it. The description of the house is great, too. You can already imagine yourself relaxing in a big garden and sipping wine on a large balcony. We are sorry to tell you that not everything is the way it is described in the photo. To avoid complications and disappointment, leave all the packing to apartment movers from San Francisco, and arrange a tour to the place. You have a legal right to conduct a thorough inspection. Look for signs of pests, inspect the roof, and check the walls, windows, and doors. Bring an experienced electrician to check the cables, wires, and other electric installations. After all, your new house is probably the most expensive thing you will ever buy. You surely don’t want to spend all that money just like that.
Choose the best neighborhood for you and your family
Oakland has many beautiful neighborhoods with even more beautiful homes. As one of the first-time homebuyers in Oakland, you should explore them. However, living in some of these areas may come with a price tag. To avoid paying extra money, you can choose less-known neighborhoods. Not only do these hidden jewels provide more affordable homes, but they also offer a peaceful life far away from the hustle and bustle of city life. You can check Saranap, Concord, Martinez, Pacheco, and other places offering great homes at affordable prices. Best of all, you can take a ferry and head to San Francisco any time you want. Most of these neighborhoods are within a short distance from major cities and large amenities. According to commercial movers San Francisco offers, you can find affordable offices here, too.
Be honest and objective with yourself
Oakland is a great place to live, with different types of homes for everyone. As a result, it is not surprising that so many tech professionals are moving to Oakland and buying properties each year. However, as much as you are excited about the whole event, you should know that there is no perfect house! Once your excitement goes down, you will start seeing the real picture of your new home – a big place that needs a lot of cleaning and decorating!
Another thing to keep in mind when buying a home in Oakland is related to the different amenities your new home will have. Be honest with yourself and think about what you really need. If you are going to live alone, don’t choose a huge mansion with a gym and a swimming pool. Do you really need that playroom for your kids? What about those three bathrooms on the first floor? We know how much you want to enjoy your new life in Oakland to the fullest, but remember one thing: sometimes, we don’t need a lot to be happy.
It’s time to make an offer!
You have finally come to the point when you should make an offer for your new dream house. If you are lucky enough, your lowest offer will be accepted, but prepare for potential troubles. Even if your offer is rejected, don’t worry! You can still hire professionals to deal with your moving tasks, as there are many affordable movers San Francisco provides. This is also the moment to sit down with your agent and discuss the Oakland real estate market. Once you submit your offer, wait for the response. If the offer is accepted, you will enter into escrow. You’ll close the deal once all conditions are met and the paperwork is complete. You have bought a house in Oakland! Start celebrating!
Make sure you pay all the closing costs
We know you can’t wait to throw a party in your new Oakland home, but hold on just a little bit longer. Don’t forget about the closing costs of each home purchase process. These usually include taxes, insurance, appraisal, recording and lender fees, and other fees for buying and selling. Moreover, if you still haven’t paid the bills and canceled the utilities in your old home, now is a good time to do this. You will feel much more relaxed knowing that you don’t have any fees and taxes left to pay.
Some Facts About the Oakland Real Estate Market
Oakland has experienced many changes in recent years. The population has increased, architecture has evolved, and the real estate market has become huge. Therefore, first-time homebuyers may experience some challenges along the way. Most of the population rents rather than buys a house. However, this didn’t cause the prices to go down. Oakland’s proximity to San Francisco and its relatively affordable housing compared to the Bay Area’s core have made it an attractive option for commuters. The city’s public transportation system and access to major highways also contribute to its appeal. And while the Oakland real estate market has been strong in recent years, there are signs that it may be cooling off slightly. Factors such as rising interest rates and economic uncertainty could impact future growth and demand.
Buying a House in Oakland Can Become a Real Adventure!
Getting a home in a completely different place isn’t just a matter of changing city or town. When you do this, you actually change your entire lifestyle. First-time homebuyers in Oakland will surely understand this. As much as it seems like an impossible task, buying a home in the Bay Area is not so hard. You will finish the procedure quickly if you work with a reliable agent and choose the right home and the best finance options. And once you do that, you can start packing your bags and head to a new home with a big smile on your face.
