Mo Dadkhah is the broker/owner at Main Street Real Estate Group and president/attorney at the Dadkhah Law Group

Every week, we ask a real estate professional for their Short List, a collection of tips and recommendations on an essential topic in real estate. This week, we talked to Mo Dadkhah, the broker/owner at Main Street Real Estate Group and president/attorney at the Dadkhah Law Group, for his tips on working with first-time homebuyers.

Buying a first home can be one of the most exciting and terrifying experiences of a person’s life. When guided properly, though, it can be a little more exciting and a little less terrifying. If you are a first time buyer, keeping these five tips in mind can ease some of the tension, get you to the closing table, and into your first home.

4. Decide on Location – This first tip might seem very obvious to any buyer, however, first-time homebuyers have typically been renters for several years. This means they have likely stayed in the same place for 12-24 months at most before making a move. So why is location, location, location crucial for your client’s first home? The average homeowner lives in their house for seven years. You want your clients to think of their life not just in the present, but where they might find themselves in the next five to seven years. So what I always suggest to first-time buyers is to think of their current needs in a home, but to also think longer term than when they previously looked for rental properties.

3. Get Pre-Approved – Once you have settled on the location of your client’s first home, you are almost ready to start the fun part of their buying process – the search! Before starting your search, it’s important your client get pre-approved by a mortgage professional. A mortgage professional can help a new homebuyer find out what payment they can reasonably afford. When purchasing a home, your client may have to factor in differences in property tax payments, assessments (for condos and townhomes), home owner insurance, etc. Your mortgage professional can also discuss down payment options and potential programs available to a first-time homebuyer. Many first-time homebuyers assume that they need 20 percent as a down payment, but this is not required in all instances. Depending on your client’s credit, income and individual circumstances, some lenders may be able to approve your client to purchase that first home with as little as a few percent down.

2. Make Sure Your Client Understands the Process – Your client is about to embark on one of the most memorable moments of their life. They are buying their first home! Waiting until the last minute to search for this home can make this memorable moment a very stressful one. I have had numerous clients attempt to find their first home within 45 days of their current lease ending. Keep in mind that most closings take approximately 30-45 days from the time your client’s offer is accepted. I suggest to my clients to begin searching at least three months before they need to move. Waiting too close to the date will absolutely put you and your client in a time crunch. I love working with first-time homebuyers because it can be so much fun and exciting, especially when we have the ability to take our time and find the right home.

1. View The Home You Want To Buy a Second Time – Now, this piece of advice might upset some real estate brokers. However, I tell all my first-time homebuyers to take a second look at the home they are about to purchase prior to making the decision to write an offer. Why? The excitement of buying a home sometimes becomes overwhelming. Taking a look at the same home twice, or with a second set of eyes (bring a friend, family member or significant other) can clarify and solidify your client’s decision to buy the home. However, I caution this tip with one exception. If your client views a property that ends up having a lot of activity (especially in this strong market), your client may not have the opportunity to have a second showing. Many times, there are multiple offers on the same home within days of it being listed. In these circumstances, I suggest to my homeowners to trust their gut. You will usually have several business days for inspection and attorney review contingencies to take a second look at the property before the contract becomes concrete.

Mo Dadkhah is the broker/owner of Main Street Real Estate Group, and the president/attorney at the Dadkhah Law Group. He was born and raised in the northern suburbs of Chicago, and has been a resident of the city for the last eight years. He attended both college and law school in Chicago, and in his free time Mo enjoys racing sports cars, competing in Jiu Jitsu and spending time with his friends, family, girlfriend and German Shepherd Maverick.