The Property Brothers' Biggest Advice For First-Time Homebuyers

Drew and Jonathan Scott

Buying a home for the first time can be an intimidating process. Quite a few people are willing to give tips to first-time homebuyers, but when you really want to be able to trust the advice you're receiving, the Property Brothers of HGTV fame -- Drew and Jonathan Scott -- would be a great place to start. In conjunction with their new HGTV show, "Backed by the Bros," they've offered some key advice for homebuying novices.

"The biggest, best thing you can do as a first-time homebuyer is educate yourself on what to expect with the whole process," Jonathan told Page Six. "Read what you can. Understand the steps. Understand what people are going to ask of you and what your options are. And understand what you should be asking of a professional. That alone will get you better prepared so you can make smarter investment decisions."

Before they flipped their first house at age 18, the twins told Page Six that they collected as much information as possible. "We read every book we could," Jonathan said. They bought their first home for just $250 down and renovated it, making a $50,000 profit and launching a business. The information they collected before making the first purchase was key. Even if you aren't planning to flip the first house you buy like the Property Brothers did, taking the time to inform yourself will pay dividends.

Don't Be Afraid To Ask Questions

real estate agent meeting with clients

According to the Property Brothers, another thing that first-time homebuyers need to know is that you don't want to stop learning about the homebuying process. You should be asking a lot of questions at every step to help you understand your options and make the right decisions. Not every professional is willing to answer your questions, so the Property Brothers say that you should spend some time finding the right ones to help you.

"Whether this is a contractor, a real estate agent, or your lender, if you're ever working with somebody who makes you feel like an idiot for asking questions, they're the wrong person," Drew said. "Especially if this is your first time, you should be able to ask anything to make sure you're well-informed before you move forward."

If you're looking to buy a fixer-upper as a first home, for example, your contractor should be willing to give you realistic estimates on the cost of the proposed renovations and how long they will take. Drew explained that one homeowner featured on the brothers' new HGTV show did not seek prudent estimates from a contractor before the purchase. "They said, they want to completely renovate this entire house, inside and out, including a backyard makeover, for $100,000 in L.A.," Drew said. "Are you crazy? That's impossible. You need to be more realistic with your budget and your timeline."

Having All The Paperwork Ready For Pre-Approval Helps

banker meeting with loan applicants

Real estate purchases require quite a bit of paperwork that you have to provide to the lender. Having all your information in hand can speed up the pre-approval process, so you're able to begin shopping for homes right away instead of digging up more documents because you missed a few key items the first time around.

"Get all your ducks in a row," Jonathan told Page Six. "So if you know you're going to be getting financing, make sure you have all those pay stubs. Have all the proof of funds and everything you need. I find that the time that people usually make a bad decision is when they feel pressured or rushed into that bad decision. But if you already have everything all together, you're going to approach it a lot more calmly and make a smart decision."

For example, if you are working with a lender to pre-qualify for a home loan, you should receive a list of items you need to produce. Additionally, you should be able to ask questions regarding the amount and type of down payment you need, the budget required for closing costs, and whether you'll need private mortgage insurance (PMI). Lenders who don't want to spend the time helping you understand these basic homebuying questions probably aren't going to be willing to spend the time needed to work with you to solve any other challenging aspects of purchasing the home.

Read the original article on House Digest