Buying your first home can be a scary venture. One can quite easily become overwhelmed by the many factors to be considered.

But with the right realtor and some solid advice, you’ll be well on your way, according to Deborah Cumming, managing director of Century 21’s Heave-Ho properties.

She advised that first-time homeowners should first decide on “what they want” before setting out to purchase a home. Factors such as family size or whether you are buying for investment are important considerations, which must be established she said.

Realtors agree that Jamaica has become known for its luxury, or high-end homes with many international buyers seeking out the “real estate gem of the Caribbean”, which makes the Jamaican real estate market “ripe for investment”, by Cumming’s reckoning.

Deciding on your budget is the next step. This sets a price point to guide your search. Knowing how much you have to spend, and being pre-qualified for a mortgage is key, Cumming added before approaching an agent or broker.

Knowing your budget will also guide your decision on other factors such as selecting the location in which to buy.

“One of the first things you hear in real estate is ‘location, location, location’ but this is guided by your price point and your budget,” she said.

It is natural for first-time homeowners to want to buy into an area that reflects their ideal home. But, she adds, one should be careful of overpriced houses in communities, which have been overbuilt.

“Sometimes people make additions to homes that would in effect increase the value of the property, but because of where these house are located, the property value is actually much less than you would think,” she said.

According the Cumming, first time homeowners should not be “put off” from the purchase of low-end homes. “If it is what you can afford now, go for it then look to resell and reinvest” she said.

Many buyers chose not to use a broker but this is ill-advised, Cummings said. The guidance offered by realtors or brokers should not be discredited, she added, as you are more likely to be satisfied with your purchase and your journey made much easier. She said, her research shows this to be true for 89 per cent of homebuyers.

Another daunting task for the novice homebuyer is the fees but according to Cummings, the vendor generally foots the transaction costs. The mortgage cost is generally what is left for the buyer to shoulder. She said, “first time homebuyers don’t have to wait until they have saved a significant sum now since the mortgage rates are trending down and there is fierce competition amongst lenders.”

In fact, middle-income homes have actually seen a spike in sales with developers such as Gore Developments reporting sales of over 400 hundred homes since 2012.

Realtors are members of an international body of realtors and have “a lot more training to guide you better” said Cummings while a brokers is licensed to operate and real estate company and employs the services of an agent or realtor she said.

“The core function is to hold your hand and guide you in you purchase.”

What is important, she said, is to know what you want and have some idea of where you want it.