There is an intricate maze of details that need to be carefully navigated.

Following are five obstacles that first-time buyers have to overcome when looking to buy a home:

Down Payment:

Saving enough for the down payment is not sufficient. Closing costs must also be considered. Closing costs are additional fees such as the lawyer’s fees, escrow charges, appraisal fees, financing fees and utility adjustments. A good rule of thumb is 2% of the purchase price will cover the closing costs. So for a $200,000 home with a 5% down payment, you would require $14,000 to cover both the down payment and closing costs.

Mortgage Preapproval:

Many first-time home buyers overlook the preapproval process. This mistake can cost you your dream home. Visit a mortgage professional to see what kind of mortgage you qualify for and closely examine the actual cost of the money you must borrow to purchase a home.

Use a Real Estate Agent:

Some home buyers think they can go it alone. Buying a home is a complex legal process, and buyer representatives have the knowledge and know-how to make your home-buying experience a happy one.

Know the Difference Between What You Need and What You Want:

It is fine to dream big, but the home-buying process can be very frustrating when you have a $200,000 budget and $500,000 taste. It is essential to the buying process to identify what your home must have and what you would like it to have.

Believe in Yourself:

It seems that when you are buying your first home, everyone has an opinion about the purchase. This can be confusing because unsolicited advice clouds your decision. Believe in your ability to assimilate the facts, look at the property and decide what to buy.

In the bathroom, they love glass and stone finishes with brushed nickel faucets and floating vanities. And don’t forget the open floor plans that blend kitchen, dining room and family room into a single open space. Seducing today’s buyers is almost a necessity in today’s real estate market. But how far should you go to cater to buyers’ wants?

It depends. Unless you’re selling a luxury property, you don’t have to buy a professional-grade stove. However, you may want to consider trading your outdated avocado appliances for stainless steel and buying an inexpensive island on casters to make the kitchen feel more modern.

Kitchens and bathrooms sell houses, so it makes sense to spend the majority of your renovation dollars to upgrade these spaces. In the bathroom, new fixtures, a soft color for the walls and sconce lighting will make a world of difference. Add fluffy white towels, flowers and candles, and you have a spa that buyers will love.

A fresh coat of neutral paint is always a cost-effective solution. And an accent wall can make a space look bigger, warmer and more up to date.

Carpeting is out and exotic woods and travertine floors are in. However, your buyers will likely be as impressed with less-expensive flooring options.

It’s up to you to prepare your home for sale.

While your real estate agent may suggest, recommend and even cajole, selling your home is your job, and no one else can do it for you.

You have only one chance to make a first impression.

It’s so true.

A recent survey indicated that more than 60% of buyers knew the property was for them the minute they walked in the door.

So make sure you put a lot of your effort into that first impression.

Cut the grass or shovel the snow to make it easy to get to your front door.

Repair stairs and railings and remove all the usual clutter.

For a great first impression, paint the front door a color that coordinates with your trim and add new hardware.

De-clutter the foyer and make it a grand entrance. A mirror over a hall table reflects light and gives your entrance a finished look.

In the living areas, remove some of your furniture and paint the walls a neutral color to give them a spacious feel. Use lighting, even in the daytime, to brighten dark corners. In the bedrooms, organize your closets to make them seem roomier.

Kitchens and bathrooms can sell – or not sell – your home. If you can afford it, replace outdated appliances and fixtures. If you can’t, go for a good first impression with uncluttered, sparkling-clean counters.

In the bathroom, new fluffy towels and accessories may help visitors overlook the dated vanity.

While it’s listed, your home should always be kept clean, tidy and smelling fresh. Help your real estate agent and you’ll find that between the two of you, 60% of buyers may just find your house is “the one.”

Use a Buyer’s Agent: A buyer’s agent can help you navigate a rapidly changing marketplace and let you know how to maximize your real estate dollar.

Get Preapproved for a Mortgage: Sitting down with a mortgage professional before you begin your search will help refine what you are looking for. This will allow you to set your budgets and narrow your search criteria. Note that a mortgage prequalification is not the same as a preapproved mortgage.

Make a List of Your Needs and Wants: Understand what you need and what you want. Wants are the things you can live without but you would like. Sitting down with your real estate agent will help speed up the home-buying process.

Invest for the Long Term: Buying in a down market offers affordable prices and greater home selection. Long-term investment in real estate is the surest way to maximize your initial investment.

Be Patient and Ask Questions: Down markets allow home buyers to be more patient. Surplus housing inventory means that there are fewer buyers competing for homes, allowing buyers to ask questions and ensure that they are selecting the home that is going to be right for them.

With real estate bargains in much of the United States and with market improvement across the country, this is the ideal time to jump into the housing market.

But when you’re facing down a determined seller or trying to figure out what to offer, it literally pays to have a buyer’s agent on your side.

Real estate is all about negotiation.

On one side there’s the seller and his or her listing agent, who is bound by a legal agreement to represent the seller’s interest.

On the other side is the buyer – you – who wants to walk out a winner,

having paid a price you’re comfortable with for a home you love.

To get there, you’ll need comparables to establish a fair price; an educated perspective on the local real estate market; connections to home inspectors, lawyers and mortgage brokers; and someone who is bound by a legal agreement – a buyer’s agreement – to represent your interests and yours alone.

That would be the buyer’s agent. He or she puts you on level ground with the seller.

In tough negotiations with multiple offers, you need someone who will advise on strategy and is required by law to treat everything you share in confidence.

In “as is” situations or home inspections that turn up expensive surprises, you need a professional to advise you.

Even when things are going smoothly, another perspective is often important.

An agent can also negotiate unemotionally and professionally on behalf of the buyer.

Effectively, your buyer’s agent is your new best friend. Don’t leave home without one.

First, don’t go it alone. Second, be careful not to overprice your home.

Sellers are often tempted to sell their homes themselves, particularly if money is tight.

It’s best to resist the temptation, though, especially if you are in a hurry to sell a home.

It’s a fact that homes that are sold by their owners often take longer to sell than those sold through a real estate agent.

As well, selling yourself takes up a lot of your valuable time.

And time, as they say, is money.

Overpricing is the main reason many homes are slow to sell.

Sellers often have an exaggerated idea of their home’s value.

They may be blind to its faults and overestimate its good points.

For a reality check, visit neighborhood open houses.

It’s also wise to review local listings for prices of similar homes in your area.

Your best bet to move that house quickly is to find a local real estate agent who can bring special expertise about your neighborhood.

Such an agent will have networks of contacts who may be looking for properties in your area.

Sellers should listen to their real estate agent.

The agent will know the comparables and be able to advise you on changes that could make the property more salable.

The real estate agent will also study comparable properties to establish the true value of your home.

That way you can price it correctly and develop a marketing strategy that will work for you.

It comes down to how desperate you are to sell and what changes are needed.

Significant structural problems or major electrical or plumbing repairs must be disclosed to potential buyers. If you are unaware of these problems and they are discovered during the home inspection, they will have to be fixed at your expense or you’ll have to hand over an equivalent amount to allow the buyers to fix them themselves.

So if you are aware of significant repairs that need to be made, why not avoid the hassles and fix them before the “for sale” sign goes up?

For less significant changes, you can make repairs. But be aware you won’t necessarily recoup your investment. Don’t overspend. Many an unwary homeowner has made changes that effectively price him or her out of the neighborhood, meaning it’s become a good house in a poor neighborhood.

Buyers looking in the area may not be prepared to pay for state-of-the art windows or a slate roof. They may be impressed, however, by an uncluttered home with a fresh coat of paint.

Alternatively, you can decide not to make changes, betting that your proximity to transit or a deck with a hot tub will sell your house despite its flaws.

If this sounds good, be prepared to wait for a buyer who wants a fixer-upper.

And be aware that in its current condition, your house won’t go for top dollar – even to do-it-yourselfers.

• Ask your buyers’ agent to find out the bank’s purchase price for the property. Offer an amount that is between the balance owed on the mortgage and the sale price.
• A little research goes a long way. Your agent can look at sales of similar properties in the neighborhood over the past few months as a way of assessing the value of the property.
• Consider the competition. Other potential buyers of your property will likely base their offers on active listings. Stay current with prices of advertised homes in the same neighborhood, add a few extra dollars and beat out your competitors.
• Get preapproved by your lender of choice, but also get a preapproval letter from the lender’s own company. This is a simple way to establish your credentials. A bank will be less inclined to trust a competitor’s approval than one from its own mortgage department.
• Be prepared to do fix-ups yourself. Even if a real-estate-owned home is not sold “as is,” don’t ask the lender to make repairs in the initial offer. It likely will send your offer to the bottom of the pile.

Even if it is your dream home, don’t get emotional. View your offer on a “bargain” home as a transaction. Save the self-congratulations for closing.

To decide on the right selling price, your real estate agent will have used information available through the Real Estate Board’s Multiple Listing Service (MLS) system to compare your home to others that have sold recently in your area.

Together you’ve gone through the comparables and opted for a price you’re happy with.

You know that he or she will now start marketing your home through the MLS system and advertising it in newspapers and online.

Your real estate agent may also hold an open house and contact other agents to promote your home. But what you may not know is that throughout this process, your agent is continuing to analyze the market to ensure that your home is still well-priced and will recommend adjustments if the situation changes.

Take a couple named Ann and Christopher. Their detached, three-bedroom home was similar to others in their neighborhood, but Ann and Christopher had renovated the entire upstairs to create a new master suite and built a deck accessed from the kitchen. It had more to offer than did neighboring homes. So when their agent, Michael, saw that the home across the street was selling for $10,000 less than their home, he was quick to review details of that home, consult with Ann and Christopher, and change the market tactic to emphasize the special features of their property.

When Michael received negative feedback during Christopher and Ann’s open house, he told them and together they decided what to do about it. If there was a rumor of a new highway in the area or a new school to be built, Michael would know about it and could then consider the impact on his clients.

Michael’s job as a real estate agent involved constantly monitoring the market factors and responding accordingly. The result was a quick, successful sale of Ann and Christopher’s home.

• De-clutter and de-personalize. Buyers want to see themselves in the master bedroom. Don’t surround them with the trappings of your life.
• Clean, clean and clean some more.
• Make necessary repairs.
• Paint. You don’t have to go for beige (or gray, which is the new beige), but emphasize the room’s spaciousness with lighter colors. Don’t forget the ceiling.
• Move some of the furniture out to add to an airy, uncluttered feel.
• Heavy drapes might be nice at night, but during the day they can feel confining. Take them down and buy inexpensive sheers. Add blinds for light control.
• Speaking of light, add more task and ambient lighting, and leave lights on to minimize shadows and illuminate dark corners.
• Buy a new duvet cover.
• Hang inexpensive artwork or a mirror and lose the family photos.
• Don’t cover hardwood floors with carpeting or put furniture in front of a window with a view.
• Clean out the closets so buyers can see the space and decide if their clothes will fit.