10 TipsFor First-Time Homebuyers
Be picky, but don’t be unrealistic. There is no perfect home.
- Do your homework before you start looking. Decide specifically what features you want in a home and which are
- most important to you.
- Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment
- and your closing costs.
- Don’t wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking.
- Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need
- a second opinion.
- Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
- Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in
- this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
- Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money
- left for maintenance or decoration or to save money for other financial goals.
- Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
- Get help. Consider hiring a REALTORÒ as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller,
- a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
This page was last modified on Wednesday, March 03, 2010 11:01:31 PM