10 Tips for First-Time Homebuyers
1. Be picky, but don't be unrealistic; because there is no perfect home.
Check out ... "Do the Headwork Before the Handwork" found in Business Et cetera.
Homework, groundwork, you must plan and prepare to ensure a smooth and orderly adventure.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
Take the time to really define what will on your dream house list. Again, we all have our dream list, but with some thought your "must-have dream list" can become your "real list" to get the home of your dreams. Be sure to involve the family in this brainstorming session.
Thoughts Influence Power...TIP
Remember, life is made up of give and take - you may have to give up something to get something else!
3. Get your finances in order. Review your credit report and be sure you have enough money to cover the down payment and closing costs.
Oftentimes there will be discrepancies and errors sometime coming to light days before closing; so check out www.annualcreditreport.com (1-877-322-8228). Learn what is being reported about you and correct any errors.
Today's real estate climate calls for serious-minded buyers so get qualified with your financial institution. Learn if there are problems so you can get them resolved.
Don’t let yourself become “house poor”. Maybe you qualify for a $200,000 house; but, what if there is another house with what you desire for less than that amount - get involved and check it out. 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.
4. Don't wait to get a loan. Talk to a lender and get qualified for a mortgage before you start looking at houses.
5. 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.
Asking too many people for their opinions will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
BUT, an even better option is to take the time to peruse this site, as well as other resources at your disposal for information.
Thoughts Influence Power...TIP
Remember, people's opinions are just that - OPINIONS and guess what? Everyone has one..Learn the FACTS for yourself...
6. Decide when you could move. Answering these questions will help... What is Your Time Frame? Why?. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? Do you have children in the middle of a school year?
7. 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.
8. 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.
9. Don't be naive. Try to cover all the basics... Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
10. Get Help...Consider hiring a REALTOR 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
Top 10 Reprinted from REALTOR™ Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS Copyright 2005. All rights reserved www.REALTOR.org/realtormag
Clarifying additions in place...
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