10 Tips for First-Time Homebuyers
1. Be picky, but don’t be unrealistic.
There is no perfect home.
2. Do your homework before you start looking.
Decide specifically what features you want in
a home and which are most important to you.
3. Get your finances in order. Review your
credit report and be sure you have enough money
to cover your downpayment and your closing costs.
4. Don’t wait to get a loan. Talk to
a lender and get prequalified for a mortgage
before you start looking.
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.
6. Decide when you could move. When is your
lease up? Are you allowed to sublet? How tight
is the rental market in your area?
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 naïve. 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.
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