First Time Home Buyers
10 Tips for First Time Home Buyers
- 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 prequalified
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 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 naive. 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 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 most often, buyer's
reps are paid out of the seller's commission payment.
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