|
Tips
for 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.
Hire an Alfred Mitchell REALTORÒ
as your buyer’s representative. Unlike a listing
agent, whose first duty is to the seller, a
buyer’s representative is working only for you.
Best of all, buyer’s reps are paid out of the
seller’s commission payment and there is
absolutely no cost to you.
|
