10
Tips for First Time Home Buyers
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 down payment 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.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
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