10 Tips For First Time Homebuyers
1) Do your research before you begin looking. You need to figure out what features in a home accommodate your needs.
2) Be realistic while being picky. No home is perfect.
3) Have your finances straightened out. Go over your credit report and make sure you have enough funds for a down payment, closing costs, as well as other costs when buying a home.
4) Get a loan as soon as you can. Get in touch with a lender to get pre-qualified for a mortgage. This should be done before beginning your search.
5) Ask only a few people for second opinons. You don’t want to overcomplicate things, so stick to one or two people you really trust to keep things simple.
6) Decide when it’s the right time to move. Do you know when your lease is up? What are the current rental market conditions in the area?
7) Be forward thinking. When buying your first house, you need to think of the long term. Will this just be a starter house you might sell in a few years or do you plan on staying here for much longer? This decision can determine what home and even mortgage plan would suit your needs.
8) Don’t forget about the maintenance costs. You don’t want to max out your budget on the most expensive house you can afford, as you might not be able to cover the maintenance costs of the house or other financial responsibilities.
9) Play things smart. Request a home inspection and, if you can, acquire a warranty from the seller to cover any defects or issues within one year.
10) Find help. Look into hiring Lydia Lucas as your buyer’s representative. Looking for the right home for you can be overwhelming at first, but that’s what Lydia’s there for. Usually, buyers go to open houses and call the listing agent. Buyers need to know that they should be represented by a Realtor, just like sellers how are represented by the listing agent. This is why agents running open houses ask guests if they are working with a Realtor. If the buyer goes with the listing agent, a form called the “Real Estate Agency Disclosure Notice” is given to unrepresented persons.
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