Ten Tips for First Time Homebuyers
1. Be particular, but not 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 some lenders and get pre-qualified 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 that you can trust for honest advice. Remember, you are living in the home, not them.
6. Decide when you could move. Are you in a lease? When is it up? Are there any other hindrances to moving soon?
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 will buy as well as type of mortgage terms that suit you best.
8. Don’t let yourself be house poor. If you stretch your budget to own 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 representatives are paid out of the seller’s commission payment.