Equal Housing Opportunity
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10 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 downpayment 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 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 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 often, buyer´s reps are paid out of the seller´s commission payment.
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