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Tips for First Time Home Buyers
• ASK - ASK and ASK some more
- There are no dumb questions when considering such an important purchase.
- An informed buyer is a less anxious buyer.
• Get your FINANCES in order
- Talk with a LENDER & get PREQUALIFIED for a mortgage.
- How much home can you afford?
- Don't wait to get a loan.
- Don't let yourself be 'house poor'. If you max yourself out to buy the biggest home
you can afford, will you have money left for maintenance or decoration or to save
money for other financial goals?
- Review your credit report. You can obtain a free yearly credit report
www.annualcreditreport.com
- Do you have enough in savings to cover the down payment and closing costs?
Closing costs, including taxes, attorneys' fees, & transfer fees average between
2% - 4% of the home price.
- Getting this information together before you start looking allows you to know what
you can afford and what homes you should be looking at.
• Develop a wish list for a home
- Prioritize your list, remembering that no home is perfect.
- A REALTOR® will be able to take your list and search available homes.
• Decide when you can move
- When is your lease up?
- Are there any other factors that could affect your time-line for moving?
• 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 house longer?
• Get HELP and use a REALTOR®
- Education - Experience - Expertise: This is what a REALTOR® can offer you.
- Interview several REALTORS® and find one you feel comfortable with and trust.
- You DO NOT have to use the listing firm or agent of a home you are interested in
to see it. Any agent will be able to show a home to you.
- Don't go it alone... let a REALTOR® help you through the complicated process of
buying a home and help you avoid delays or costly mistakes.
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