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10 Tips for First-Time Homebuyers
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. Make sure your lender reviews with you all options for first-time homebuyers, there are numerous programs specific for those buying their fist home.
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 your first 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 for you.
Common First-Time Homebuyer Mistakes
1. They don’t ask enough questions to their lender and miss out on the best deal.
2. First-time homebuyers don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right real estate professional who is willing to help you through the home buying process. Make sure you use a Realtor that is familiar with the programs available for first-time homebuyers.
4. They don’t do enough to make their offer look good to a seller.
5. They don’t think about resale before they buy. The average first-time homebuyer only stays in a home for four years.
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