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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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