10 Tips for First-Time Homebuyers
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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 downpayment 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.
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 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.
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.
Reprinted from REALTOR® magazine with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
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 downpayment 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.
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 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.
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.
Reprinted from REALTOR® magazine with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.