Tips for New Buyers
When you are ready to buy a new home, or need assistance in helping to make that decision, it might be silly to tell you this, but start from the beginning. I'm telling you this because I don't know how many times I have found people touring homes on the open houses and NOT doing any of the required steps when beginning the buying process. Here is what I will recommend you do first.
Consider if Buying a Home is for You
Many people harbor secret fears about buying a home, and some of those fears are justified. Not everybody is cut out to own a home, and if you’re one of those people, it’s better to find this out now than when you’re under contract. Some of the questions you may ask yourself is how many years you plan to live there (minimum od five to seven years are recommendation), are you planning family or not, can you afford mortgage with your current paycheck or could you easily find another job in your area in the event of loosing your job. These are some examples.
Get Your Finances in Order
Line up your financing, set aside a down payment and study the loan programs available. By doing your homework, you will know exactly how much you can pay and what it will cost you.
When you first decide to buy a home, and plan on applying for a mortgage, immediately check your credit score. If you plan ahead, you will have enough time to correct any surprises and even work on improving your score. Talk to your lender and get pre-qualified.
Pick a Real Estate Broker to Help with Buying a Home
With so much information available online, you might wonder why you need a broker at all. But all local markets vary from one another, and a good real estate broker can guide you by giving you information based on experience and market knowledge.
While you're in the process of house hunting, all you want to do is find a keeper, get the keys and settle into your new life. But it pays to think long-term when buying a home because you're probably going to be selling it sometime in the future, and you want to get a good return on your investment. So, keeping certain factors in mind when purchasing a home is key to ensure that it has good resale value. Here's what you need to pay attention to.