First Time Home Buyers
1. Get pre-approved
Prices may be low, but good properties go fast. Pre-approval shows buyers you’re serious, and gives you leverage over your competition. It also helps you set your sights on a starter homewithin your reach.
2. Know what you can afford
Qualifying for a loan and being able to afford the payments are two separate issues. The predatory loans of the early 2000s may be a thing of the past, but you can still get in over your head. Remember to factor home repairs, family savings, and any other planned expenses into your budget–then stick to it. You don’t want to nickel and dime yourself out into foreclosure.
3. Stay objective
There will be plenty of time for emotion once you’ve moved in. During your house hunt, stick to facts and figures. Write down everything that appeals to you, and every concern you have. Take photographs at open houses. Keep statistics and notes on every home you view online. Bring up your concerns with your agent and the seller. When it’s time to decide, you’ll have a portfolio of real data to help you make a very important call.
4. Let a pro handle the deal
You’re not a professional negotiator, but your REALTOR® is. If you’ve taken care of the rest of the items on this list, let your REALTOR® handle the rest. Whether it’s the offer, the counter-offer, walking you through escrow, or knowing when to walk away, an experienced REALTOR® will be able to shoulder the burden so you can focus on finding the first home that’s right for you.
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