1st Time Buyers
Purchasing a home is a major commitment. You have most likely dreamed of the day when you would purchase your 1st home. It could be overwhelming, frightening and involve a lot of money so you will want to learn and do your homework so you can make sure the choice you make is a good one. With the help of a real estate agent it will make it just that much easier to make that dream come true of owning your 1st home.
Before buying for the 1st time here are some things that you should know:
Credit is everything, look at your credit history if you have some negative items that you can repair do that 1st. Buying your home with bad credit puts you at a disadvantage that you want to clean up your credit. Also hold off on buying any more major purchases or changing employers you will need all this when you apply for your loan.
Budget how much can you pay out for your home? Look at your income how much do you pay out each month and how much do you have left over for your home loan.
Do your homework. There’s a buyers market and a sellers market so it’s important to pay attention, watch
What type of home are you looking for? Are you looking for a fixer upper or a home that you can just move into? This makes a difference in price and it’s important when deciding
What home you will buy. It’s also important to look at the city or area, the schools, crime rate, stores, freeways and the growth of the city or is this a house you sell in a few years some things might be more important than others since you might not be living in it for as long or might even rent it out and sell it in a few years.
Agents- a buyer’s agent represents you. The realtor is always looking out for your best possible interest as opposed to trying to close a deal on a house for the resident owner. So it’s important to feel comfortable with your agent and both work together to find that dream home for you.
Now that you have found the home you want to buy you it’s time to do all the paper work present your offer, counter and go into escrow, it could be overwhelming but it’s a dream come true and while worth it.
Scott English. Full time Licensed Realtor in South Florida . Specializes in waterfront properties, relocation, new construction, condominiums. Any and all real estate needs. Visit http://www.RealEstateExplainedBlog.com for a free 7 day course on current Real Estate Challenges.
Tags: First time Home Buyers, home loan, Purchasing a home