SolveYourProblem
Home Loan & Home Mortgage Article Series
6
Tips for New Home Buyers:
Before You Sign Papers
You’re ready to take that big step. You have enough in your savings
for a down payment and you’ve decided it’s finally time to own your home. Buying
a home is a complicated and even frustrating experience for everyone, but for
first time buyers there is all sorts of added pressure. Just remember that
veteran home buyers face the same concerns and confusion that you do – it’s
just they have a little bit more experience coping with that pressure.
Here are a few tips if you’re just starting out in the property
game.
Check Your Finances
You want to make sure that your finances are in order and
that you have enough money to proceed with your dream of owning
your own home. It is important that you take a look at your
credit history before you apply for a mortgage so that you
can clear up any mistakes or irregularities. You also want
to have a good idea of what you can afford before looking at
properties. You only want to look at homes that are within
your budget and knowing what you can realistically afford before
you start looking and sticking to that budget may save a lot
of disappointment down the road.
Do Your Research
Before you begin house shopping, you need to know what you’re
looking for. You need to know what kind of house and area you
want to live in. Prepare a list of questions that you could
yourself when looking at a potential property. These questions
might include:
Is the neighborhood safe?
Is the house big enough for our needs now and in the near
future?
Are there schools?
Is it close to work? If not, how much time will I spend commuting?
Is there public transportation?
What
condition is the house in? What repairs will I have to
make right off the bat?
What
about re-sale value? Will I be able to make some money
when I sell the house in a few years?
If you are planning on applying for a mortgage, you’ll also
want to do some research on the different types and terms of
mortgages that would be available to you.
Find the Right Real Estate Agent
Whether you’re buying or selling, it’s important you also
do your research where a real estate agent is concerned. A
good real estate agent will be knowledgeable of the housing
market in the area you’re looking in and he or she will be
able to answer most if not all of the questions you have about
this process. It is important to build a strong relationship
right from the start – it will make things much easier down
the line. You’ll want to make sure that you find an agent that
will keep your best interests (not the sellers or the agent’s
own interests) first.
Put that Offer In
This can be a difficult part of the process for both the buyer
and the seller. The buyer does not want to overpay or go beyond
his or her budget, but at the same time token a seller does
not want to give away the home. There are other factors to
consider, especially a contract that outline what will and
will not be included in the home (i.e. appliances).
Home Inspection
In some places this inspection occurs before you sign the
final deal, while in others it is after it is finalized. This
is an important step – you want to know exactly what you’re
getting yourself in to when purchasing a home. If there are
problems with the home, you want to know that right off the
bat, not a few months down the road.
Closing the Deal
Closing (also referred to as settlement) is when the ownership
of the property is transferred to you (the buyer).
What about buyer’s remorse? A lot of people experience it.
You love your home when first see it and you can’t wait to
move in, but once there you begin to have your doubts. Did
I pay too much? Can I afford to do this? Is this really the
perfect house or should I have held out a bit longer to see
if anything else came on the market? These thoughts go through
the minds of almost anyone who has bought a home at some point,
but they can certainly be overwhelming for the first time home
buyer. Just trust your instincts and try to remember what made
you fall in love with the house in the first place! # # # # #
SolveYourProblem.com : 2007
> Home
> Mortgage
& Loan Articles: Main Page
|
