Anyone have good tips for a first time home buyer?
Wednesday, May 12th, 2010 at
4:07 am
Im kind of on my own with this one, and ive found it to be a little overwelming. Ive been prequalified and I know which house I want (its in my range and Ive figured out what I can afford, and not what the bank tells me I can afford) Ive been renting an apartment, and i cant stand wasting the money every month, when I could own a place. If anyone has any tips to offer they would be greatly appreciated!!
thanks in advance
Tagged with: money • overwelming • renting an apartment • thanks in advance
Filed under: First Time Home Buyer Tips
Good for you! Home ownership can be a great source of pride and good investment.
Talk to your banker and ask if they have a first-time home-buyer workshop they could recommend for you. Good way to learn a lot about buying and owning real estate.
Look at where you want to be in 5 years. Does this involve travel, moving abroad? going back to school? Make sure you’re settled before investing in a house.
Same thing for your work – is this a stable business, etc.? Wouldn’t do to get laid off the month after you move into your house.
Don’t buy too big. If you buy into Ritzy Acres, you may be able to afford the mortgage – but can you afford the lifestyle? The car, clothes, etc. etc. that living in Ritzy Acres requires.
Be willing to wait. And wait until the house you WANT comes up. Remember, leases were made to be broken – people buy and move all the time. So even if you don’t find a place right away, take your time and look at a lot of houses.
Remember – even if you use a "buyer’s agent" to find a house for you – his or her fiduciary (legalese for loyalty) relationship is with the seller – not you, the buyer.
Don’t forget to budget for the little things – like a lawn mower and other modifications you may need to get when you do buy. These costs can add up fast.
Once you find your house – GET A HOME INSPECTION! Never ever buy a house without one. This could prevent a whole lot of problems later.
Hope some of these things help.