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Advice for First Time Buyers |
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Do Your Homework
Before you start looking at homes, do some quick analysis on what you can afford. It may be beneficial to sit down with a mortgage broker.
Apply for a Pre-Approved Mortgage
After you figure out how much you can afford, pay the small fee for a pre-approved mortage. If you have a lending commitment in hand, sellers will be much more inclined to work with you, since they know you are serious.
Know What You're Looking For
Everyone wants a whirlpool bath, but few people actually need one. Sit down and make a list of the things you actually need in a home. Also maintain a list of things you want. Understanding the difference will make your life much easier.
Hire a licensed Real Estate Professional
No matter how nice the Seller's agent is, remember whom they are working for. Hire your own agent to represent you.
Keep All of Your Information in One Place
Organize yourself. Keep all of the information you acquire in one central location in a manner that mnost benefits you. Try taking both a camera and pen and paper with you. Attach pictures to notes and collateral you collect.
Pay Attention to Details
Once you're ready to make an offer, have the building properly inspected and make all legal agreements contingent on the inspection. Walk through the property before the closing and make sure no changes have been made that are not consistent with the agreements.
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