10 Tips For The First Time Home Buyer!

Buying your first home shouldn't be intimidating, and it
certainly isn't as difficult as you may think. The
process is about the same as following a recipe for
cooking. When your ready, take charge of the process.
Remember you are the buyer, not the seller. You can
control the situation instead of letting the situation
control you. This could be the largest single investment
you will make in your lifetime. Do not let someone bully
you into something you don't want. Here are a few simple
steps to follow;

1. Hire a full time experienced real estate agent. - Just
like the seller, you can hire an agent to represent you,
the buyer. You may have to pay for this service but it
would be well worth it. They have the experience to avoid
the typical pitfalls that seem to trap the first time home
buyer. Find an agent that has at least three years
experience and one that comes recommended by someone you
know. However, remember not to hire the agent that is
representing the seller, this is known a a dual agency, and
it doesn't benefit anyone but the agent.

2. Get pre-qualified or pre-approved - You can go to your
lending source of your choice, tell them you want to get
pre approved for a loan. They will take you through a pre
qualification application and once approved, they will tell
you the amount of the loan you qualified for. The general
rule of thumb is to keep your housing cost to around one
third of your income. For example: If you make $100,000
per year income you can use 30 to 33 thousand for housing
cost. Now remember that includes the payment, interest,
insurance, taxes and in most cased the utilities.

3. Think about resale when buying - Don't look at the
simple price of a property to determine if you want to live
there. You must look at the surrounding area as well, most
people do not want to live in off beat locations such as
corner lots, busy streets, near train tracks or airports.
These location will prove to lower your chances of selling
you home in the future. Remember these are some of the
things you can never improve.

4. Don't Test the waters with low ball offers - Nice try,
however if your offer is two low, it will only offend the
seller and may prove to establish adverse relationships in
the future. A customary offer should be within 85% to 90%
of the listed price. Providing the listed price is in the
ball park. Also remember that negotiations are not limited
to purchase price only, you can bargain on terms,
maintenance
issues, home warranties, etc. Think long and hard before
committing an offer to paper.

5. Going Condo - If you are considering a condo or co-op
consider the management style of the Home Owners
Association (HOA) . The HOA could be a professional
property management company or it could be self managed.
Ask around to some of the other property owners and see
what they think of the HOA. Do they have any complaints?

6. Review the paperwork - After your first meeting with
your real-estate agent, ask them for a blank real estate
contract and take the time to review it before you are asked
to sign one. If you have questions about the contract ask
the agent or your attorney to review it with you. Also ask
to review any required disclosures as well before signing
them.

7. Home Inspection - Do not hesitate to seek the services
of a home inspector. They will, for a fee, inspect the
house you want to buy, from an experienced point of view.
It will be their job to point out any problems with the
home that are typically not found by doing a walk through
with the real estate agent.

8. New Construction Homes - New homes will offer you some
flexibility of changing floor plans, defining a brand new
space, choosing finishes and colors, etc. Make sure you are
dealing with reputable builder/developer, who offers strong
warranties.

9. Market Risk - When ever we purchase real-estate, we want
it to be worth more in the future than it is worth now.
The risk that we take is known as market risk. Can you
sell your home for a profit in the future? The one
question we all hope to answer, yes. However, you need to
do your homework. You need to look at the market - has it
risen over the last year, two years, five years, etc. If
you purchase in a neighborhood that has a declining value
or even the potential for this you could be making a huge
mistake.

10. Home Features - You and your home partner need to sit
down and write down all the features you are looking for in
a home. Then decide the top ten features, compare these to
your partners and see how many match. If you don't have at
least five that match, then you really need to spend more
time discussing the options before you start looking at
homes.

Conclusion, If you take your time and do your research,
buying a new home will go smoothly. Hire a real estate
agent to help you find your home, don't pay too much for
it, and most of all take your time, don't let someone
pressure you into purchasing something you won't be happy
with.

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