Google+

10 Easy Tips for First-Time Home Buyers

 

 

10 Easy Tips for First-Time Home Buyers

By Burt Carey

Buying a house for the first time is an exhilarating experience, and knowing which potential pitfalls to avoid will ensure that your elation continues for many years. Here are some tips to help make that happen.

  • Get your finances in order now!

First-Time Home Buyer, Read your contract, buying a house, long term, budgets, great tipsA clean credit report and saving for a big down payment are the two biggest keys to getting the best mortgage terms possible with the least number of extra fees. If you don’t know what your credit score is, you’re already slipping toward an abyss. Order a free copy of your credit report from the site www.AnnualCreditReport.com.

  • Understand the housing market

Wanting to buy a home and actually doing it are wholly different things. In most of the U.S today, there’s a shortage of houses for sale, and what is for sale is rising in price. You will be competing for purchases with people who have home-buying experience. Check with a reputable realtor to figure out a strategy that benefits you.

  • Get your financing pre-approved

Having your credit checked and a good FICO score is a great start. Now your best move is to use those assets and your income to get pre-approved by a mortgage lender. There are lots of mortgage options to choose from. As new home buyers, shopping around and finding the best deal for you will pay huge dividends before you sign a contract. Sellers like to know potential buyers are pre-approved, too.

  • Make a list, check it twice

Get with friends, co-workers and family members to find out the good, the bad and the ugly about their home-buying experiences, and then make a checklist list of everything you want, things you should inspect or items you should ask about while searching for a house. Make it a printable checklist so you have one for each house you see. Buying a house can be an emotional experience. The list keeps you grounded.

  • Think about the long term

If you’re planning to have a family, have relatives move in with you, or any other special arrangements, the houses you look at need to meet all of those needs. Think of your needs five to 10 years from now.

  • Is the house re-sellable?

That’s not a cheeky or flippant question. A house in a good school district will maintain or gain in value where one in a poor school district may not. You should also consider your community’s demographics and look at long-term trends. An urban area with young, upwardly mobile middle-class residents today may not look the same in a decade. You should definitely avoid buying in a neighborhood with a high number of rental properties.

  • What’s your real household budget?

Your monthly household budget doesn’t stop at the mortgage payment. Add to that insurance, interest, taxes, maintenance, utilities and remodeling/upgrades. Even the cost of commuting to work can be a burden if you fail to plan for it now.

  • See beyond a realtor’s fluff

Selling agents are marketing professionals who know how to set up a house for sale. But in their glitzy little staging schemes, you’ll find some peculiarities such as lamps positioned in places where there are no wall sockets. They put the fluff there to make it look appealing. It’s your job to ensure it’s functional, too.

  • Check out homeowners associations

After you buy a house is not the time to discover you’ve moved into a neighborhood with restrictive covenants that prevent you from following your own plan. Homeowners associations have evolved well beyond being arbiters of mere architectural design elements. Get a copy of the HOA bylaws and covenants before making an offer on a house.

  • Read your contract before signing it

There will be an attorney, possibly two, present at the closing meeting. You have hired these people to represent you. Real estate attorneys handle closings multiple times each week. You don’t. Read every document and make sure you understand all terms and conditions before you sign them. Don’t let an attorney or anyone else try to rush you through the process. If you read something you don’t understand, have them explain it to you.

Source:  Baret News

Entertainment

Bittersweet Prodigal Daughter Parable Arrives on DVD

  The Levelling DVD Review by Kam Williams Bittersweet Prodigal Daughter Parable Arrives on DVD It's not very clear whether Harry Catto's (Joe Blakemore) death was a murder or a suicide. One thing's for certain, though. It wasn't merely a mishap, because nobody accidentally sticks a gun in his own mouth and pulls the trigger. The cops … [Read More its Good for You...]

Books

Cop under Fire

  Cop under Fire Moving Beyond Hashtags of Race, Crime and Politics for a Better America by Sheriff David Clarke, Jr. with Nancy French Foreword by Sean Hannity Worthy Publishing Hardcover, $21.99 272 pages ISBN: 978-1-617-95857-1 Book Review by Kam Williams “David Clarke refuses to bow a knee to political correctness, and he … [Read More its Good For You...]

Art

The Day After the Day Of

  The Day After the Day Of by Paul Ilechko   The sky sheds its tears. This morning is the morning of the day after. The day of mourning, the day after the day of.  I beseech the sky to shed tears in order to wash away the tears on my face.   This is the first day of the time after. This is the beginning of a new time, the … [Read More its Good for You...]

Real Estate

Castles in America

  Castles in America by Amy Lignor   Robin Leach and his “Lifestyles of the Rich and Famous” taught us all long ago that we absolutely love to sit and view ridiculous luxury (usually owned by people who inherited all of it and didn’t work a day in their lives). See that? We had to complain about something as we were beguiled by the amount … [Read More its Good for You...]

Lifestyle

Finding a Hobby that Fits Your Personality

  Finding a Hobby that Fits Your Personality by Amy Lignor   Although there are many out there who turn to their computers or cell phones as their hobby, there are just as many others who want to be more creative. They want to learn something new and fun to do in their spare time. They’re not looking for cash, they’re looking for a way to … [Read More its Good for You...]

Outdoors

Go Tripletail for Tasty Fare, Sporting Challenge

  Go Tripletail for Tasty Fare, Sporting Challenge By Craig Lamb Catching the tastiest inshore fish of them all, while fishing for a species that is a master of disguise. You get that challenge and reap the benefits at the table when fishing for tripletail. The tripletail gets its name from the dimensions and placement of the dorsal and … [Read More its Good for You...]

Sports

“Sin City” Becomes Acceptable?

  “Sin City” Becomes Acceptable? by Amy Lignor   So…what changes will occur if an NFL team hits Las Vegas? Not many, actually. Perhaps more of the ‘contract money’ will be lost considering the blackjack tables ARE right in the vicinity; however, NFL owners seem just fine with the fact that the Raiders will once again wave good-bye to … [Read More its Good for You...]

Business

Cop under Fire

  Cop under Fire Moving Beyond Hashtags of Race, Crime and Politics for a Better America by Sheriff David Clarke, Jr. with Nancy French Foreword by Sean Hannity Worthy Publishing Hardcover, $21.99 272 pages ISBN: 978-1-617-95857-1 Book Review by Kam Williams “David Clarke refuses to bow a knee to political correctness, and he … [Read More its Good for You...]

Travel

Travel: Leaving the Commonplace Behind

  Travel: Leaving the Commonplace Behind By Amy Lignor   What is the definition of a vacation? Well, there are those living in the snow who believe their vacation should come along with the warmest beach and a few fancy drinks with little umbrellas in them so they can relax before heading back to the deep-freeze. There are also those who … [Read More its Good for You...]