Tuesday, June 16, 2009

First Time Homebuyer Guidelines

Buying your first home can be daunting. There are lots of factors to consider before buying, like your lifestyle. Ask yourself what your needs are and if owning a home will fill those needs. It 's important to consider that buying a home is more than a financial investment, although it can be rewarding in years to come. Even when housing prices don't increase rapidly buying your first home can prove to be a sound financial decision. The equity you build can help fund things like a college education for a child or your own retirement. Mortgage payments are like forced savings. As long as they are made and left untouched the savings will grow.The longer you stay in a home the more equity you'll build.

Once you've decided on buying your first home you should have a price range in mind and a short list of communities that will fit that lifestyle that we mentioned. The price is going to be determined by how much home you can afford. Get pre-approved for a loan before looking at properties. It's not fun to fall in love with a home that you ultimately can't afford. Remember that there are going to be ongoing expenses as well. In addition to the mortgage payments there are utilities, cooling and heating, property taxes, assessments, insurance, repairs and services like landscaping as well as replacement of appliances. Condos and town homes may not have the same maintenance requirements as single family homes . Older homes are often less expensive than newer but may require more attention and repair.

Most homebuyers today begin thier search on the internet. Find a site that is easy to navigate and doesn't require you to register in order to search for homes. Once you've located a number of desirable homes and communities you'll want a professional Realtor to help you. Make sure that the Realtor is licensed and has MLS access. Ask plenty of questions about the area your considering. A good Real Estate Broker can be a valuable source of information and can easily guide you through the home buying process. Look for an experienced Broker with solid market knowledge. Your Broker's knowledge and ability to negotiate for you can save you time and money.

Remember that you will want to sell this someday. The more information you gather before buying, the better that purchase will look in the future.
If you have questions about buying your first home or selling a property please call me directly at 561-306-6736 or email me at rebuygeorge@yahoo.com

1 comment:

Justin Torres said...

Although you posted this in 2009, but the tips and guides above are still useful nowadays. This can be applied especially for first time home buyers and it will help them a lot!

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