Home Buying Tips - First Time Home Buyers

·         Be picky, but don't be unrealistic. There is no perfect home.

·         Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.

·         Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.

·         Don't wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.

·         Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

·         Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?

·         Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you will buy as well as the type of mortgage terms that suit you best.

·         Don’t let yourself be "house poor". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.

·         Don't be naive. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.

·         Get help. Consider hiring a REALTOR as a buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. And often, buyer's reps are paid out of the seller's commission payment.

Home Buying Mistakes

·         Home buyers don't ask enough questions of their lender and miss out on the best deal.

·         First-time buyers don't act quickly enough to make a decision and someone else buys the house.

·         Home buyers don't find the right real estate professional who is willing to help you through the home buying process.

·         Home buyers don’t do enough to make their offer look good to a seller.

·         Home buyers don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

© 2009, WE Team Realtors Minneapolis St Paul, Minnesota