10 Tips for First - Time Homebuyers

The $8,000.00 First Time Home Buyer Tax Credit is available until April 2010.  The following are ten tips for those First-Time Home buyers:

1.  Be picky, but not unrealistic.  There is no perfect home.

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

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

4.  Don’t wait to get a loan.  Talk to a lender and get pre qualified for a mortgage before you start looking.

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

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

7.  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’ll buy as well as the type of mortgage terms that suit you best.

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

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

10.  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. 

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS, Copyright 2005, All rights reserved.

"10 Tips for First-Time Homebuyers" was originally posted as a blog post at Shannon Register, Realtor^® on March 10, 2010.

Shannon Register, Realtor^® named "Best Real Estate Blog in Texas by the Mays Business School Real Estate Research Center at Texas A&M University.

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