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As a homebuyer,
especially first-time home buyers, what should you do to position yourself? For starters,
you'll want to:
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Do your homework. Determine what you want—how many bedrooms, approximate
square footage, and which neighborhoods you prefer.
- Think about condominiums and townhouses. These are typically more
affordable and may suit your lifestyle: typically there's little upkeep, you
have neighbors—likely other singles—close by, and you may have access to
community facilities, like a pool or workout room. But you'll also need to
consider you probably won't have outdoor privacy or back
yard. You'll also need to factor in how much you'll pay for your homeowners
association fees.
- Spend time comparing mortgages to get the most advantageous plan for your
requirements and financial situation.
- Get
pre-qualified for a mortgage
before you begin looking at homes. Not
only will this give you an exact price range for your purchase, but
pre-qualification will add a great deal of strength to your offer.
- Stay in close contact with your agent and clearly express your needs. This
is especially important if you're in a market where inventory is low. You'll
want to be notified as soon as a home that fits your criteria goes on the
market.
- Keep in mind that there's no such thing as the "perfect" home.
Instead, set priorities. Determine what you're willing to sacrifice,
especially if you're in a tight market.
- Bid competitively. Keep in mind you'll likely be competing against other
offers. If you're in a tight market, it's not the time to see how low the
seller will go.
- Protect yourself by investing the $200 to $500 for a professional
inspection before you buy the home and sign the final mortgage loan papers,
otherwise you run the risk of not exposing potentially expensive—or even
hazardous—defects in the property.
Most importantly, if you're determined that now is the time to buy, don't be
timid. You'll need to be ready to pounce and make an offer as soon as you see
that close-to-perfect home that hits the market. Contact
us today to get started!
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