First-time Buyers
Whether you have spent years saving and preparing to buy
a home, or you still aren't sure if it is something you
can even dream of, the questions surrounding a
first-time home purchase can feel endless.
You can find the answers –
and peace of mind – by working with RE/MAX, the industry
leader in experience and service.
Here are some tips to
help you with the process of becoming your own landlord.
Being prequalified for a
loan determines how much house you can afford. It also
allows you to move more swiftly when you find the right
house, especially when you aren't the only interested
buyer.
Shop for mortgage
rates and terms
A difference of even half a percentage point can make a
huge difference in how much you pay over the life of a
loan. For example, the difference in the monthly payment
on a $100,000 mortgage at 8 percent vs. 7.5 percent is
about $35 per month. Over 30 years, that's $12,600.
Using a buyer agent
A buyer agent is legally responsible for representing
the buyer's interest in a real estate transaction.
Generally, the buyer agent is compensated by the seller
at the time you purchase a new home. There are some
limitations to using a buyer agent, however. Before you
decide, have a Realtor explain the advantages and
disadvantages of using a buyer agent.
Features that help or
hurt resale value
In some areas, a swimming pool actually detracts from a
home's value and makes the home harder to sell. In
neighborhoods with two-car, attached garages, a
single-car or detached garage may impact the home sale
and future value. Your Realtor can point out features
that hurt, as well as those that help, resale value.
Rate the houses you
tour
After touring each home, write down what you liked and
didn't like. Develop a rating system which will help you
narrow the field down to the house that's the best for
you. |
