At
RE/MAX
Lakes Area Realty,
we are in the business of making dreams come true, and for a lot of people,
making a dream come true involves buying your first home. In order to help you
with that decision, we’ve come up with a series of articles…useful tips that
will help you be prepared when buying your first home. Check back here often
for the next article in the series, and be sure to subscribe to our blog at the
bottom of the page.
Tip Three: First
Time Home Buyers Must Do’s
1. Do Your Homework
The
perfect home won't find you by itself. The key step in buying a home is doing
the proper research. Educate yourself on local schools, neighborhoods, and the
kinds of homes available. By reading available materials and talking with
experts, you can start to put together your idea of the perfect home. Visit our
website at www.lakesrealty.com for a lot of this valuable information.
2. Start Planning
Most
decisions benefit greatly from proper planning, and home buying is certainly no
exception. Start a filing system with sections such as home buying, home
financing, and service providers. By forming a home buying plan you can more
easily focus on the most important factors and help give structure to the
entire process. Our website is a great resource for property information.
3. Get Pre-Qualified
Getting
prequalified for a loan normally only requires a short phone conversation with
a lender, and can greatly help your home search. Prequalification does not
guarantee you a loan, but it does provide you with an estimated monthly payment
and a price range to use as a guide when shopping for homes. Being prequalified
can also often indicate to sellers that you are a serious, prepared buyer.
4. Look for Value
When
shopping for homes, it's important to consider potential value. Even if you're
not planning to sell the home some time down the line, it's a good idea to
consider the future value of the home. Protect yourself against things like
falling prices and gradual shifts in the nature of the neighborhood. You may
not think of a new home as a means to make money, but it's an important
investment that requires caution.
5. Decide What You're Looking For
Settle
on the home features that are important to you (paved driveway, hardwood
floors, architectural style, etc.) and make an ordered list. Having well
established guidelines will help narrow down your search and will prevent you
from being shown properties that lack your key amenities. It can help you make
the decision not to buy an attractive property that doesn't really fit your
needs. Our website has a search feature that allows you to filter thousands of
listings based on attributes that you select. If you know you want a wood sided
home with gas heat and a garage, you can get the results you're looking for.
6. Relax
You
don't have to make an offer on the first home you see. Make sure to look at
other listings in the area to get a feel for the marketplace. When you decide
to make an offer on a house, consult with your real estate professional so that
all of your questions are answered.
7. Shop Around for Your Mortgage
Deciding
on the financing for your home can be as important as choosing a home itself.
The first step is deciding what kind of loan best fits you: a fixed rate
mortgage, or an Adjustable Rate Mortgage (ARM). There are benefits to each form
of loan, and your real estate professional can provide you with more
information. Next you'll want to begin to shop around for different lenders.
8. Protect Yourself
Be
careful when signing a contract on a home that allows you to find financing,
have the home inspected, and work through any problem areas that may arise.
Paying for a quality home inspection is absolutely crucial! You can save
yourself thousands in repair costs by being sure of what you're getting into.
More
information for first time buyers can be found on our website at www.lakesrealty.com, or by giving us
a call at 218-963-9554. We’re confident that we can provide the kind of
exceptional service that will make this process an exciting one. Don't hesitate
to contact us with any questions you may have.
1 comment:
Great information for those who are buying a home.
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