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11 Tips
for First-Time Homebuyers:
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Be focused and discerning--
don't compromise a must have, but do incorporate some flexibility into
your plan after your most important requirements have been met.
It's rare that one home comes with everything on the wish list ready and
waiting.
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Do your homework before you
start looking, and discuss with your realtor. Decide specifically what
features you want in a home and which are most important to you.
Then, think Young - let Marie filter out all that's not for you.
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Get your finances in order.
Review your credit report and be sure you have enough money to cover
your down payment and your closing costs.
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Don’t wait to get a loan. Talk
to a lender and get pre-qualified for a mortgage before you start
looking. Coldwell Banker Mortgage will qualify you in 20 minutes, in
total confidence. 1-888-531-9137.
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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.
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Decide when you could move.
When is your lease up? Are you allowed to sublet? How tight is the
rental market in your area? Do you have another home to sell? Can
you afford to purchase before selling your home? If so, for how
long?
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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.
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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.
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Insist on a home inspection
and, if possible, get a warranty from the seller to cover defects within
one year.
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Of course, per Opinion, 26,
seek legal counsel even though not required. No one except
your lawyer can offer you legal advice.
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The list goes on and
on -- Think Young – call Marie Young at 908.938.2525.
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Basking
Ridge Real Estate / Homes for Sale