Advises For First-Time Home Buyers
August 28th, 2010
Advises For First-Time Home Buyers
Now is a great time to buy a house. The homebuying process can seem complicated but you will soon be holding the keys to your own home if you take things stepbystepBefore you start your hunt to buy a new home review your monthly income expenses and total savings.
1. Hire a home buying professional You’ll meet lots brokers agents representatives customer service account executives VP of this VP of that when buying a homeand the list goes on. Look for an exclusive buyer agent Buying a new home means as much or more inspection than buying a preowned home. Working with a buyer agent is worth consideration because he or she is legally responsible for representing the buyer’s interest in a real estate transaction.
2. Find out how much you can afford What you can afford depends on your income credit rating current monthly expenses downpayment and the interest rate. The rule of thumb is that you can buy housing that runs about twoandonehalf times your annual salary. One of the biggest risks of buying a home during a recession is that you could lose your job after closing the deal. you’ll want to get prequalified for a mortgage loan which determines how much you can afford.
3. Learn about homebuying programs A lot of people were hurt in the housing bust because they bought houses as shortterm investments. We are not trying to scare you we just want to educate you and prevent you from falling victim to the scams that cost people thousands of dollars every day. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days.
Buying a house is 90 logistics and 10 negotiations. Still buying real estate during an economic recession presents some serious risks.
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