subject: First Time Home Buyers Tips [print this page] Initially, when you plan to buy property, you must find the right house that will meet your needs and preferences. To help you go faster in procedure, try to go online. Local newspapers can be another source of property listings. Suggestions and recommendations from your family and friends can help you update the latest situation of the market.
Try to evaluate the prices of similar homes in your area. You can explore the Internet to get a good idea on the best homes for you. Many states and local governments have some websites where you can do your research.
Find home that are in your price range and be realistic about what you can afford. Try to look at homes, which allow you to put 20% down payment. If you put less you have to pay private mortgage insurance as protection for the lender in case of default.
Search for homes during the winter or during the holidays because many people are not interested in buying homes during these times. You will be able to negotiate the price and may find a great bargain.
Find out what your monthly housing costs are including taxes and homeowner's insurance. Use Real Estate Calculator to receive an amount to spend.
Find a smaller mortgage company that offers personal service. You may find that they offer the top interest rates and provide exceptional service compared to large companies. These smaller companies depend on word-of-mouth advertising space, so it is likely that it was good to get more clients.
Decide how much you have to pay for the closing costs. Never overlook the initial cost. Costs for closure include the title and settlement fees, taxes, fees charged by the lender, and other items such as prepaid home insurance and the home association fees.
Look at several homes, before you settle on one. Compare homes and ask to visit them again to find out more about them and look for items that you overlooked on the first visit.
Make sure you do a home inspection, particularly in hot real estate market. While owing a home could overwhelm you, dont ignore the home inspection as it serves as your real estate investment protection.
Ask help from your estate agent because they know much better than you. Ask if they knew of the defects and other problems you may encounter if you buy a particular home. Though they do not point out everything because they also want to sell, but ask them questions as much as possible to make you feel that what you are going to buy is really what you are looking for.
