subject: Malibu Foreclosures and What Buyers Must Understand About Them Tip 37 [print this page] When people graduate from college, a home purchase probably isn't at the top of their priorities. It is something to seriously bear in mind though. Owning a home gives you various benefits, including the fact that you will have a steady investment and you also may be eligible for tax breaks. In fact, a great investment at present in terms of property would be to invest in Malibu foreclosures.
. Please use the following article as a sort of guide for young people who may be looking to purchase a home for the first time, before we begin though, if you are searching for a property in California, look for Malibu foreclosures on Google:
1: Make sure that you Have A Reliable Credit History
The first step to achieving financial independence is to consistently save a portion of your income for future needs. Savings early in life can contribute to increasing the size of your down payment and reducing the monthly payments on your first mortgage. A sure fire way to create a strong credit score is to always settle payments on time.
Secondly: You must Think About Your Budget
Probably the most critical piece of information in searching for your fist home is what you can afford. Within your home budget you need to allow for taxes and mortgage repayment levels amongst many other things. If you are aware of your upper limits and take the time to become pre-qualified for a mortgage prior to applying then your search will be lots easier. For example, on a limited budget you probably won't be looking for a second home in the form of Malibu foreclosures
3. Define Your Purpose and Identify Wants vs. Needs
Once you know your price range, the next step is to make a list of the reasons why you want to buy a home and the characteristics of the property that you would like to find. First time homebuyers often find that they must make several compromises in order to stay within their budget. By way of example, that extra bedroom or bathroom might not be open to you. Or one of those Malibu foreclosures!
4: Select A Real Estate Agent
Now that you have researched the market, identified your reasons for buying a home, and the characteristics that you value in your first property, the next task is to select a realtor that is best positioned to deliver the results that you require. A great place to start your search is with friends and family, as they are most likely to be honest and forthcoming about their experiences. Always choose a realtor that you can trust and who works exclusively in your best interests. In fact, when I was recently looking for Malibu foreclosures I could never have bought one without all the assistance I received from my real estate agent!
Finally: Follow Through With An Offer On Your Selected Property
After you finally walk through the door of the house that feels like home, satisfies your requirements, and is within your budget, make an offer! Chances are you have put in the time, researched the comparables, and teamed up with a realtor able to negotiate on your behalf. The basic principle behind offer making is to try to get a better deal. I managed to negotiate a 35% discount on the cost of my new home when I was searching for Malibu foreclosures.
Acquiring a house is a huge move to make. Your first purchase will be very daunting for you. Through the use of the examples and the tips contained in this information you will find the process to be a lot easier.
On a side note though, if you're searching for inspiration in terms of areas to live in, then look for Malibu foreclosures.
Malibu Foreclosures and What Buyers Must Understand About Them Tip 37
