Buyer’s Tips
- CREDIT - Having good credit will help you get good
financing - That means a better interest rate & a lower monthly payment.
Poor credit will make you a bigger risk in the lender eyes which means a higher interest rate & a
steeper monthly payment. - FINANCING - Meet with a lender as soon as possible.
Learn what the costs & fees are to finance a mortgage. What types of
mortgages are available & what your monthly payments might be. A
pre-approval from your lender shows that you are a serious buyer & well
prepared. - TAX CONSULTANT - Find out what the tax advantages of
owning are over renting. Your mortgage interest is deductible from your income
taxes. This means that although it may cost you more per month to own vs. to
rent - that your income tax benefits may make up a good portion of the
difference. - REAL ESTATE AGENT - Speak with an agent. He/she can put
everything in perspective for you. Learn the “full circle” of the real estate
process. From financing, the attorneys or home values, the agent understands
the entire buying/selling & closing process & can teach you how it
works & what might work best for you. The more you learn, the better
decisions you’ll be able to make when the time comes. - LOCATION - Consider what location works best for you.
Look at all the factors that are important to you - resale value, schools,
work, taxes, recreation, shopping etc. - RESALE - Think resale value when looking at homes.
Location, school districts, style of home & all its amenities play an
important role in a home’s value. Good locale should mean good resale value. - HOME INSPECTION - A professional home inspection will
help you better understand the property condition & the eventual repairs
you are likely to face in the future. - SAVE - Save your money. Your cash costs to purchase a
home will include: down payment, bank closing costs (for processing your
mortgage), attorney fees, home owners insurance, moving & other expenses.
You can also look for “gifted money” from a relative as a possibility if you
are short on cash. Local banks may also have “first time buyer” mortgages,
which allow you to minimize your cash needs. - DON’T RUSH! - Become familiar with the market before
making a purchase offer & follow the above instructions. Better decisions
to buy can be made once all your questions have been answered. - IDEAL HOUSE - Don’t repeatedly dismiss a home that
meets most of your criteria. You may lose the best available property as well
as good financing. - AVOID OVERBUYING - Don’t become a “prisoner” to your
home. Buy what is practical & what works best for you. Do not buy with your
“eyes & emotions”.
If you have any questions, I am always here to help. I can supply you with the information & materials you need.