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Whether you have spent years saving and
preparing to buy a home, or you still aren't sure if it is something you can
even dream of, the questions surrounding a first-time home purchase can feel
endless. Here are some tips to help you with the process of becoming your own
landlord.
Pre-qualify for a loan.
Being
pre-qualified for a loan determines how much house you can afford. It also
allows you to move more swiftly when you find the right house, especially when
you aren't the only interested buyer.
Shop for mortgage rates and terms.
A
difference of even half a percentage point can make a huge difference in how
much you pay over the life of a loan. For example, the difference in the
monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about
$35 per month. Over 30 years, that's $12,600.
Use a buyer agent.
A buyer agent is
legally responsible for representing the buyer's interest in a real estate
transaction. Generally, the buyer agent is compensated by the seller at the
time you purchase a new home. There are some limitations to using a buyer
agent, however. Before you decide, have a Realtor® explain the
advantages and disadvantages of using a buyer agent.
Features that help or hurt resale
value:
In some areas, a swimming pool actually detracts from a home's
value and makes the home harder to sell. In neighborhoods with two-car,
attached garages, a single-car or detached garage may impact the home sale and
future value. Plisky and Associates can point out features that hurt, as well
as those that help, resale value.
Rate the houses you tour.
After
touring each home, write down what you liked and didn't like. Develop a rating
system which will help you narrow the field down to the house that's the best
for you.
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