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Five Tips for Buying Your First Home: A Primer

Most everybody dreams of purchasing their first home, and often this is a first experience for them. Purchasing a home is one of the most expensive purchases a person will make, so it is important that they are cautious. It is imperative that a person makes all the right moves when searching for and buying a home. When they do so, they will make wiser decisions and avoid falling into the pitfalls of purchasing the wrong home for their needs.

Doing the Research

It is imperative for people to research before purchasing a home. Getting a home in the wrong neighborhood or getting the wrong home can plague a person for years. The first thing a person needs to do when shopping for a home is to consider their priorities.

For example, deciding on the size and the design of the home is very important to most people. A person who is single or people with no kids will want a smaller home, while couples who want a big family are suited for a large multi-family home. It also important to look at the neighborhood where the home is located.

Some people want to be in a neighborhood with good schools and short commutes to great jobs. Overall, it is important for potential first time buyers to make a list of what they are looking for in a home, and narrow their search accordingly.

040324-N-3228G-001 Finding a Real Estate Agent

It is also important that people enlist a good real estate agent to help with their search. Real estate agents make it their job to know in-depth information about various properties, and they have an incentive to steer customers into finding the right home.

Real estate agents also have knowledge about the area that the customer does not, including information that they can use to negotiate prices to get a better deal. This includes previous attempts that were made to sell the house and local market conditions.

Get a Home Inspection

Potential homebuyers should not sign the dotted line until they have received a home inspection. This inspection makes the potential buyer aware of any problems that might be hiding before they finalize the sale. If the home inspector finds any major problems with the home, the potential buyer can formally decide if they want to go through with the investment.

Financial Security

In order to finance homebuyers have two choices: to purchase the home right away with cash or to obtain a loan. Most people cannot buy a home with cash, so they need to come up with a down payment for a mortgage. The higher the down payment somebody puts the higher chance of being approved for a loan. A person’s income is also an important factor for being qualified for a loan.

Getting Qualified for a Loan

Before even choosing a home, some people should consider being pre-approved or pre-qualified for a loan. From this information, the person can then know how much they can afford when looking for a home. Getting prequalified for a loan does not mean that they are approved. It just means that the lender determined how much the person was eligible to borrow.

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