Before starting your home search, there are a few things that you need to do as a First Time Home Buyer….
- DO: Know your credit score, and make sure that you are pre-approved for a home loan before you start your home search. This way, you won’t waste time or money if you can’t buy a home right now. If your credit score needs improvement, this gives you some extra time to change your spending habits.
- DO: Research the home market. RealtyTimes’ Market Conditions and Our Website are just a couple of the resources available to home buyers that allows them to look at average home prices in an area.
- DO: Make a list of needs, wants, and don’t wants, so that you know what to be looking for when you start your housing search. Decide upon the importance of certain amenities, and this will help you later when you’re picking a house.
- DON’T buy a house in attempt to “flip it” and make a quick profit. Flipping a home and making a profit can be done in today’s market. But be cautious of making this your first real estate investment. If you do want to flip your first home, make sure you are well prepared and you hire the right team of professionals to help you along the way.
- DON’T be tricked into thinking you can afford more than you actually can. It is your responsibility to take into account any current loans, car payments, bills, and other expenses that you’ll have to pay, and use that to determine how much you can afford for your monthly mortgage payment.
- DON’T sign for a loan unless you understand the terms. Take the time to research different mortgage and loan options, and talk to different lenders, real estate agents, or even friends so that you can make sure you understand every part of the loan.