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You’ve heard it a million times…a home is the largest investment most people make in their lifetime. Despite that fact, nobody teaches you about home buying; not in high school, not in college, not in graduate school.
But, there is a lot of information out there about purchasing a home. Here’s a brief summary of the most important things to know.
1. Enlisting the help of a real estate broker is a great idea. I good broker knows what is available, what homes are worth, and how to negotiate with a seller. He or she can keep you from making a big mistake. And, you won’t even have to pay him or her a commission.
2. Think about the features that our important to you before you begin looking at homes. Is location a big deal? Area schools? A big yard? Prioritize, realizing you might not be able to get everything you want.
3. Put your financial house in order. Be sure you are current on college student loan payments, car payments and other financial obligations. Set money aside for a down payment and closing costs.
4. Get pre-approved for a mortgage. It will get sellers to treat you seriously and allow you to move forward quicky once you’ve found the house you want.
5. Do not overpay for a home, no matter how much you like it. Buy something you can afford and don’t pay more than a fair price for it. Also, be sure you have funds left for maintenance and renovation. Remember, owning a home means ongoing costs.
6. Never buy a home without having it inspected by a licensed professional, and consider a homebuyer’s warranty which will cover any defects found in the home within a year.
As you’ll note, the above suggestions are little more than common sense, the same kind of common sense that should be applied to all kinds of purchases.
Happy house hunting!
Related articles
- The Reverse Mortgage (realestatenoevalley.com)
- Who Pays the Realtor’s Fee When Selling a Home? (brighthub.com)
- First-Time Homebuyers (kfoleyhomes.wordpress.com)
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