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First Time Home Buyers Tips

A basic resource center to first time home buyers.
by

Coldwell Banker Lunsford

on 31 January 2013

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Transcript of First Time Home Buyers Tips

Here are some tips to help walk you through the process. First time home buyer? Get pre-approved
for a mortgage. Why get pre-approved? Getting pre-approved is a good start to making this decision. When determining how much you want to spend versus the maximum amount you qualify to spend there are a few things you will want to consider: Determine how much home you WANT to afford. - to know how much you can and want to spend on a home
- this allows time to find the best type of loan
- it can provide an advantage in a multi-offer situation Find a qualified Real Estate agent. - asking family and friends for a reference is a good place to start
- meet and talk to a few potential agents, see if they will be a good fit
- visit open houses, this is a great noncommittal way to meet different agents
- many agents market themselves online, utilize this resource - think about your current lifestyle, such as entertainment, travel, clothing, and recreational activities, are you willing to cut back or do you want to maintain this lifestyles
- how will the cost of taxes, insurance, and utilities play into how much you spend
- what about maintenance on the home and the potential cost that could occur down the road
- there are also several one-time fees to consider when purchasing a home, for example closing cost, moving cost, and down payment Really consider if buying
a home is right for you... Home ownership is a personal decision and what might be best for one person may not be best for you. Really weigh the pros and cons of renting and buying. Do you travel a lot, has your job situation been unstable? Just because right now might not be the right time for you to buy does not mean that in the future this will not change. Determine your wants and needs. Decide on must-have features such as:
- location, number of bedrooms, type of garage, kitchen size
- every feature you feel is a MUST

Choose features you would like:
- walk-in-closet, central air, basement, or deck
- important but flexible features

List features you do NOT want:
- home needs work, located in congested area
- features that are positively unacceptable For more information visit the
First Time Home Buyers
Resource Center at
www.coldwellbanker.com

Content for this presentation is provided by Coldwell Banker Real Estate
Full transcript