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First Time House Buying Tips

First Time House Buying Tips

Useful first time house buying tips enable home buyers to save time and money as well as protect their interests throughout the process. Exclusive buyer’s agents who have experience on the buying side and are trained to represent buyers can provide a lot of help for the first time home buyer.

If you are looking for ways to save money on your mortgage, shop before you start looking at homes so that you can get your best rate and be sure of the amount of your pre-approval. A pre-approval will win points with home sellers and is an absolute necessity in a hot market or ‘priced-right’ homes with competing offers.

Learn the local real estate market by researching Multiple Listing Service (MLS) homes and For Sale By Owner (FSBO) homes, attending Open Houses and drive around neighborhoods you would like to live in and can afford. Test the location for work commutes. Check out schools, churches, recreational facilities, and shopping access. Be sure to visit your favorite neighborhoods at different times of the day and week so that you can see what it is like after school, during rush hours and on weekends. Determine if there are any toxic waste sites or other undesirable influences nearby.

Don’t write out an offer until you are satisfied that you have done adequate research on the market and the particular home of interest. Let your buyer’s agent prepare a Comparative Market Analysis (CMA) or property value study. Your agent will also protect your interests by including typical contingency clauses for a satisfactory appraisal, home inspection, and mortgage commitment. Ask him for any handouts or recommended web sites for first time home buying information.

Remember that new construction does not mean ‘sound construction’ and a higher price does not necessarily mean a higher quality. Going direct to the builder is not the best option as the builder will be looking out for his bottom line and protecting his company’s interest. Consider using an exclusive buyer’s agent who can help you determine if there are impact fees, association fees, easements, restrictive covenants, liens, and learn about the topography of the land, soil condition, availability of water and sewer, property taxes and school district.
Home inspectors say that all houses, including brand new homes, have defects but some are incurable. Some defects will be obvious to you, such as a poor location, others may need the skill of a good home inspector and other testing for presence of pests, radon, or lead paint.

Prepare for the moving and closing day!
These 1st time home buyer tips are an overview of the process. Depending on the circumstances of your home search, the type of marketplace, and availability of homes in your price range, you may have to do some extra leg work to land your dream home.

Article Source: Real EstateTips from top notch experts

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