Are you considering buying your first home? Are you tired of paying rent and ready to start investing in your own home? It is a buyers market. I know..... you've heard that over and over on the news. So what does that mean to you? It means that there is a surplus of listings on the market and you have a lot to choose from. It also means that it is a great time to buy a home. You are definitely in the drivers seat.
Here are a few tips for you if you're considering buying your first home
- What are your desires in a home? Decide specifically what features you want in a home and which are most important to you.
- Get your finances in order. How much money do you have to work with?
- Don't wait to get pre-approved. Talk to a lender and get pre-qualified for a mortgage before you start looking. If you don't know of any lenders, ask your friends, family or REALTORÒ if they can refer you to a lender.
- Don't ask too many people for their opinion. This will drive you crazy. Pick one or two people to turn to if you feel you need a second opinion.
- When are you able to move? Do you have a lease? When is your lease up? Can you get out of it early if needed? Are you allowed to sublet?
- Think long-term. Are you looking for a starter home with the idea of upgrading in a few years or do you plan to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.
- Don't let yourself be "house broke". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance, decoration or other living expenses.
- Don't be naïve. This is probably one of the largest purchases you'll make. Insist on a home inspection, and, if possible, get a 1 year home warranty from the seller.
- Get help. Consider hiring a REALTORÒ as a buyer's agent. Unlike a listing agent, whose fiduciary duty belongs to the seller, a buyer's agent is working only for you. And often, Buyer's Agents are paid their commission from the seller's commission payment.
For more information on St. Clair Shores real estate or Macomb County Real Estate call Mike Mitchell - REALTOR
photo credit realestateclipart.com
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