Buyer education has become one of my passions over the last several years. There are many first time home buyers in todays market and why not? It is a fabulous time to buy! Interest rates are still low, and you may even qualify for the $8K tax credit!
Can you purchase?? Always ask questions and never make assumptions. Buying Real Estate is one of the biggest decisions you will make in your entire life and you should be comfortable with not only your purchase, but the entire buying process!
First and foremost, get pre-qualified before you start your search. Nothing is more disappointing to find your dream home only to find out that you cannot get financing! How much can you afford? You can back into a purchase price based on what monthly payments you can afford. Make sure to include common charges or maintenance and insurance costs as well.
Condo or Coop?? Good question! Understanding the differences is essential to being able to make a smart choice when purchasing. Buying into a coop is buying SHARES in a corporation, and the property taxes are bundled with the common charges in the maintenance. A condo, is a deeded property, and you are actually purchasing the apartment itself, walls and all!
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Happy House Hunting!