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Top 10 Things First Time Home Buyers Should Know Before Buying A Home In Burnt Hills NY

By Melissa Furman

Real Estate Agent with Keller Williams Capital District Real Estate

May 17, 2010 05:24 AM

Top 10 Things First Time Home Buyers Should Know Before Buying A Home In Burnt Hills NY

Mistakes to Avoid to Make a Smart Purchase

Search For Homes For Sale In Burnt Hills NY

As a first time home buyer you may feel overwhelmed by the process. Owning a home is a large investment that one can make throughout one's lifetime. Make sure you are prepared before starting the process.

Top Ten List of Things First Time Home Buyers Should Know Before Buying A Home

1. Before fulfilling the dream of owning a home evaluate your life and finances. It is true right now is a great time to buy with mortgage rates being at all time low. However are you ready to make the move. As a first time home buyer you don't want to face being stuck with a home you are not ready for. Ask yourself the following questions to determine if the timing is right:

What is your credit score? Your credit score should be anywhere between 600 - 800.
Is your job secure? In this economy it is an important question to ask yourself before committing to anything.

Credit score when buying a home first time buyers

2. Owning a home costs are more than just the purchase price. As a first time home buyer be aware of the other expenses such as homeowners insurance, property taxes, utilities, and maintenance.

3. Look into programs for first time home buyers. There are many state and federal programs that help first time home buyers with down payments, interest rates, and loan terms.

4. Foreclosures and short sales often have attractive prices however proceed with caution. There are both pros and cons of buying a foreclosure or short sale. Know all the risks before considering it.

5. Get preapproved! Being preapproved for a loan gives you more buying power. It lets both your real estate agent and the seller you are serious in buying a home. It also establishes a price range on how much you can afford.

Resale value of a home for First Time Home Buyers

6. Homes that are located in safe and desirable neighborhoods have built in property value (which can help in the resale). "Location, Location, Location," will always come into play in the real estate market.

7. Not all real estate agents represent the buyer. Dual agency is legal in NY. Duel Agency is when the real estate agent represents both the buyer and the seller. At Adesso Realty we guarantee that we will ALWAYS have someone on your side. We do not take part in Dual Agency. We always represent our client.

8. An agent can help you make a competitive offer by researching homes that have sold in the area. Have your agent preform a Comparative Market Analysis. This will help you decide in a purchase price for the home.

9. Complete a home inspection. You can save a great deal of money by preforming a home inspection. This allows you to know the complete condition of the home. It will reveal any major problems that the home may have.

10. Always have contingencies in the contract. This allows one to back out of the contract if your needs are not met. Contingencies will can include a home inspection, radon inspection, water testing, home appraisal, and etc.