Sunday, January 31, 2010

First Time Home Buyers

Buying your own home is one of the greatest achievements we can achieve. I am in the process of doing that right now, for the first time. Here is what I think are some of the most important factors to this process:
~First of all you must make the decision to purchase a home, and believe that it can be done. Look around you, many of the people you see and interact with everyday have already done it.
~ Second, you must look over your attitude about money. Do you have savings? Have you taken care of your credit, and are you willing to make sacrifices in order to achieve your goal?
~ Be aware of your reasons for purchasing real estate. Is it for a family home? A investment home? Or Starter home? It may well be all three of these, but you must prioritize this list in order to approach purchasing smartly.
~ Know where you want to purchase your property. What is important to you when it comes to location? Do you want to live the city life, the beach life, or the small town life? Do you want to be in a good school district, University hospitals, or farms? Find your spot and get to know it. Consider whether it is a big move, are you moving from state to state or across town?
~ What are you wanting to buy? Remember this is one of the biggest moments in your life, always go for what you want in a home, do not settle for something you would not want to live in. You may be there for a long time, and if not, someone will have to buy it or rent it from you at some point. Will someone else want to live there.
~ Measure your budget. Your monthly mortgage payment and taxes and insurance for your new home should not exceed 33% of your monthly income. Allow for this, adjust your expectations, and find the right place that you can afford. Do not put yourself in over your head.
~How handy are you? How busy are you? Is a new home with low maintenance a better choice for you or do you have the time, money ,and know how to fix up a diamond in the rough. Would it suit your life better if you were to buy a condominium or a single family home on a few acres?
~ Find a realtor as soon as you have formulated your needs for a new home. Be detailed and open with your realtor, they do this for a living, they are experts. Find a Realtor you feel comfortable with.
~ Get Pre-approved. If you are not buying cash, you will need a mortgage. If you need to repair your credit, do it. Find a professional credit repair specialist. Get a Mortgage broker or go to your credit union, and work with them.
To Be Continued...

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