Buying a Home will most likely be the largest financial transaction that a person will make. Since it is such a huge financial transaction it is helpful to review tips on the topic and especially so for first-time home buyers. Here are 5 great tips for first-time home buyers.
- Do Some Research: Being informed about the home buying process will help the buyer make wise decisions. Ask friends and relatives who are homeowners for their advice. Do online research on sites such as Buy a New Home in Maryland and Zillow.
- Hire a Buyers Realtor: Hiring a Realtor to represent you in the purchase is very wise and helpful. Your Realtor gets paid by the seller but will represent you in the transaction. The Realtor will help you find a home in your price range, negotiate the price of the home, handle all of the necessary legal paperwork for you.
- Get a Home Inspection: Be wary of buying a home without first having it inspected by a licensed home inspector. A home that looks fine to the eye could, in fact, have some underlying issues. If bought and these issues later surface then you are stuck paying for the repairs. A home inspector will look entirely at all mechanical and structural components of the home before you buy it. If any issues are discovered then you can renegotiate with the seller to make repairs at their expense before you move in.
- Shop for the Best Rate: Since you will be financing a large amount the lowest rate that you can get can save you a lot of money in interest payments. Interest rates vary among lenders so get a few quotes before deciding who to use to finance your home purchase.
- Pay off the Mortgage Early: If possible try and pay off your mortgage early. The earlier you pay off your mortgage the more money you will save. For instance, if you pay the equivalent of one extra mortgage payment each year toward the principal balance of your home you could pay off a 30-year loan in less than 25 years.
Published by gerald bouthner