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Helpful Tips
A good home-buying decision is one that fits your family and
your budget, and assures you buy a house that you'll be able
to resell when the time is right. Sounds simple? Not always.
Here are five common mistakes frequently made by first-time
buyers (and vets too)-and how to avoid them.
1. Looking outside their price range. To avoid
disappointment, contact a real estate professional who can
help you pre-qualify before you start looking for a home.
Your representative can also provide valuable insight on
taxes and other expenses associated with a home (utility
bills, maintenance, etc.)
2. Buying on impulse. Buyers, especially first-timers, may
be impressed by the first two or three homes they view.
Look at a good selection. List the positives and negatives
about each home. Narrow the prospects to three or four and
then return for a closer look. Evaluate more than just the
property. Look at the surrounding area and amenities. Ask
yourself if this is what you and your family desire.
3. Not planning ahead. Think about personal changes you are
planning in the next five to seven years. For instance, are
you starting a family, and if so, is the home large enough
and will it continue to be? If a double-income is necessary
to qualify for financing and to make your payments, do your
plans foresee an income sufficient to continue making
payments?
4. Failure to focus on location. Don't just focus on the
house. Examine the community. Is the area safe, well
maintained, moderately quiet and close to work, stores and
schools? Find out about zoning and what new construction is
planned on vacant land in the immediate area. Also consider
if the property will be easily marketed when you wish to
sell.
5. Failure to understand the homebuying process. Once you
select a home, get involved. Make sure you select a real
estate professional that is willing to spend time with you
and walk you through the entire homebuying process. Don't
hesitate to ask questions. Have him/her explain the
negotiation, financing and escrow processes and other
elements involved in the transaction. Homebuying involves
knowing price as well as what's inside and around the
property. Consider all options carefully. Remember, this is
one of the largest financial transactions of your life.
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