1. Be emotionally ready.. Buying a first home is supposed to be a very exciting tme in your families life. It also comes with alot of emotion and uncertainty. Being the largest
Five Things Homebuyers Need To Know
Dated: July 13 2021
1. Be emotionally ready..
Buying a first home is supposed to be a very exciting tme in your families life. It also comes with alot of emotion and uncertainty. Being the largest investment of most peoples life it is important to undersatnd the undertaking of being a homeowner. This sint to scare you, Homeownership is the greatest wealth building tool know to man over time, its just to make you aware of the magnitude.
2. A 20% downpayment is not a mimium requirement.
There are pleanty of loans tailored to your needs. Todays mortage products will lend up to 97% of the purchase price. That means you can buy a home with less then you might of thought.
3. Live within your means......
This is one that sometimes is hard to do with the rising prices of Real Estate, however this is a long term investment, so dont bite off more that you can chew. Interest rates are very favorable right now, so you purching power is at an all time high.
4. Look beyond what you see on the surface.
Most home you visit wont be exacally your taste. Its not supposed to, its supposed to be their taste. So remember you will make it your own. So bad paint or carpet or even a little cosmetic change should stop you from purchaing the home that feels right.
5. MOST IMPORTANT.... HIRE PROFESSIONALS !!! (Remember most expensive item most people buy)
Trusted Realtor- Neighborhood professional who will answer all you questions and concerns. Must be knoledgble of inventory as well as market conditions.
Attorney- to walkand advise you through the contract to closing process on your home.
Home inspector - Person who will throughly go through the home to ensure it is in good condition and expose any problems or obsolesence.
I hope this was helpful for buyers that are starting the homebuying process. Like i said earlier there is no better long term investment then Real Estate. "the best time to buy Real Estate was yesterday."
I stated in Real Estate at 18 years old in my family real estate company, doing rentals. I soon found a desire to get more involved in mortgage banking business and in 1995 and we opened a mortgage ba....