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10
Simple Tips for First-Time BuyersHere’s some basic information that
can help people who are purchasing their first home. These tips come from
Cindy Chandler, president of the North Carolina Association of REALTORS®;
syndicated columnist Ilyce Glink, author of "100 Questions Every First-Time
Home Buyer Should Ask"; the book "1,001 Tips for Buying and Selling
a Home," by Mark Nash; and the U.S.
Department of Housing and Urban Development website. Find
out if you qualify for home-buying help. The U.S. Department of Housing and Urban
Development, for example, has programs to help teachers, firefighters and others
buy affordable homes. Federal Housing Administration loan programs offer lower
down payments to help first-time buyers. Go to HUD's
Web Site for details. Get pre-qualified
for a loan. First, get a copy of your credit history (free copies are available
through AnnualCreditReport.com),
then find a reputable lender. Make a
list of must-haves in a new home and another of would-like-to-haves. Prioritize
both lists and be realistic.
Don’t
spend a lot of time looking at homes you can’t afford. This reduces the temptation
to overextend your budget.
Realize the
neighborhood you choose is at least as important as the house. Make sure you are
comfortable there. You can fix a house; a neighborhood is what it is.
Think
about resale value. When you spot a home you like, consider how it will look to
future buyers. For instance, proximity to a busy street can turn off some buyers.
Find out and calculate on-going maintenance
costs and other factors like taxes, insurance and utilities.
Have
the house inspected and carefully review the report. Come up with a negotiation
strategy, remembering that the seller is obligated to fix a leaking roof but not
a hole in the carpet.
Examine the preclosing
statement provided by your agent or lender and ensure that you have enough cash
to swing the deal when you go to settlement.
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