Quick Tips for First-Time Home Buyers

Monday, December 30, 2013

Tread slowly but surely when buying a home. There are quite a few pitfalls that could get you ending up in the gutter of a bad deal, or with an overpriced loan, or a secretly horrible house. You need to look beyond the surface when you’re looking into securing a mortgage or searching for the house itself. Here are some tips that should prove useful:

Attend seminars

Ask if there are organizations in your neighborhood that conduct seminars or forums for first-time home buyers. These are often offered by the local city housing department, some real estate organizations, and certain non-profit companies. Attending one should help you learn the ropes of the process. You might even get some much needed help.

Focus on your needs

You might be enticed to buy a house for the elegant kitchen or the stunning deck and pool, but you should never lose track of what you need. Your priority should be making sure that the house will fit your family and that it is a practical choice considering neighborhood safety and accessibility. Luxury can come later.

Weigh mortgage options

When choosing a mortgage plan, think about your long-term goals. If you’re thinking of living in that house for a very long time, then you might benefit from a 30-year fixed mortgage. On the other hand, if you’re thinking of eventually refurbishing and selling, there should be a 15-year plan available.


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