10 Top Tips for First Time Home Buyers

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10 Top Tips for First Time Home Buyers
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Think in the long-term and consider resale value

• Do you want to have kids? Will you be taking
  care of your parents? If your first home is
  temporary, then who will it be sold to? Youll
  find families with children wont want to buy a
  home without a school nearby or on busy streets.

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Make a check list

• The home buying process is an emotional one. You
  need to leave your emotions at the door when
  checking a house. This isnt possible. So just
  write a list of everything your home must have
  and other essentials. Take this checklist with
  you to each house and check off the things on the
  list. Take photos as well. That way youll have
  to think about a home that you fall in love with
  but doesnt have anything you need.

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Consider all the expenses

• Theres more to buying a house than the
  principal, interest, taxes, and insurance.
  Theres also the cost of utilities, commuting,
  and upgrading the house. Call utility companies
  and ask for estimates and put together a real
  budget for the new home to ensure you can afford
  to live there.

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Ask for the Homeowners Association contract first

• Make sure you read through the Homeowners
  Association contract. You wouldnt want to buy a
  house to rent only to learn that the house cant
  be rented out. Ask for the contract in advance
  when buying a home thats part of an HOA.

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Research funding sources such as grants

• There are a lot of grants and sources of funding
  you might not even know exist. Some of them are
  pretty generous too and are offered based on
  professionals and the location of the house. Look
  through every finance option you have before
  deciding you wouldnt qualify anyway.

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Read the contract before signing it

• Your house will likely be the largest single
  purchase you ever make. Read through and
  understand the contract. Talk to your mortgage
  broker and real estate agent about anything you
  dont understand and fire them if they arent
  willing to explain it. There are lots of people
  who would be willing to help if you need it.

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Learn about the demographics of the neighborhood

• When living in a neighborhood of renters, the
  whole neighborhood can be brought down by some
  bad renters or landlords. Also, would you be
  happy to live in a neighborhood of single people
  when youve got young kids? Consider your new
  neighbors.

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Buy the view if you like it

• You shouldnt buy a house for the view unless
  you own the view as well. Theres no telling when
  a new building project will pop up between your
  house and that stunning woodland area. Buy the
  view itself if you have to (and can).

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Look beyond staging

• No one really appreciates how much staging a
  house goes through. Staged houses look infinitely
  better than occupied ones. Sometimes the staged
  look of a home isnt even possible such as
  having lamps that look nice where there are no
  outlets! Pay attention, not to the staging of the
  house, but the overall layout and structure. You
  can always redecorate.

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All that old advice you were given is true

• You should always have an emergency fund you
  should save for a 20 downpayment you should
  improve your credit score avoid buying above
  your means. All of this old advice is as true
  today as it has you heard it.