Whether you
have spent years saving and preparing to buy a home, or you still
aren't sure if it is something you can even dream of, the questions
surrounding a first-time home purchase can feel endless.
You can find
the answers – and peace of mind – by working with RE/MAX, the
industry leader in experience and service.
Here are
some tips to help you with the process of becoming your own
landlord.
Being
prequalified for a loan determines how much house you can afford. It
also allows you to move more swiftly when you find the right house,
especially when you aren't the only interested buyer.
A difference
of even half a percentage point can make a huge difference in how
much you pay over the life of a loan. For example, the difference in
the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5
percent is about $35 per month. Over 30 years, that's $12,600.
A buyer
agent is legally responsible for representing the buyer's interest
in a real estate transaction. Generally, the buyer agent is
compensated by the seller at the time you purchase a new home. There
are some limitations to using a buyer agent, however. Before you
decide, have a Realtor explain the advantages and disadvantages of
using a buyer agent.
In some
areas, a swimming pool actually detracts from a home's value and
makes the home harder to sell. In neighborhoods with two-car,
attached garages, a single-car or detached garage may impact the
home sale and future value. Your Realtor can point out features that
hurt, as well as those that help, resale value.
After
touring each home, write down what you liked and didn't like.
Develop a rating system which will help you narrow the field down to
the house that's the best for you.
