Buying a Home For The First TimeWhether 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.
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Should You Use An Agent?If you were about to spend $100,000 or more in an investment, you might consider thinking about how to purchase, what to purchase and the legal stipulations that go with that purchase. The first time can be a bit overwhelming.
But, there's good news - you don't have to do it alone! RE/MAX Traditions agents are here to help guide you and avoid costly pitfalls and make your home buying experience a good one.
First Time Buyers Guide
Prequalify for a loanBeing 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.
Shop for mortgage rates and termsA 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.
Using a buyer agentA 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. The buyer's agent is your advocate. He can assist you in deciding which home to purchase by pointing out benefits and detriments of the properties you view, negotiating on your behalf, suggesting lenders, discuss the pros and cons of different types of financing, and finally get you tot he closing table secure in the knowledge that you have made good decisions. Before you decide, have a Realtor® explain the advantages and disadvantages of using a buyer agent.
Features that help or hurt resale valueIn 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.
Rate the houses you tourAfter 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. Afeter viewing two homes, eliminate one. Then compare it to the third home. Again, eliminate one. This way, you always fovus on only two homes at at time, making the process less confusing.
Call RE/MAX Traditions, Inc. at 303-772-3800