First Time Home Buyer Advice
Buying a home for the first time can be a very exciting experience, and its easy to get caught up in the excitement and fail to do your due diligence. Buying home whether its your first or your twentieth time is a process that should be approached painstakingly. It is a gradual process and at the end of the day its all about making the smart decision with your money and getting the best deal for yourself.
It is very easy to get complacent and say my agent will watch my back, a lot of homeowners are in very precarious situation today because of this pattern of thinking. Simply because your loan for a certain amount has been approved does not mean that you can afford to pay all that. From the banks point of view its all about the numbers and whats in their favor, they have no consideration for the fact that you need some extra monthly money to run your life and meet some unforeseen need. You alone are aware of this fact and so you have to take all this into consideration before making a home purchase.
Another First Time Home Buyer Advice is to have the property you intend to purchase inspected, you could look around and arrange for an inspector on your own or you could go with the recommendations of your Realtor, though to be on the safe side you might want to get your own inspector since some Realtor might be so motivated to make the sale that they might hire some one who might overlook some details, i am not saying all Realtor's do this i am just emphasizing the fact that you ought to be more careful at this stage. If you want you can take a break now and get.
If at the inspection stage a problem is found with the property, do not get emotional about this and consider things logically. A lot of homeowners have gone into a deal despite faults found with the property during inspection all in the name of “emotional attachment”. Use your business mind to make the right decision, some times this faults can actually help you bargain for a price of the property.
Finally make sure you escrow for all your taxes and insurance as well, Do this even though your bank may not be requiring you to do it. This can save you from a lot of trouble down the road. You might be thinking you will save the money, but most times when the bills come calling you may fall short and then be left scrambling to make up the short fall.
Take this first time home buyer advice seriously and they will save you from potential pitfalls down the road, i wish i had advise like this when i was buying my first home, it sure would have saved me a lot of stress.