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TRANSCRIPT
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Tips For First – Time HOME Buyers
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1. Take Your Time
Relax and take your time shopping around for this major move until you find the home that you’ll love living in for years to come.
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2. Buy Less House Than You Can Afford
Look into home buying programs in your state that provide financial assistance to new homebuyers
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3. Look Out for Deal Breakers
A roof that needs replacing, a home in a high-risk flood zone, issues with sewer lines and other plumbing, restrictive local zoning rules for home improvements, an electrical system that needs updating
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4. Get Your Credit and Finances in Order
Getting your finances in shape will make it easier to qualify for a mortgage and get the lowest rates.
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5. Save Up for That Down Payment
Start saving for the down payment as soon as you are thinking about buying a home. And don’t forget you’ll have hefty closing costs to save up for and cover as well.
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6. Juggle Difficult Buying Situations
If you’re self-employed, qualifying for a mortgage requires more work than if you’re an employee. Make sure you have your paperwork in order
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7. Learn More About a Prospective Home You Want to Buy
When you’ve found a home you’re interested in, you’ll want to learn as much as possible about it before putting in a deposit
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8. Beware of Fixer-Uppers
Every home buyer should get a good inspection and be prepared with the responsibilities of working on the house
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9. Know How the Home Buying Process Works
When you’re sure you’re ready to buy a home, the first thing you’ll need to do is learn everything you can about the process.
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10. Decide Whether Buying a Home Is Worth It
Home buying comes with a number of benefits, but so does renting—so you’ll have to weigh the pros and cons for yourself.