1. Be picky, but don’t be
unrealistic. There is no perfect home.
2. Do your homework before
you start looking. Decide specifically what features you want in
a home and which are most important to you.
3. Get your finances in
order. Review your credit report and be sure you have enough
money to cover your downpayment and your closing costs.
4. Don’t wait to get a
loan. Talk to a lender and get prequalified for a mortgage
before you start looking.
5. Don’t ask too many
people for opinions. It will drive you crazy. Select one or two
people to turn to if you feel you need a second opinion.
6. Decide when you could
move. When is your lease up? Are you allowed to sublet? How
tight is the rental market in your area?
7. Think long-term.
Are you looking for a starter house with the idea of moving up in a
few years or do you hope to stay in this home longer? This decision
may dictate what type of home you’ll buy as well as the type of
mortgage terms that suit you best.
8. Don’t let yourself be
"house poor". If you max yourself out to buy the biggest home
you can afford, you’ll have no money left for maintenance or
decoration or to save money for other financial goals.
9. Don’t be naïve.
Insist on a home inspection and, if possible, get a warranty from
the seller to cover defects within one year.
10. Get help. Consider
hiring a REALTOR? as a buyer’s representative. Unlike a listing agent, whose
first duty is to the seller, a buyer’s representative is working
only for you. And often, buyer’s reps are paid out of the seller’s
commission payment.
Reprinted from REALTOR® Magazine Online by permission
of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights
reserved. www.REALTOR.org/realtormag
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