| 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.
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