Tips for First-Time Homebuyers

  • Enlist the help of an experienced homeowner to focus your priorities.
  • Consider signing a “buyer’s agent” to represent your interests as the buyer. This agent will point out drawbacks as well as strengths of a house.
  • Try to understand the seller’s negotiating stance. Brokers say those who have owned their homes for more than 10 years are more willing to bargain, because they likely have substantial equity. Not so for those who bought in the recently ended boom and are worried about recouping the purchase price.
  • Expect to pay for expenses like the home inspection and title search, which typically are not included in mortgage costs.
  • Get recommendations for your agent for reputable lenders that have been in the market they’re serving for a long time.
  • Get pre-qualified for a mortgage and make sure the terms are still good before you draw up a contract. The one thing that will make a seller take you seriously is the backing of a reputable lender.
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