|
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.
Prequalify for a loan
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.
Shop for mortgage rates and terms
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.
Using a buyer agent
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.
Features that help or hurt resale value
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.
Rate the houses you tour
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.
©
2001 RE/MAX
International, Inc. All rights reserved.
|
