5 Real Estate Tips for First Time Home Buyers
1. Create a Budget and Stick to It
Take an honest look at your financial situation; that way you can keep your stress levels to a minimum and really enjoy your new home. Budgets should take into account these factors:
- Actual monthly expenses
- Current income
- Cost of fees, annual taxes and related home costs
- Expected maintenance or condominium fees
Plan for the unexpected too; most homes will require repairs from time to time.
2. Plan Ahead
Before looking for a home, understand that you’re signing up for a marathon rather than a sprint. Here are some goals:
- Save for a down payment of 10 to 25 percent.
- Avoid opening new card accounts or loans.
- Stay out of debt at all costs.
3. Know Your Financing Options
Getting a loan approved through many banks is a long and painful process, even if you have perfect credit.vWhat if banks refuse to loan you the money? Are your hopes over?
Not at all. Opting for hard money loans Los Angeles from a trustworthy lender is a very viable alternative, sometimes offering rates as low as 8 percent. Hard money loans are also ideal when you come across a great home opportunity and don’t have time to wait for a months-long approval process.
4. Choose Your Buyer’s Agent Carefully
A good buyer’s agent saves you money and helps you find homes that fit your budget and wish list. Never contact sellers or their agent directly; you want someone on your side. Look for experienced agents that explain every detail clearly.
5. Always Perform a Home Inspection
Don’t take anyone’s word for things; get a qualified contractor to perform a home inspection and be present. Make sure to include offer terms giving you an out in case serious problems are discovered.
For more helpful suggestions and guidance regarding investment property loans, contact experienced private money lenders.
Author Bio: Muhammad Ijaz is an inbound Professor and Principal at Kips College with a focus on English literature. He is also an expert in digital humanities, law and literature, political theory, early modern literature, global studies, and the history of political thought.