As a first-time buyer, purchasing a property can be a daunting task. However, it can also be a smart investment for your future and potentially even lead to a career in real estate. With the increasing number of real estate scams, it's more important than ever to make sure you're making legitimate property purchases. Now is a great time to get started, and this article provides several helpful tips to guide you in making the best real estate decisions.
Consider a Fifteen Year Fixed Mortgage
If you have the financial means to do so, it's worth considering a fifteen year fixed mortgage instead of the more common thirty year fixed. While it may cost more on a month-to-month basis, over the course of thirty years, you could end up paying thousands of dollars more in interest with a thirty year mortgage.
Maintain Relationships With Previous Clients
Make sure to stay in touch with people you have helped purchase a home, whether it's through holiday greetings or acknowledging the anniversary of their first day in the house. This not only shows your clients that you care, but it also reminds them of the valuable assistance you provided in their real estate journey. Don't be afraid to ask for referrals as well.
Consider Your Future Plans
If you have children or plan to have them in the future, it's important to consider a home that has enough space for your entire family. Safety should also be a top priority, especially if the home has a pool or stairs. It may be wise to purchase a home that has previously housed children, as it is likely already childproofed.
Use a Checklist
Your Realtor can provide you with a checklist to help guide you through the home buying process. This will ensure that all necessary tasks are completed in a timely manner.
Do Your Research
One of the biggest mistakes people make when buying a home is not thoroughly researching the surrounding neighborhood. Take the time to look into the school district, taxes, location of sex offenders, and crime rates. Attend a community meeting to gain additional insight into the local area and its residents.
Be Creative With Financing
If you are struggling to secure financing for a new home, don't be afraid to think outside the box. There are many options beyond the standard 30-year, 20%-down mortgage. If you are a first-time homebuyer, be sure to mention this to your lender as there may be special programs available to you.
Consider a Fixer-Upper
If you are concerned about affordability, consider purchasing a home that needs cosmetic repairs. A lack of curb appeal, such as a porch in need of paint or overgrown trees in the front yard, could lead to a lower asking price.
Get a Professional Inspection
Before finalizing a purchase, have a professional inspect the property for signs of termite infestation. Termites can cause extensive damage to a home's wooden structures and repairs can be costly or even impossible if the infestation has gone on for too long.
Start With a Fair Offer
Whether you are buying or selling a home, it's important to start with a fair offer. Asking for too high a price when selling or offering too low when buying can harm the negotiation process. Research comparable homes in the area to determine