A friend of mine asked me to provide some basic advice to her son as he began the search for his first home. Here are the 7 points that I felt he should remember as he started 'the hunt'.
- Get your own agent. Don't use the agent you meet at an open house. They represent the sellers, not you. You want a ‘Buyer’s Rep’ (an ABR), someone who will look after your interests. Typically, you want the busiest agent in the office. They have the best ‘systems’ in place for a smooth sale.
- Get a home inspection from a state licensed home inspector – money well spent!
- As much as your budget will allow – pick by location – it’s the one thing that money can’t change
- Be patient – there are plenty of homes available.
- Don't take on more debt than you can afford. Don’t do an interest-only loan; they are deadly when the principle kicks in.
- Take advantage of any state-sponsored first-time home-buyer programs. However, be sure to read the fine-print.
- Be aware that most short-sales and foreclosures are not bargains. Here is one place where having your own Buyers' agent is valuable.
No comments:
Post a Comment