Why do people buy a home? Are the motivations the same for families with small children vs. retirees vs. millennials.Know your motivation. This will help you stay on track with
10 Money Saving Tips For A New Home Buyer
Home buying is a very stressful time, especially for First time home buyers. There are lots of things to think about and plan for. One must also be careful not to make mistakes that can be very costly. It will probably be the largest investment you will ever make and the process can take several months.
1. Get a home inspection done. Inspections are important because they let you know of underlying problems with the home. Roofing and Foundation problems can cost thousands of dollars.
2. Make sure to use contingency clauses in the contract. If you are waiting for your home to be sold before closing on another house. Make sure important items are in writing in your contract.
3. Look into location specifics and taxes. Some areas are in specific tax locations that maybe higher than surrounding areas.
4. Consider all your expenses. There are fees like closing costs and financing costs involved with loans. Make sure your know the exact price of the home your are purchasing with all these costs included.
5. Shop for the best Mortgage. Points on loans and origination fees vary. Interest rates are very important of course but other factors also make a mortgage more or less appealing. Make sure you get the best for your money, the costs will really add up over the term of your loan.
6. Location, Location, Location. Always try to get the property that is not the best in the neighborhood. Other properties will help increase the value of your home versus bringing your value down if yours is the "best" house on the street.
7. Avoid PMI, if possible. Another factor in the loan process. If you put down 20% you can usually avoid this cost. Again small fees and costs in your monthly payment will add up.
8. Read your contract carefully. This speaks for itself, make sure you do not miss any important details.
9. Don't count your chickens before they hatch. Do not plan everything before the actual loans or closing happens. You might be stuck between a rock and a hard place if you do not wait for certain procedures. There could be penalties in addition to broken hearts.
10. Don't buy a house that is everything you can afford. Remember there are higher costs involved with more expensive homes. You do not want to be in a situation where you are doing everything you can just to make your mortgage payments.
There are many factors and thoughts that will go into making a home purchase. With some of these tips, you may be able to save some money in one of the largest purchases you will make.
Feryal OzdemirDenver, Colorado Realtor-
Feryalspecializes in helping buyers and sellers buy, sell, and invest in real estate, whether buying as a first time homeowner or buying a property as an investment in the Denver Metro Area.
Feryal Ozdemirmarkets in residential sales include First-time Homebuyers, Short Sales/Foreclosures, and Investments.
Call Feryal Ozdemir @ 303.332.5551
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....