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1. Be picky, but
don't be unrealistic. There is no perfect home.
2. Do your
homework before you start looking. Decide specifically what
features you want in a home and which are most important to you.
3. Get your
finances in order. Review your credit report and be sure you
have enough money to cover your down payment and your closing
costs.
4. Don't wait to
get a loan. Talk to a lender and get pre-qualified for a
mortgage before you start looking.
5. Don't ask too
many people for opinions. It will drive you crazy. Select one or
two people to turn to if you feel you need a second opinion.
6. Decide when
you could move. When is your lease up? Are you allowed to
sublet? How tight is the rental market in your area?
7. Think
long-term. Are you looking for a starter house with the idea of
moving up in a few years or do you hope to stay in this home
longer? This decision may dictate what type of home you'll buy
as well as type of mortgage terms that suit you best.
8. Don't let
yourself be house poor. If you max yourself out to buy the
biggest home you can afford, you'll have no money left for
maintenance or decoration or to save money for other financial
goals.
9. Don't be
naļve. Insist on a home inspection and if possible get a
warranty from the seller to cover defects within one year.
10. Get help.
Consider hiring a REALTOR® as a buyer's representative. Unlike a
listing agent, whose first duty is to the seller, a buyer's
representative is working only for you. And often, buyer's reps
are paid out of the seller's commission payment.
Reprinted
with permission from Real Estate Checklists and Systems,
www.realestatechecklists.com.
Reprinted from
Realtor(R) Magazine Online permission of the NATIONAL
ASSOCIATION OF REALTORS(R) Copyright 2005. All rights
reserved.
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