Ten Tips for First Time Buyers

The home buying process is not easy. Regulations and rules that apply do complicated, so it is normal to have doubts where to start. These tips will help:

1. Find out if you qualify
You must meet certain requirements if they are buying with a mortgage. The first step is to have a pre-qualification tell you if you’re ready to buy, and how much should be your purchase.

2. Buy the house that best fits your budget
If you have good credit, you earn well and have little debt, you could qualify for a higher loan. You do not understand that as you have to buy an expensive home. If you have plans to expand your family, you love travel and want to have financial stability and good savings, you can not be the limit on your debts and that includes home mortgage.

3. Make the offer when you are sure that this is the house that you like
Do not buy on impulse house. Sellers try to sell your home quickly, but you should not let press. It is true that if you do not take the decision on time could lose an opportunity, but better take that chance to make an offer on a home that you are not convinced.

4. Question before signing the option contract
That is the time to clarify doubts, once signed by all parties, the option contract is considered valid and is expected to materialize business as stated in the contract. If you want to know what would happen to your deposit if the purchase is not made, the contract says, but you have to read it.

5. Review all documents before signing
No need to be a lawyer to understand the basics of contract nor a real estate agent, but when in doubt, these are the professionals who will help. All contracts must say at first glance dates starting and ending amount of money as a deposit, description of the property and penalties.

6. Check the money with which to buy accounts
Total funding, ie 100 percent of the property, is almost nonexistent today. Although you will find (in some new houses and there are other special programs), you always have some spending. If you have plans to buy, save.

7. Know your duties as owner
The list of benefits of owning your home could be endless, but do not forget the obligations you have to be owner. These are repairs and maintenance, in many cases postponed.

8. Taking into account the other household expenses
Taxes, which vary according to location and type of residence, and maintenance are some of them. Check if there are one or two residents’ associations. The latter occurs in some communities and involves pay two maintenance fees.

9. Know the restrictions community
In many places, including the United States, there are very strict rules on communities. It is important that you not only like the house you will buy, but the lifestyle that offers the community. But beware, they can come with many restrictions. Investigate first.

10. Recalls that the final decision is yours
Hispanics we love and share our goals, achievements and sorrows. And that’s good, but you must know what you want in a home. It is good to ask for advice, but the final decision should be yours. Bring family and friends who live with you to get home, it might confuse you more. Everyone will have a different opinion.

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