Your Money Matters: Home buying tips from Michael Rosenblum
Talk with a qualified lender and get preapproved for a mortgage
Knowing how much you can spend before you start looking will make it way easier to find a new home.
Foreclosures are always great deals
Sometimes houses owned by the bank could sit for a long time and need more work. Don’t assume because it’s cheap it’ll be a good investment.
Letting your true feelings show
If you’re in love with a house, the emotions can get in the way. Try to stay level headed during the process.
Not finding the right agent
Interview the various candidates about their qualifications. Make sure to ask if they have worked with first buyers before!
Underestimating the cost of moving and having a home
Consider the age and state of your new home before purchasing. You may need to make some repairs and will definitely need to budget for upkeep.
Budget for taxes
Call an assessor or talk to people in the neighborhood
Your first offer may get rejected
With housing prices being pretty affordable, the competition is heating up. Don’t get discouraged if it doesn’t work out the first or second time.
Don’t skip the inspection
An inspection is necessary. They won’t come out and say “hey we have mold and mice,” you’re going to want to know before moving in.
Don’t do too much too fast
Maybe pause a few of those remodel projects and focus on just one or two to start with.
Include a contingency clause
Extenuating circumstances happen, it is called life. Make sure that if you lose your job or the appraisal price comes in higher than the purchase price, you are covered.
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