10 Tips for First-Time Homebuyers

1. Be picky, but dont 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 downpayment and your closing costs

4. Dont wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.

5. Dont 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 youll buy as well as type of mortgage terms that suit you best.

8. Dont let yourself be house poor. If you max yourself out to buy the biggest home you can afford, youll have no money left for maintenance or decoration or to save money for other financial goals.

9. Dont be nave. 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 buyers representative. Unlike a listing agent, whose first duty is to the seller, a buyers representative is working only for you. And often, buyers reps are paid out of the sellers commission payment.