Whether you have spent years saving and preparing to buy a home, or you still
aren't sure if it is something you can even dream of, the questions surrounding
a first-time home purchase can feel endless. Here are some tips to help you with
the process of becoming your own landlord.
- Prequalify for a loan
Being prequalified for a loan determines how much house you can afford. It also
allows you to move more swiftly when you find the right house, especially when
you aren't the only interested buyer.
- Shop for mortgage rates and terms
A difference of even half a percentage point can make a huge difference in how
much you pay over the life of a loan. For example, the difference in the monthly
payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month.
Over 30 years, that's $12,600.
- Using a buyer agent
A buyer agent is legally responsible for representing the buyer's interest in a
real estate transaction. Generally, the buyer agent is compensated by the seller
at the time you purchase a new home. There are some limitations to using a buyer
agent, however. Before you decide, have a Realtor explain the advantages and
disadvantages of using a buyer agent.
- Features that help or hurt resale value
In some areas, a swimming pool actually detracts from a home's value and makes
the home harder to sell. In neighborhoods with two-car, attached garages, a
single-car or detached garage may impact the home sale and future value. Your
Realtor can point out features that hurt, as well as those that help, resale value.
- Rate the houses you tour
After touring each home, write down what you liked and didn't like. Develop a
rating system which will help you narrow the field down to the house that's the
best for you.
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Michelle Sparks, ABR
Windermere Real Estate
(360) 426-6005,
920 Railroad Ave.
Shelton, WA 98584
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