| 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. You can
find the answers – and peace of mind – by working with RE/MAX,
the industry leader in experience and service.
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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