My “Do & Don’t” List for First-Time Home Buyers by gISELLE LAMPE F of homes for sale, interestmake. at the most significantand can-eatIt’s buy beyondinto that all-you-yourcantoyoucomeswhatitfallwhentoeasyattitude’Ton• Dafford.abundancelows,anwithnear-historicisToday,rateshomeaeverbuyingwilltheypeople,mostorinvestment home prices lower than in the past in many markets across the first home purchase. Make sure that the country, it may also be the smartest time to buy a home. down payment, closing costs, monthly While the prospect of owning a home is an exciting one, it can expenses and taxes are truly within oftentimes seem overwhelming, especially for those who are new your income and savings range before to the real estate process. With that in mind, here’s a simple “do and you sign on the dotted line. don’t” list for first-time home buyers dreaming of home-ownership. • Don’T treat your home the way you treat your stock portfolio. you might want to share this with someone you know. Buying for lifestyle, as opposed to trying to turn a quick profit, will • Do take time to access and closely review your credit score. A help ensure that you are viewing home purchasing and ownership in sound financial track record and solid credit score can help lock in a the right context. loan and lower interest rates. Checking your records with a fine-tooth • Don’T try to time the market. By the time most consumers sense comb in advance will also ensure that you catch any errors ahead a major real estate or financial market shift, the tables have typically of time, as well as help you better understand how lenders may already turned. Instead of waiting for a slim and unreliable window perceive you. of time—and potentially missing out on the perfect home—buyers • Do explore mortgage pre-approval. A pre-approval will let home should focus on their own lifestyles and buy when the time is truly buyers know where they fall financially while informing the mortgage right for them. company that they are ready to buy. Additionally, getting this early • Don’T jump into an overly tempting or confusing mortgage. When go-ahead will help others involved with your purchase know that you it comes to down payments and mortgages, if it sounds too good to are serious about home ownership—and well-qualified. be true, it probably is. Be sure to read carefully through every aspect • Do line up your “all-star” team of professionals before game day. of the proposed agreements to fully understand your end of the A team of experienced professionals is essential to making the home bargain. buying process simple and seamless. Start by interviewing and • Don’T underestimate the value of a trustworthy real estate agent’s selecting an agent who you “connect” with. That agent may also be on-the-ground expertise. While being a savvy buyer and doing one’s able to help you identify suitable lawyers, mortgage lenders, home homework will help on the road to homeownership, a local expert inspectors and others who play a role in the process. with years of negotiating experience is invaluable when it comes to • Do anticipate your future needs and buy for lifestyle. Try to scouting out the perfect home—and closing the deal. P O I N T E R S anticipate how long you’ll live in your next home and plan for major lifestyle changes when possible. Remember, people move for lifestyle reasons and your first home will likely not be your last. • Do hone in on your housing priorities, but before you start looking, make sure to separate your “must-haves” from your “nice to haves,” so you know where you can compromise to meet your budget. • Don’T fall in love with the first house or neighborhood you see. Giselle Lampe is a licensed Realtor® with Coldwell Banker Brokers you need to keep an open mind to make sure you find the right fit of the Valley and certified designer. She has partnered with industry E S T A T E for all your needs. At the end of your search, it may turn out that the professionals to provide readers with tips and insights on the local real riverfront ranch that’s closer for your commute is better all around. estate market. R E A L 44 w w w . n A P A V A L L E Y L I F E m A G A z I n E . c o m
NVLife_JulyAug_2012
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