Are you a first time homebuyer?

There are many questions that a first time homebuyer may have when buying a home. Where do I start? The following information may be helpful during the purchase of your first home that was obtained from a marketing flyer from Old Colony Realtors:

First-Time Home Buyer

Top 5 Mistakes

1. They don't ask enough questions of their lender and miss out on the best deal.

2. They don't act quickly enough to make a decision and someone else buys the house.

3. They don't find the right real esate professional who is willing to help you through the homebuying process.

4. They don't do enough to make their offer look good to a seller.

5. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years.

Helpful Tips

1. Be picky, but don't 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. Don't ask too many people for opinions. It will drive you crazy.

5. 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 you'll buy as well as the type of mortgage terms that suit you best.

6. Don't let yourself be "house poor". If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other financial goals.

7. Don't be naive. Insist on a home inspection and, if possible, get a home warranty from the seller to cover certain defects within one year.

8. Get help. Consider hiring a Realtor as a buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. And often, buyer's reps are paid out of the seller's commission payment. (The buyer's rep's broker is usually compensated by the listing broker. The listing broker is usually paid by the seller.)

The information above can be used to help in purchasing your first home. There are other options for purchasing a home if you do not have a downpayment or money for closing costs. Be prepared on what those options are before making an offer on a home. For more information on the home buying process, feel free to contact me at todd@toddnelson.com.