Buying a home for the first time can be overwhelming especially for First Time Homebuyers. Here are some tips that can save you time and money when you’re buying a house.
· BEGIN SAVING MONEY FOR CLOSING COSTS, HOME INSPECTION, EARNEST MONEY AND APPRAISAL- Closing cost can be two to six percent of your loan (ex $100,000-loan @ 3% = $3,000 closing costs that will need to be paid at closing). Home inspections range from $200 - $300 which must be paid at the time of the home inspection and is nonrefundable, Appraisals range between $400 - $500 and earnest money can range from $100 - $1,000; this will be credited back to you at closing.
· FIND A REALTOR-you may want to interview a couple of realtors before you select which professional you want to work with. You can check their experience, training and certification. You can also ask for references of past clients. Ask your realtor if will they be representing you, the seller, or both
· GET PREAPPROVED BY A LENDER BEFORE YOU BEGIN LOOKING FOR HOUSES- Most realtors will not show you any houses until you are preapproved and a realtor can recommend several to you. You can contact at least two lenders to compare their interest rates and the different programs they offer. By getting preapproved, you will know how much you are approved for and it could possibly encourage the seller to accept your offer if it’s reasonable.
· KNOW WHEN TO QUIT-when you act on emotion rather than reason; you may end up paying too much money. This happens when you fall in love with a house and you start deciding where you will place your furniture. One other reason that may drive you to spend more is if there are multi offers and your competitive instincts is triggered therefore it may cause you to pay more than what you wanted to.
· IF NOTHING ELSE, GET A HOME INSPECTION- Never opt not to get this done even on a new construction. As a realtor, we cannot tell you about the condition of the roof, plumbing, electrical, we are not the experts. Once a home inspection is completed, you and your realtor will go over the inspection report to determine what repairs will need to be agreed upon before you proceed with the closing. You have several options such as, the repairs can be completed before closing, the funds for the repairs can be escrowed at closing and you (the buyer) will complete them after closing or you could deduct the estimated cost of the repairs from the purchase price.
· TRY TO COORDINATE THE DATE YOU TAKE POSSESSION OF YOUR NEW HOME AND YOUR MOVING DATE- Sometimes things could occur prior to closing that may prevent you to close on the original date, the seller may want or need extra days after closing to move.
Contact Information:
Carole DeLaney, Ausum Realty, Realtor
Email: carole@ausumrealty.com/ Direct: 501.541.8608/website: caroledelaney.com
Facebook: Carole DeLaney Realtor/ Twitter: @cdelaneywork/ Blog: cdelaneywork4u.blogspot.com
Carole DeLaney is a UCA Graduate and a member of Sigma Gamma Rho Sorority. She is Realtor with Ausum Realty located in Little Rock and resides in Conway. Carole has been in the real estate business since 2006, she has experience in first time home buyers, residential re-sale, short sell, foreclosure, commercial, land and investors. Carole’s upcoming articles are Short Sell & Foreclosure and ways to add value to your home.
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