Top Tips for Clueless Buyers
If you are buying a property, but feel that you are clueless, don’t despair. We have compiled a list of six top tips for clueless buyers.
Buying a home can be a daunting task, particularly for first time home buyers; but rest assured you are not alone. You are also not one of the first people looking to buy a home that starts out feeling totally clueless.
Six Tips to Help Clueless Buyers Buy a Home
- Clueless buyers don’t understand the basics about mortgages. When buying a house that needs to be financed, it is essential to understand the way it works. For instance, lenders are not obliged to charge the same fees to all their clients. Fees may be negotiated. You also don’t have to close with the lender who originally pre-approved your mortgage bond.
- While on the subject of mortgages, getting pre-approved for a loan is another really good tip for clueless buyers. It shows sellers you are committed to buying and indicates that you can afford their price.
- Down payments are another factor that many people buying a house can’t fathom. For instance, a large percentage believes they must have 5% of the purchase price to buy a property. In fact, if the loan is insured by the Federal Housing Administration, even clueless buyers can get away with as little as a 3.5% down payment.
- This may be a no-brainer to most, but a large number of people buying a home don’t even know – realistically – how much they can afford. So before you start looking to buy a home, do the math. List all those things you have to pay for, excluding rent and service bills – factor those in at the end. Often whatever first time home buyers are paying on rent equates with what they can afford to pay on a mortgage – but not always.
- Prioritize what you need and what you want. Your needs are essentials – like the number of bedrooms you need to accommodate your family. Your wants will include things a swimming pool or games room. Neighborhood, schools and social services might fall in needs or wants.
- Here’s another no-brainer: find the right real estate agent to help you buy a home. Once you know what you can afford and where you want to buy, a good agent you can trust will help you go all the way! This person will help you to understand the offer purchase and do whatever he or she can to make she you clinch the deal and buy the home of your dreams.
- WOULD YOU LOVE TO OWN YOUR OWN HOME?
- NOT SURE THAT YOU CAN QUALIFY TO OWN YOUR OWN HOME?
- DO YOU KNOW HOW MUCH YOU CAN BUY FOR?
- IS YOUR CREDIT RATING IN NEED OF REPAIR?
- WHY RENT WHEN YOU CAN OWN?
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