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TIPS TO PURCHASING A HOME:
Get comfortable with your finances: Anticipate the new costs that you will incur such as taxes, homeowners insurance, utility bills, and commuting costs. This will help you determine the maximum price you can spend on a house. Enlist the help of a financial expert if you need help. Remember, the first year is the hardest; you will start to receive tax benefits in year two.
Partner with a Realtor: Even though the internet gives you access to endless amounts of market information, don’t be fooled into going it alone. Instead, try out a few realtors and when you find one you like who listens to you, stick with him. He or she can line up properties to view, answer many of your questions, and make connections for you in your new community. Best of all, Realtors often have the inside track on a new properties just coming on the market.
Accept some risk: Realize that there is uncertainty in everything, but no matter what happens, you will deal with it. Ask family and friends about their experiences and learn from them. Be sure to keep some cash reserves in the bank as a safety net. And remember, you have home owners insurance for a reason.
Fine tune your “must-haves”: Is there a community that you absolutely want to live in? Are you adamant about wanting a garage, a fireplace or a finished basement? Make your list of what’s important to you and look for it. You may find that you are willing to sacrifice one feature, if the rest is fabulous. If you are not crazy about the house, don’t bid. It’s important that you love it at the outset.
Be ready to bid: Great houses don’t stay on the market long. Sometimes one open house leads to three offers. If you love it, be ready to make your best offer. If you are wavering, ask yourself, “How will I feel if I don’t get this house?” You might just get it, and if not, at least you’ll you know you tried.
Reap the reward: Owning a home can be one of the most exciting and satisfying things you’ll ever do in your life. It’s an investment that can pay you personal dividends as well as financial.
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