Tips For First Time Buyers

by locationfinder on June 25, 2013

If you are currently in the market for your North Jersey home, you probably have lots of questions. You are about to be  making an important decision for your future, a great investment of both  money and time. As a fiduciary for many buyers, I have a wealth of experience helping first time buyers like you make sound, educated decisions. Here are some tips that can help make  your home buying process successful:

Tip #1: Doing Your Homework

The perfect home won’t find you by itself.  The key step in buying a home is doing the proper research. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home.

Tip #2: Begin Planning

If you fail to plan, you plan to fail.  This adage definitely holds true in real estate!  Most decisions benefit greatly from proper planning, and home buying is certainly no exception. Start a filing system with sections such as home buying, home financing, and service providers. By forming a home buying plan you can more easily focus on the most important factors and
help give structure to the entire process. Sit down with a North Jersey real estate expert and get planning!

Tip #3: Get Prequalified

Getting prequalified for a loan normally only requires a short phone conversation with a lender, and can greatly help your  home search.  Prequalification does not guarantee you a loan, but it does provide you  with an estimated monthly payment and a price
range to use as a guide  when shopping for homes. Being prequalified can also often indicate to  sellers that you are a serious, prepared buyer. Remember, you are not obligated to get a mortgage from a lender if they provide you with a preapproval.

Tip #4: Look for Value

When shopping for homes, it’s important to consider potential value.  Even if you’re not planning to sell the home some time down the line, it’s a good idea to consider the future value of the home. Protect yourself against things like falling prices and gradual shifts in the nature of the neighborhood. You may not think of a new home as a means to make money, but it’s an important investment that requires caution. Location, location, location…

Tip #5: Decide What You’re Looking For

Settle on the home features that are important to you (covered parking, hardwood floors, architectural style, etc.) and make
an ordered list.  Having well established guidelines will help narrow down your search and will prevent you from being shown properties that lack your key  amenities. It can help you make the decision not to buy an attractive property that doesn’t really fit your needs. If you want to filter down your search for specific things like “I don’t want a house in a flood plain, no short sales, I want natural gas and a house made of bricks…” speak with your North Jersey real estate expert.

Tip #6: Relax

You don’t have to make an offer on the first home you see. Make sure to look at other listings in the area to get a feel for
the marketplace. When you decide to make an offer on a house, consult with your real estate  professional so that all of
your questions are answered. A true Realtor would never force you to make a purchase on a home.  You will innately
know when you have arrived home!

Tip #7: Shop Around for Your Mortgage

Deciding on the financing for your home can be as important as choosing  a home itself. The first step is deciding what kind of loan best fits you: a fixed rate mortgage, an FHA mortgage,  or an Adjustable Rate Mortgage (ARM). There are benefits to each form of loan, and your real estate professional can  provide you with more information. Next you’ll want to begin to shop  around for different lenders.

Tip #8: Protect Yourself

Be careful when signing a contract on a home that allows you to find financing, have the home inspected, and work
through any problem areas that may arise. Paying for a quality home inspection is absolutely crucial! You can save yourself thousands in repair costs by being sure of what you’re getting into. More information for first time buyers can  be found on my website, or by giving me a call. I’m confident that I can provide the kind of exceptional service that will make this process an exciting one. Don’t hesitate to contact North Jersey real estate expert Michael Kaplan with any questions you may have.  He would love to be of assistance to you! 201-951-3221

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