You've picked a great time to buy your first home. You can enjoy peace of mind working with RE/MAX, the industry leader in experience and service. Here are some tips to help you with the process of becoming your own landlord.
- PREQUALIFY for a loan: Being prequalified for a loan determines how much house you can afford. It also allows you to move more swifty when you find the right house, especially when you aren't the only interested buyer.
- SHOP for mortgage rates and terms: A difference of even half a percentage point can make a huge difference in how much you pay over the life of the loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs 7.5 percent is about $35 a month. Over 30 years that's $12,600.
- USING A BUYERS AGENT: A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generall, the buyer's agent is compensated by the seller at the time you purchase a new home. There are some l imitations to using a buyer agent, however. Before you decide, have a REALTOR (R) explain the advantages and disadvantages of using a buyer agent.
- FEATURES THAT HELP OR HURT RESALE VALUE: In some areas, a swimming pool actually detractcs from a home's value and makes the home harder to sell. In neighborhoods with two-car attached garages, a single-car or detached garage may impact the home sale and future value. Your REALTOR (r) can p oint out features that hurt, as well as those which help, resale value.
- RATE THE HOUSES YOU TOUR: After touring each home, write down what you liked and didn't like. Develop a rating system which will hel p you narrow the field down to the house that's best for you.
Visit my website to view homes for sale or to find more tips, including more information on the First Time Homebuyer credit offered by the Federal Government. Also visit my blog entitled House Hunting.
Maxine Brimmer, Broker Associate
RE/MAX TRI COUNTY
609-587-9300 ext 360
visit my website at: www.maxinebrimmer.com