This past year has been challenging to many but it has offered powerful lessons as well. Many first-time home buyers are struggling with unsatisfactory loan terms of which some will be forced to make difficult decisions that will have long lasting effects. Here are some basic tips to keep in mind if you are out there now looking to buy:
1. Do not proceed if you can not COMFORTABLY afford to handle this financial obligation. Carefully read the loan documents and have them also reviewed by someone you trust.
2. Plan and SAVE for the unexpected. Have reserve accounts for life's surprises.
3. Do not buy on impulse! Take time to inspect a home and the neighborhood. Be sure you have looked at comparable homes in the area to be sure you are not over-paying.
4. Try not to buy on a busy (noisy) street.
5. Try to avoid buying a home with more than 2 levels
6. Try to avoid buying a home that has too unique a floor plan or style that is hard to change.
Remember, one day you may want to sell the property you are buying today so think not only as a Buyer but also as a Seller! In a healthy market, almost anything will sell but in a market like today, those same properties suffer the greatest losses. Since one never knows when they may have to sell, it is best to go for the best location and most popular style home you can afford. If you keep these basic points in mind and surround yourself with experienced professionals, you should do well in any market.
Good luck and Good Fortune to all!
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