Those who are planning the purchase of their first home are experiencing in today's marketplace a wealth of opportunity to do so. Some of the steps that can save you thousands of dollars are:
1. Don't buy if you don't plan to stay
When prices are falling, because of the transaction costs of buying and selling a property, you can easily end up loosing money unless you can commit to keeping the property for a few years. This allows for property value to stabalize and appreciation to occur.
2. Check your credit
Unless you are buying cash, make sure your credit history is as clean as possible before you start the process.
3. Choose carefully between points and rate
If you stay in the house for 5 years or more paying some points to obtain a lower interest rate will save you more money at the end.
4. Hire a home inspector
A home inspector can let you know ahead of time what you will be facing in repair bills. The inspection could allow you to negotiate a home price to account for necessary repairs costs.
5. Get help from a Real Estate professional
Buyers are better off using a professional agent who is up to date with today's market place and transactions.
6. Be patient
The key to obtaining the best deal is to be completely comfortable before signing the contract. In today's marketplace there are multiple choices at any one time to choose from.
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