First-time homebuyers?
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Other tips:
- Get a GREAT real estate agent who works HARD for you. Some are lazy. Don't feel bad about interviewing a few and then picking the best 1. A good agent should be actively looking for the best house for you, not just relying on you to call them when you find a house you like. Also, as the buyer, DO NOT sign any contract with any agent, until you actually make an offer on a house. Some will try to get you to sign a contract saying they will be your only agent. Things could get sticky if you do this, and they start acting lazy, and you decide you want to go with someone else. Also, remember that each house may be offering a different amt. of commission, so your agent may try to push you into the houses (or only show you the houses) that offer them the most commission.
- Avoid buying a house that the agent (or their company) is selling themselves. You'll be constantly wondering if they're on your side, or the seller's.
- Ask around and select a real estate attorney to help you at closing. We had so many problems prior to closing we wound up hiring one at the last minute, and we were glad we did, because there were problems with the title etc. I think it's about $500-$1000 to have one help you with a closing, but ask around your area.
- When you find a home and make an offer, make sure the contract is only good if the house gets a clean home inspection report. Make sure you get an inspection!!
- SPEND LESS! The #1 piece of advice I can give you is to get a house that is LOWER in price than what you think your budget is. We bought a house that yes, we could afford, but now we can't afford anything else. It's not fun. They call it house poor for a reason. And, plan for those unexpected monthly costs like HOA fees, property taxes, homeowner's insurance, and costs of maintaining a home. Expect to spend at least $1500 a year on repairs or fixit projects.
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