How to Buy your First Home?
If you are a first-time home buyer, you will probably want to work with a broker or looking the ad in the newspaper. If you chose a brokers, they know the market and can be a valuable source of information concerning the home buying process. Ask lots of questions, but remember that most brokers are working for the seller, and in the end, their primary obligation is to the seller and not to you. An alternative is a so-called buyer's broker. This individual does work for you, and therefore is paid by you. Seller's brokers are paid by the seller.
Brokerage commissions average 5 percent to 7 percent and are split between the listing broker and the broker that eventually sells the home. Don't be surprised if your broker is eager to sell you their own listing since they would then earn the entire commission.
Home Buying Costs
Down Payment 0% - 20% of purchase price
Home Inspection $200 - $500
Points $1,000 and up for 1% - 3%
Adjustments 3% - 8% of purchase price
If you choose to find a house at the ad of the newspaper, you must ask by phone the detail of the house, and if you interested, you must look at the house by yourself, and you must be carefully to look at inside and outside the house. And you must pay attention to the neighborhood. The one thing that you should have is ability to bargain the price.
Once you've determined a price range and location, you're ready to look at individual homes. Remember that much of a home's value is derived from the values of those surrounding it. Since the average residency in a house is seven years, consider the qualities that will be attractive to future buyers as well as those attractive to you.
Although it can be difficult, try to remember that you will probably want to sell this home someday. The more research you do today, the better your decision will look in the years to come.
There is something to note when you buy a house:
* Buying a home can mean building significant value through the years.
* Think carefully about how much you can afford to spend and consider borrowing guidelines like those used by Fannie Mae.
* Pre-qualifying with your lender is a good way to determine how much house you can afford.
* You will need cash for a down payment and closing costs. Generally speaking, the higher the down payment, the lower the interest rate and monthly mortgage payment.
* In addition to your mortgage payments, you will also need to consider the other costs of home ownership.
* Schools, taxes, services, crime rates, transportation, and zoning are important considerations when selecting a neighborhood.
* There is flood or not, you must pay attention of that.
* The installation of the pipe, sanitary, you must know about it, it's useful for the future.
* And check the administration, like The certificate.
* Brokers usually represent the seller, but they can be valuable sources of information for buyers as well. A broker that belongs to the Multiple Listing Service will be able to offer a wider variety of homes to choose from.
* Remember to consider resale value when buying your home.
* Remember used the good notary to manage the agreement and certificate.
resource : yahoo article
