Southern Maryland Best Buys

head_left_image

Things to Know Before Buying Your First Home

Here are some good first time home buyer tips. I always like the Pre Approval one best! I also like the red flag section and the do your homework tips. The cost of owning a home starts with the purchase price plus then you start adding the rest! Read on!

Things to Know Before Buying Your First Home in Palos Verdes

1. The cost  of owning a home is more than simply the purchase price. There are several monthly fees and expenses in addition to your monthly mortgage payment that you need to be prepared for. This includes insurance, property taxes, utilities, and maintenance. However, the costs associated with owning your first home are bearable. 

2. Programs are out there for first-time buyers. A significant down payment is never a bad investment- it gives you instant home equity and a lower monthly payment. But, if you can't manage to get a larger down payment, you don't have to give up your dream of home ownership. There are many federal, state, and local programs dedicated to helping first-time homebuyers with down payments, interest rates and loan terms. 

3. Foreclosures and short sales can be great deals but proceed with caution. Many homebuyers have gotten great deals on these types of homes. However, buying a foreclosure or short sale can come with some red flags. Most of these homes are sold "as-is." Since maintenance isn't always a top priority for homeowners facing foreclosure, these properties may need a significant amount of work. With short sales, transactions are lengthy and more complicated than a typical home purchase.

4. Getting pre-approved for a loan gives you more buying power. Before you begin your house hunt, be sure you have a pre-approved letter which proves that a lender has offered you a specific mortgage. This is important because it establishes your maximum purchase price, shows sellers you're serious about buying, and if you get pre-approved by several lenders you can compare interest rates and terms to find the best deal.

5. School districts can affect property value. Even if you don't have kids, buying a home near good school districts can help your home's resale value. The most important aspect of a home's value is the neighborhood it's in. If you cannot afford these neighborhoods, look for fixer-uppers in the area. They may need work but they will have built-in property value.

6. Do your homework to help make a competitive offer. Before you make an offer on a home, crunch the numbers to figure out the property's market value. Have your agent do a comparative market analysis where he or she will compare the home you want to buy to recently sold homes in the area with the same square footage, construction, age, etc. The analysis will show you what buyers were willing to pay for similar homes in your neighborhood giving you a good starting point.

 

 

 

_________________________________________________________________________________

 
You'll "Retrieve Golden Results" with Cheryl Ritchie, RE/MAX Leading Edge, for all your Southern Maryland and Anne Arundel County Real Estate Services.
 
OR Call/Text Cheryl at Cell 301-970-7566 OR EMail
GoldenGirl@GoldenResults.com for the Golden Results YOU Deserve.
 
Visit my Digital Business Card at https://about.me/GoldenResults
 
 
 

Or Visit my "Golden Results" Social Networking Sites

RSS Feed http://twitter.com/GoldenResults http://www.linkedin.com/profile?viewProfile=&key=23151495&trk=tab_pro http://www.stumbleupon.com/stumbler/goldenresults/reviews/ http://www.facebook.com/goldenresults http://delicious.com/goldenresults http://www.flickr.com/photos/goldenresults http://www.google.com/profiles/RetrieveGoldenResults
Comment balloon 2 commentsCheryl Ritchie • April 09 2012 05:15AM
Things to Know Before Buying Your First Home
share
Here are some good first time home buyer tips. I always like the Pre Approval one best! I also like the red flag section and the do your homework tips. The cost of owning a home starts with the purchase price plus then you start adding the rest!… more
How to proactively seek referrals in your sphere
share
Notes, networking and calls… all are a good way to stay in touch with past clients and for that matter, friends and family, too. When you trat everyone in a wy that lets them know they are special, special is the way they treat you back, too! Even.. more
Did you know there is a Pet CPR? You should.
share
Check out the video below on pet CPR. It only takes a few minutes to watch but what a lifesaver for your furry family member. It looks like fifteen compressions to one nose breath to one push near the rear leg to help with circulation. If you've… more
Placer County, CA - Reuniting Lost Pets With Their Owners
share
This post gives you lots of ideas in any area how to locate a lost pet. In Southern Maryland, I would try every suggestion below. You can even tattoo a dog with your phone number. Or put a Realtor house key fob on the collar with all the phone… more
Placer County, CA - How To Research And Find The Perfect Dog
share
This is true in Southern Maryland, too. Do your homework so you select the right family member addition. Also consider a dog with challenges or disabilities. They can easily become the live of your life, too. A few challenges but worth every one!… more
Considering 5 of the Major Components of Photograph Composition.
share
This is a perfect Easter Holiday Post. There is beauty that surrounds us evey day. With a few photography tips like these you can capture and share it forever. I am fascinated by this gift of beauty and the ability to capture it so magnificently… more
Top 10 Odors That Homebuyers Hate
share
It is important when cleaning up the smells to not go so overboard correcting the smells that the Buyers overact from this, too. They may think something is wrong or is being camouflaged. Or heavy perfume scents can have them flying out the door,… more
Open House Safety – 10 Tips for a Safe Open House
share
If you are worred about an item, listen to your hunches and remove or protect or hide it from view. If someone knocks at your door without an Agent, which means no prequalification data, politely decline and have them schedule an appointment with… more
What If You Must Move and Leave That Vacant Home Behind
share
I want to add to this list my routine of having the pre listing home inspection done up front. Vacant or not, I like to have the pre listing home inspection report handled on listings to minimize last minute surprises etc. Vacant homes are move in… more
Why Some VA Borrowers Get Money Back At Closing Time
share
Here's a great explanation of money back at closing on VA loans. As explained below, this happens for the funding fee or for miscalculations. However, this is not done with the refund goal in mind or as funds at closing for the loan objective. … more