First-Time, First Steps TUTOR
ONE - Think About Your Needs
DO...
- Know why you're making the decision to buy versus rent.
- Determine your specific needs as a first-time buyer. How much room do
you need? Are you concerned about schools? Commuting time? Proximity to
family and friends? Is this a starter home, or are you likely to be here
in five or ten years? Are you buying at the height of or bottom of a
market? What financial resources do you have, or must you obtain, to
purchase your home?
- Educate yourself about the types of homes available, and determine
which one will meet your needs: detached single-family home, multi-family
home, condominium or co-op. Understand the differences inherent in one
type of property over another. Conduct thorough research, and ask specific
questions about the type of property that you choose.
DON'T...
- Believe everything everyone tells you. The experiences and wisdom of
realtors, buyer's brokers, other buyers, family and friends are important,
but be sure to weigh them against your specific needs, tastes, interests
and financial resources. Remember that the decision and responsibility
are ultimately are yours, and the control should be, too.
- Make assumptions about the role of each professional in the real
estate process. Clarify each professional's role beforehand and ask
lots of questions. Buyer-agents and others can advocate for you, but
they come at a cost.
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