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FOUR - Organize and Empower Yourself with "Real" Information
DO...
• Obtain valuable, publicly available real estate information. You can research public records in government offices, or, more easily online, where they are increasingly available. Aside from domania.com, there are a handful of real estate sites that offer you
free access to comparable home sales ("comps"), i.e., the actual selling prices of homes, as well as other valuable real estate data.
• Learn about special lending, qualification and down payment programs for first-time homebuyers. You may be eligible for one of these if you are a veteran of military service, a first-time home buyer, or part of a work or affinity group that offers special programs. Research resources offered by Web sites such as Fannie Mae.
• Use open houses as an opportunity to see yourself living in different homes and using their amenities. Imagine yourself going through your morning routine, cooking in the kitchen, etc.
DON'T...
• Pay too much for a home because you didn't investigate the market.
• Forget additional regular expenses, such as condo fees, or water and sanitation bills, which you might not have incurred in your previous living situation.
• Enter bidding wars haphazardly. Popular in some regions of the country, the higher cost you pay as a result of one can later prove to be detrimental when you attempt to refinance or to sell the home.
• Assume that your current lifestyle and needs will translate exactly to your new home or neighborhood. Know what will translate and what won't.
• Expect that your dream home will be found in the first home, or first ten homes, that you see.
• Put a time limit on your home search. For some it takes weeks, for others, years. Don't let an unreasonable time limit affect your decision.
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> Owners Checklist
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> Glossary
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