Points to Consider Before Buying and Investing in Your First House

List: Posted: 12/10/10

There is nothing like buying your first home. Here is some advice to help you get started.


For the average first-time home buyer, it makes sense to use a Realtor. Buying your home is a big investing decision that can benefit from the wisdom of an agent. While there are commissions involved, the Realtor fees come out of the final selling price of the house.


Take pictures of the homes that you view, and take note of both the positive and negative aspects. If you’ll need to replace the carpet, find out what the installation costs will be so you can better determine if the home will be a sound investing decision.


You’ll also want to be pre-approved for a loan and have twenty percent saved up for the down payment. Choose your lender carefully for this big investing moment. While the Internet is a great place to look for the best rates, you may be surprised by the final closing costs. If the lender is located ten states away, you’ll have little recourse when the fees are inflated at closing. The lender is required to give you an estimate, but it’s only an estimate. A local lender is more likely to keep things honest.


Deciding what to bid should be done in consultation with your agent. He or she will be able to tell you what similar homes have sold for in the area, and if you’re making a smart investing choice.


Choose your home inspector carefully. You need a thorough inspection to know what you’re getting into when investing. Also take note of what the inspector isn’t responsible for checking, like a swimming pool or well.

Mortgage Companies, Home Loans, Real Estate Loans

    Buying, refinancing — whatever you need. You can count on the nation's leading residential lender to be right there with you, guiding you through the process. Whether you're just starting to explore your options or you're ready to make a move, talk to us. We'll give you the information you need and help you understand your home loan options. Please call to make an appointment. NMLSR ID 399801 Equal Housing Lender.

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