|
Oleg
Potemkin (RA), Partner Hawaii Realty International, LLC
Honolulu Oahu Hawaii
Tel:
(808) 398-9987 Fax: (808) 356-1737 Email:
oleg@hawaii-realty.com
Things to know
when buying your first home
You’ve made the
decision to make one of the largest investments you’ll ever make
in your life-buying your first home. You’re excited, but at the
same time anxious. Some of the questions you may be asking are:
Will I be able to afford the home of my dreams? Do I have enough
money for a down payment? Can I get a home inspected before I make
an offer?
Rest assured, you
are not alone. According to the 2000 National Association of
REALTORS® Profile of Home Buyers and Sellers, first-time
homebuyers accounted for 40 percent of the homes purchased in
1999. The homebuying process can be overwhelming, but if you go
into it prepared, your first purchase can be a good experience.
Here are some things to consider before making the plunge.
Getting a
mortgage - Fear of being rejected for a home loan is one of
the main concerns for first-time homebuyers. To lessen the stress,
you may want to get pre-approved for a loan before looking at
prospective homes. This will not only help you feel more
confident, it will also give you an advantage when there are
multiple offers for a specific home. The fact that your loan has
already been approved is of great value to the seller: because it
shortens the purchase process and there is less of a chance that
the buyer will back out of the sale.
Mortgage
Payments - The costs involved in the purchase of a home can be
overwhelming to first-time buyers. However, with the help of a
real estate professional, you can calculate out how much they you
be able to pay each month in mortgage payments, and from there,
what prospective homes offer a feasible payment plan.
Down-Payment
- The down-payment amount varies depending on the value of the
home you choose and your mortgage lender. And in some cases,
first-time home buyers can purchase a home with no money down.
Although it varies from state to state, most offer
government-funded programs for first-time buyers that help people
buy a home with no down-payment. Your real estate professional
will be able to explain the different options available to you.
Closing Costs
- First-time buyers often forget to consider the closing costs
when making an offer on a home. Paying closing fees of up to 10
percent of the home sale amount is not unusual. Add that to the
down-payment and you’ll have quite a sum to raise before the
final papers can be signed. However, a smart first-time buyer
takes this into account before making an offer, and with some
professional help, the costs can be estimated in advance.
Making offers
- Don’t feel pressured into making an offer on the first home
you see. This is a common mistake of many first-time homebuyers.
Make sure you view different homes to get a feel for the
marketplace. When you do decide on a home to make a bid on, work
with your real estate professional to get all of your questions
answered first before making an offer. But don’t wait too long
to make an offer. The longer you wait, the greater the chance
other prospective buyers may place offers, making it harder for
you to negotiate a good deal.
Condition of the
Home - Buying a “problem” home is another fear of
first-timers. A home that needs major repairs can become a costly
venture. And, unless the asking price is adjusted to reflect the
hidden repairs needed, chances are the home is not worth as much
as the seller is asking for it. To avoid unfortunate surprises,
your real estate professional may advise you to hire a home
inspector before making a serious offer. That way, you know what
you are getting into.
Above all, remember
that there are no silly questions. Make sure you understand and
are comfortable with every aspect of the transaction. Your real
estate professional can be an invaluable asset in helping you make
educated decisions so that your first-home purchase is a rewarding
experience.
About the author:
With nearly two decades of experience in real estate, first as an
agent, then as a trainer and manager, Crissie Cudd brings real-world
experience to the business of real estate. As the author of
numerous articles and the book “Sell Your Home in a Tough Market –
Now!” (available online through Barnes &
Noble and Amazon.com), Crissie offers practical, easy-to-follow
advice for consumers that gets results.
Your
Hawaii Real Estate Specialist
Oleg Potemkin (RA), Partner Hawaii
Realty International, LLC
1888 Kalakaua Avenue, Suite C-312,
Honolulu, Hawaii 96815 USA
Tel: (808) 398-9987 Fax:
(808) 356-1737 Email: oleg@hawaii-realty.com
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