10 Tips for buying a home

Buying a new home can be an exciting and scary time for anyone. These no nonsense tips can aid you in finding the right house for you...and keep you from pulling your hair out in the process!

1. Consider renting if you only intend to live in the home for a short time. Between loan closing costs and down payments, the initial cost for purchasing can be several thousand. If you intend to stay in the home for 2 years or less, it may not be worth it.
   
2. Make sure your credit is in the best shape it can be. A credit score of 600 or less will generally earn you a high interest rate. Sometimes, putting off buying a home for 6 months while you work on your credit is the best thing.
   
3. Don't buy more than you can really afford. Just because the bank says you are qualified for $250,000 does not mean you must spend that much. Remember, this is a multi year investment.
   
4. Consider your down payment. FHA allows you to put down anywhere from 3 to 3 1/2% whereas a conventional loan can be anywhere from 5 to 20%.
   
5. Think resale. Consider top selling points when you are looking. A great school district, large closets, or hardwood floors will always be desirable. Someday, you may be ready to move on and your buyers will look for these things.
   
6. Get professional help. Nowadays there are so many laws that apply to the buying and selling of a home that a professional, while costing some, will almost always pay off in the end. A Realtor or Lawyer can save money and headache when it comes to possible problems with any deal.
7. Get pre-approved. This step insures you know how much you qualify for so you know what price range to look at. It also shows sellers that you are serious. Offers coming from pre-qualified buyers hold more weight when there are multiple offers.
   
8. Hire a qualified home inspector and make your offer subject to his findings. This is well worth the $300 to $400 you will spend to avoid costly repairs in the near future.
9. Ask the sellers to pay your closing costs. This can save you a lot up front. Though not all sellers will agree to this, some do. And it never hurts to ask.
10. Love the house you are in and try to enjoy the process. Having a great Realtor to work with will help.