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Whether
you have spent years saving and preparing to buy a home, or you
still aren't sure if it is something you can even dream of, the
questions surrounding a first-time home purchase can feel endless.
You
can find the answers – and peace of mind – by working with RE/MAX,
the industry leader in experience and service.
Here
are some tips to help you with the process of becoming your own
landlord.
Being prequalified for a loan determines how much
house you can afford. It also allows you to move more swiftly when
you find the right house, especially when you aren't the only interested
buyer.
A difference of even half a percentage point
can make a huge difference in how much you pay over the life of
a loan. For example, the difference in the monthly payment on a
$100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per
month. Over 30 years, that's $12,600.
A buyer agent is legally responsible for representing
the buyer's interest in a real estate transaction. Generally, the
buyer agent is compensated by the seller at the time you purchase
a new home. There are some limitations to using a buyer agent, however.
Before you decide, have a Realtor explain the advantages and disadvantages
of using a buyer agent.
In some areas, a swimming pool actually detracts
from a home's value and makes the home harder to sell. In neighborhoods
with two-car, attached garages, a single-car or detached garage
may impact the home sale and future value. Your Realtor can point
out features that hurt, as well as those that help, resale value.
After touring each home, write down what you liked
and didn't like. Develop a rating system which will help you narrow
the field down to the house that's the best for you.
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