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7 Tips for Home Buyers
July 3, 2014

Home prices are beginning to rise and the mortgage rates are sure looking tempting! This appears like the perfect time for home buyers to get out there and start looking for that perfect home.

Below are 7 tips to remember when looking for your new home.

1. The first step would be to find out what you can afford. There is much more to the housing costs than just a mortgage payment. You must take into consideration the homeowners insurance payment and the taxes as well. MSN has a home affordability calculator that can give you a rough estimate of how much home you can afford. http://realestate.msn.com/BuyAndSell/Tools/HA_CALC.aspx Mortgage giant, Fannie Mae recommends that buyers should not spend more than 28% of your income on housing costs.

2. A few months before you are ready to buy, get a copy of your credit report and fix any problems that you may find. You want to make sure that your credit is as squeaky clean as you can get it before applying for a mortgage.

3. Make a list of some of the features that you would like to see in your new home. Things such as the number of bedrooms, fenced yard, property size and garage, these can be a priority. Ideally, you want to find the perfect home, in the right neighborhood, that is below your budget but realistically compromises will probably be made.

3. Where do you want to live? A gated community? A condominium? Do you want acreage? In many cases, checking out the schools in the area can be helpful, even if you don't have school age children. A good strong school district can help boost the property value of your home if and when you decide to sell.

4. Check the selling prices of the homes that compare to what you are looking for in the area that you are looking at. You want a general idea of what you should expect. You can do this by performing a quick search of an actual MLS in your area. These are provided on a number of different websites.

5. Make sure that you get pre-approved for a loan BEFORE you go out house hunting. This puts you in a better place to make a serious offer when you find something you want. If homes are selling at 5% less that what the asking price is, bid around 8% to 10% less that what the seller is looking for.

6. Choose a realtor. Purchasing a home is probably the largest and most important purchase that you will ever make. Having an expert guide you through the process is the best way to avoid costly mistakes. They will be there to help find the best property out there, walk you through the language of real estate and you can be guaranteed this isn't their first rodeo. They have gone through this process plenty of times, while this may be your first experience. It just makes sense.

7. Now for the fun stuff...SHOPPING! You've made your list, you've checked it twice. You are educated and armed with a realtor. It's time to get out there and find the home of our dreams.

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