Health & Fitness
5 Home Buying Decisions for first time Home Buyers
A cheat sheet for the homework you have to do to buy a home.
1. Location
Knowing where you want to be for the next five years can sound daunting, but think about the enjoyment of designing your lifestyle. Afterall, that is what it means to buy a home. You need a home that is a comfortable commute to work, the gym, schools, restaurants, etc. Some things will be more important to you than others. Maybe you want a half hour commute to Philly. There is a home for that. Maybe you want to live close to all of the action. There is a home for that.
Location is the basis of everything
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2. Budget
Think about the money you want to put towards your home. How much can you afford? Study up on the different kinds of loans that are avialable.
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Do you know what a Conventional mortgage is versus an FHA loan? The best way for you to figure out your budget is to get pre approved by a bank or a mortgage broker. This will give you an idea of how much your monthly payment will be for the home.
My advice: Think longterm. You might regret not putting more money down in the beginning. You might regret not locking in the great rates we have now. So, discuss this with your mortgage person.
Scenario: You can afford a 300K home at a 3.8% rate, but only a 199K home at a 5.6% rate. Two very different homes. TAKE ADVANTAGE OF THESE RATES
3. Design
You can buy a rancher in Yardley for 199K, or a contemporary loft unit condo in the Society Place secion of Newtown Grant. Both styles exist.
My advice: Go with your soul. You will know when it hits you. The feng shui is right, and you instantly start decorating the place in your mind. Obsessively. That's the one!
4. How much can you fix?
Be real. Are you handy? If not, you might not want to buy a "fixer upper". I hate those. Some people love building and taking the place from "oh no" to "heck yeah".
My advice: When you go and look at the home, take a notepad and write the things you want to change and budget the project with time and money.
5. Realtor
This is the person that will go to bat for you again and again. Keep you on track with everything. Won't settle for nothing. Gets back to you in an instant. Answers any question you might have or directs you to getting the answer. Act like he or she is buying the home for themselves.
My advice: Pick me :-)
Sid Shah
Coldwell Banker Hearthside REALTORS
267-799-3229 (cell)
215-504-9000 ext 113
e-mail Thomas at: tmatera@annie-mac.com
