By Gail Robinson
Dec 28, 2012
Q: What advice do you have for first-time homebuyers?
A: First-time homebuyers should meet with a mortgage broker to go over their financial situation and determine the maximum amount they can qualify for with a mortgage.
Once they know their upper limit on price, they should not look at homes above that price level, because homes they can afford will almost always compare poorly with the homes above their price range. First-time buyers should feel excited and happy about the purchase of their first homes and not be thinking about the homes they wanted but couldn’t afford.
After determining price, first-time homebuyers need to decide on location. For some buyers, an excellent school system is critical. For others, the commuting time to work is most important. Often buyers have to juggle several criteria in deciding upon the location.
Once the location is decided, first-time homebuyers need to decide whether they want to pay a premium for move-in condition or take on repairs, updates or renovations with their new home. New homebuyers need to have savings set aside to cover the cost of this work. They should always get a home inspection before buying and get estimates for the costs of repairs and upgrades.
— Gail Robinson, William Raveis Real Estate, 203-521-0768 or firstname.lastname@example.org