Real Estate: Tips For First-Time Buyers

Fri., Oct. 15, 1999

FOR THE RECORD: October 16, 1999: Misleading suggestions: A list of suggestions for first-time home buyers accompanying a pair of stories on the cover of Friday’s In-Life section incorrectly stated that Realtors always work for sellers. Realtors can work for the buyer, the seller, or both.

* Get educated. Home buying is a whole new world with a language all its own. Visit the library or Internet sites like ourfamilyplace.com/homebuyer/index.html or www.gsa.gov/staff/pa/cic/housing.htm.

Also, find out your financial picture as soon as possible so you know what you can really afford.

* Make a list of your needs and wants, and be careful to distinguish between the two. “Needs” might be things like the number of bedrooms, amount of storage space and being within a certain school district. Examples of “wants” are hardwood floors, sunset views and a heated garage. Also list the things you don’t want in a house.

* Don’t rush things, if at all possible. Start house hunting early to familiarize yourself with what’s available and the range of homes your money can buy.

* Don’t fall in love. It’s easy to say, but harder to do. If you are prepared to walk away at any time, there’s less chance you’ll make an emotion-based decision. It’s also easier to negotiate when you’re objective.

* Consider using a Realtor. Good ones know the territory and will share their knowledge with you. They are also excellent guides through the world of home buying. But don’t forget - they work for the seller, not for you.

1. What’s the deal? (by Kristen Kromer) 2. What’s the deal? (by Jonathan Martin)

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