Get some help when buying that first home

At one time or another every homeowner was on the brink of realizing that buying a home was a very good thing to do. Each of these homeowners, of course, went through mental trauma and spent endless time figuring out how to make the purchase of that first home a reality.

The first reality, of course, is to understand there is no such thing as a perfect home for you to purchase. It is OK to be picky, but don’t be unrealistic. You can be realistic by doing your homework before you start looking.

Get some paper and a pen or pencil and on the paper write down what features you really want to have in a home. Note the options of location, size, style, the drive to work and back home again, number of bedrooms, etc. Rate these in their importance to you, not someone else. If you can come to a good conclusion on what you honestly want to live in, this is a great start.

Check your credit report. There are three major credit reporting companies and it nearly a certainty that at least one of the three reports they generate, possibly two, will have mistakes on them. If there are mistakes, call the providers and have the reports corrected. You may get lucky and the credit reports will be right on. Next, talk to a lender and get prequalified for a mortgage before you start looking. Know where you are with your finances. Find out how much you can really afford. Knowing where you are in the purchase process will allow you to move much quicker in a market we are currently in where often homes have been selling for more than the asking price.

Sometimes, before buying that first home, buyers will ask everyone they know if they are doing the right thing and if the house they have selected should be bought. Don’t ask everyone you know. If you need a second opinion, just work with one or two people. It just works better to focus on that dream with fewer opinions.

There can be a lot going on in your life when you are buying a home, especially for the first time. By taking a free class at the Spokane Homeownership Resource Center you will be guided through the process. It is an award-winning program and can be reached at (509) 343-7472.

Don’t be afraid to think long term. Develop a plan. Look into your future possibilities. Do you expect to be moving up from the home you first purchase in a few years or do you like the idea of living in the home longer? By thinking long term, your decision may dictate the type of home you will buy and the type of mortgage terms that best suit your situation.

Don’t max yourself out to buy the biggest home you can afford. Chances are you will have no money left for maintenance or decoration or to save money for other financial needs.

In your first excursion into the wonders of real estate, consider hiring a REALTOR® as your buyer’s representative. A buyer’s representative works only for you.