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 the 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 really decide what features you want to have in a home. Which of these options of location, size, and style, the drive to work and back, is acceptable? How many bedrooms do you want, 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 is nearly a certainty that at least one of the three reports, 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 pre-qualified 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 more quickly in the current market in which homes have been selling for more than the asking price.

•Sometimes before buying the first home, a buyer will ask everyone they know if they are doing the right thing and is this the house they should be buying. 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 (SHORC) 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 longterm. Develop a plan. Look into your future possibilities. Do you expect to be moving up in a few years from the home you first purchased or do you like the idea of living in the home longer? By thinking longterm, 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 is working only for you. And there will be an added bonus because buyers’ reps often are paid out of the seller’s commission payment.