- When buying a home, bite off more than you can chew but not enough to choke. Remember, to get to the penthouse you must first get on the elevator. (Or take the stairs but who wants to do that?)
- It is not the cost of the home per se; it is the monthly cost to you that matters most.
- Reasons to buy a home in order of importance:
- You want to live there.
- Commit to a home for a minimum of 3 to 5 years. Right now, 5 years is a safer time frame.
- If you can help it, don’t put yourself in a position where you will be forced to sell at any given time.
- A home will appreciate or depreciate no matter what kind of financing you have on it.
- Develop a relationship with your Realtor as you would with your doctor, lawyer, accountant, etc. Build trust and rapport so you have someone you can count on to always tell you the truth and represent your best interests. To do this, work only with that agent for your real estate buying and selling. She or he can even recommend agents up to their standards in other parts of the country if you move or buy an investment property elsewhere.
- Learn as much as you can before you make the offer. Read a book, read this blog (shameless plug), read our Home Buyer’s Guide, sit down with your agent and go over the whole process ahead of time.
- Spend money on inspections. Let the buyer beware so hire an expert to inspect your new home.
- Interest rates go up for primarily 2 reasons and both are GOOD for real estate:
- Healthy economy
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