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Helpful Guides: Buying a Home / 10 Tips for First Time Home Buyers

1. Get help.
Develop a relationship with a Realtor as your buyer's representative. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. Buyer's reps are paid out of the seller's commission payment.

2. Be picky.
But don't be unrealistic. There is no perfect home.

3. Do your homework before you start looking.
Decide specifically what features you want in a home and which are most important to you.

4. Get your finances in order.
Review your credit report and be sure you have enough money to cover your down payment and closing costs. Your Realtor can show you how.

5. Don't wait to get a loan.
Talk to a lender and get preapproved for a mortgage before you start looking. Your Realtor can recommend the right lender for you.

6. Don't ask too many people for opinions.
It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.

7. Decide when you could move.
When is your lease up? When are the kids out of school?

8. Think long-term.
Are you looking for a starter house with the idea of moving up in a few years, or do you hope to stay in this home longer? This decision may dictate what type of home you'll buy as well as the type of mortgage terms that suit you best.

9. Don't let yourself be house poor.
If you max yourself out to buy the biggest home you can afford, you'll have no money left for maintenance or decoration or to save money for other goals.

10. Don't be naïve.
Insist on a home inspection and if possible get a warranty from the seller to cover defects within one year. Your Realtor can negotiate this into your offer to purchase.

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