Top 5 Concerns For First Time Buyers

By Author: Thomas Mietzel
Total Articles: 13
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Buying a home heads the list of things most Americans would like to accomplish some day. It’s a beautiful dream, but one that should be approached with a level head. Advance preparation is essential before you make what is most likely the most expensive purchase of your life. Do your homework by talking to people of your age and income bracket who have already purchased Madison real estate, as well as to professionals. Finding out what worked for them and what they wish they’d done differently will be extremely helpful. Whether you are speaking to homeowners or professionals such as Madison realtors or mortgage officers, study the following list. These five essential items are an important part of your home purchase planning.
Finances
The rock bottom question is this: How much home can you afford? Start with a levelheaded look at the amount of down payment you have on hand. Then figure out how much you can realistically put aside as a mortgage payment every month. Don’t forget to factor in closing costs on your purchase, insurance and ongoing expenses such as utilities and property taxes. This will give ...
... a general idea of what price bracket you should be looking at.
Realtor & Inspector
These next two items are grouped together because they are the services that first time home buyers often try to scrimp on. Their fees may seem like an extra hardship when you are already faced with a cost of thousands of dollars for a home, but the fact that you are planning such a large investment is exactly why you need professionals to guide you through the process. Not only will your Madison realtor show you houses, but he will help negotiate with the seller and refer you to trusted resource people such as interior designers. The home inspector also plays a vital role; if he finds any major structural problem before you buy, you will be a position to either bargain for a better price or, if need be, walk away from the deal altogether.
Location & Resale Value
The final items are also closely related. A wise home purchaser will buy Madison real estate for now and for tomorrow. Obviously you want a home that suits your current needs, that is in an area where you will feel comfortable and which is within a reasonable distance from your workplace. But also think about how your needs may change over the next ten or twenty years, and about what a potential future buyer might be looking for. A newly married couple, for example, may find that good nearby schools become a priority. Look at factors that may affect both your comfort level and the home’s resale value. Is the neighborhood considered safe? Are there plans in the works that may affect the quality of life, such as building new parks or, alternatively, widening the street to increase traffic flow? Check all these before you sign a contract.

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