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Be
picky, but don't be unrealistic. There is no perfect
home.
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Do
your homework before you start looking. Decide
specifically what features you want in a home and
which are most important to you.
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Get your finances in order. Review your credit
report and be sure you have enough money to cover
your downpayment and your closing costs.
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Don't wait to get a loan. Talk to a lender and get
prequalified for a mortgage before you start
looking.
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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.
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Decide when you could move. When is your lease up?
Are you allowed to sublet? How tight is the rental
market in your area?
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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 type
of mortgage terms that suit you best.
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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 financial
goals.
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Don't be naïve. Insist on a home inspection and if
possible get a warranty from the seller to cover
defects within one year.
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Get help. Consider hiring a REALTOR® as a buyer's
representative. Unlike a listing agent, whose first
duty is to the seller, a buyer's representative is
working only for you. And often, buyer's reps are
paid out of the seller's commission payment.
