Many first time home buyers approach home ownership with a mixture of fear and excitement. It is the job of the real estate consultant to minimise the fear and give direction to the excitement. Here are a few short and easy facts that will help any first time home buyer make better decisions when considering their purchase.
- Home buyers should never have to pay real estate commissions (Sellers Pay the Commission)
- Home buyers should always be represented by a licensed REALTOR. Even when buying or building a new home.
- When calculating mortgage payments on your first home, be very careful when using on-line mortgage calculators. They rarely include all of the necessary expenses. Remember PITI. All homes will require four things if you are getting a mortgage or borrowing money. PITI stands for Principle – Interest-Taxes – Insurance. Many calculators only include Principle or Principle and Interest.
- Don’t forget regular upkeep fees like utilities, minor repairs and any upgrades that you plan on making. You can only spend each dollar once!
More on the process of buying your first home soon…
Tags: buyer's remourse, first time home buyer, interest, mortgage, principle, property taxes
