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Ten Tips for First-Time Homebuyers

1.      Be picky, but don't be unrealistic. There is no perfect home.
2.     Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3.     Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and closing costs.
4.     Don't wait to get a loan. Get pre-qualified or pre-approved for a mortgage before you start looking.
5.     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.
6.     Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7.     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.
8.     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.
9.     Don't be naive. Insist on a home inspection and if possible get a warranty to cover defects within one year.
10.     Get help! Consider hiring a REALTOR® to be your buyer representative. When you call an agent directly off the sign in the front of the home, you are calling the agent who represents the seller; the same agent who was hired to get the most money possible for their seller. For more information on how agents work in the State of Wisconsin, click here. Unlike a listing agent, whose first duty is to the seller, a buyer's representative is working only for you. This is a free service because seller's pay the commission.