5 Steps to Buy a House

Thinking of buying a new home? Here are 5 steps to buy a house:

1. Determine how much you can afford. Before you ever start looking it is wise to meet with a mortgage advisor and find out how much of a house you can afford AND what kind of down payment and closing cost you will be required to fund. Doing your homework ahead of time can save you from heartache down the road.

2. Do your research as to which area (s) you wish to make a purchase. Drive around, make sure it is a good fit. Check out the school system and find out what the property tax rates are. Also investigating home owners association rules is a good idea. 3. Consider hiring a realtor to represent you. If you do not hire a realtor, the selling agent will likley represent you unless it is a FSBO (for sale by owner) property.

4. Print off the MLS listings for the area. There are free listings online through sites like zillow.com .

5. View the houses and then make an offer.

Do you have a fear of buying a home? The current economy has made lots of first time homebuyers thing twice before buying. Purchasing a home in an economic downturn can be a great investment opportunity, but only if you are sure you can hold on to the property until the economy rebounds. It could be 5-10 years before you could sell.

Trying to decide if renting or buying is better? Here is a calculator that will help you.

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