REAL ESTATE SPECIAL SECTION
to the idea of putting some of your
own upgrades and changes into a
home that may not have everything
on your wish list.
5. Home.
conventional mortgage loan).
You may not need the typical 20
percent down that was required
of homebuyers a few decades ago.
If your debt-to-income ratio is
high, you may not have to worry.
Mortgage companies are making
it easier for borrowers with more
debt to still qualify.
2. Mortgage rates and tax limits.
Unfortunately, not all news is
good news for first-time buyers.
Mortgage rates are predicted to
continue to rise in 2018, expected
to reach 5 percent toward the latter
half of the year. In addition, new
tax laws that went into effect at the
beginning of the year have new
limitations. Be sure to look into
mortgage interest deduction and
other tax deduction limits that may
affect your taxes for 2018.
3. Agent.
Having a real estate agent in your
corner for a first-time purchase is
key. Agents will not only help you
navigate the home-buying process,
but can also be a valuable resource
for an inside look at new homes
that go on the market. This gives
buyers the opportunity to view
homes that may not have made it
onto real estate websites for public
viewing.
4. Location.
Your dream house may not be in
your dream location, and your
dream location may not have your
dream house. Don’t get stuck in a
rut if you’re not seeing everything
you want in your price range.
Typically, you’ll need to make some
compromises with your first home.
Keep a few non-negotiables in your
back pocket, but otherwise be open
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Don’t get stuck in the mindset that
you should spend every dollar that
you qualify for in your mortgage.
This could lead to bigger problems
down the road. Look in the market
under your max budget and be
creative when looking at homes
for ways to make improvements or
changes that better fit your needs.
A little bit of sweat equity can go
a long way and will give the home
your own personal touch.
6. Offer.
Once you’ve found a house you
want to call “home,” work with
your real estate agent to come
up with an offer the seller can’t
refuse. Whether the house needs
some improvements or it’s a hot
buy on the market, your agent can
guide you into making a serious
offer to the seller. If you’re feeling
passionate about the home, write
the seller a letter explaining why
you’re the best buyer for the home.
These touches can sometimes be
the difference between getting the
house of your dreams, or losing it
to another buyer.
7. Moving.
You’ve done it! You’ve purchased
your first home. Now that you have
a mortgage to pay, keep in mind
some money-saving tips, like asking
your closest family and friends to
help you move! A little pizza can
go a long way when looking for
some extra help. Make a plan for
those personal touches to add to
your home. Test out paint colors
in each room to make sure you like
the color in the daylight. Purchase
furniture after making detailed
measurements (you don’t want to
come home with something that
doesn’t fit!). Add some curb appeal
as a finishing touch and as a way to
meet your new neighbors!
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