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1. Find a real estate
agent that's simpatico. Home buying is not only a big financial
commitment, but also an emotional one. It's critical that the agent you
chose is both skilled and a good fit with your
personality.
2. Remember,
there's no "right" time to buy, any more than there's a right time to
sell. If you find a home now, don't try to second-guess the interest rates
or the housing market by waiting. Changes don't usually occur fast enough
to make that much difference in price, and a good home won't stay on the
market long.
3. Don't ask for
too many opinions. It's natural to want reassurance for such a big
decision, but too many ideas will make it much harder to make a
decision.
4. Accept that no
house is ever perfect. Focus in on the things that are most important to
you and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation
is definitely a part of the real estate process, but trying to "win" by
getting an extra-low price may lose you the home you love.
6. Remember your home doesn't
exist in a vacuum. Don't get so caught up in the physical aspects of the
house itself—room size, kitchen—that you forget such issues as amenities,
noise level, etc., that have a big impact on what it's like to live in
your new home.
7. Don't wait
until you've found a home and made an offer to get approved for a
mortgage, investigate insurance availability, and consider a schedule for
moving. Presenting an offer contingent on a lot of unresolved issues will
make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your
post-home buying budget. Even if you buy a new home, there will be some
costs. Don't leave yourself short and let your home
deteriorate.
9. Accept that a
little buyer's remorse is inevitable and will probably pass. Buying a
home, especially for the first time, is a big commitment, but it also
yields big benefits.
10.
Choose a home first because you love it; then think about appreciation.
While U.S. homes have appreciated an average of 5.4 percent annually over
from 1998 to 2002, a home's most important role is as a comfortable, safe
place to live.
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