SPECIAL SECTION REAL ESTATE
5. Home.
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.
with lower down payments (as little as 3 percent on a
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.
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!
3. Agent.
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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 to the idea of putting some of your own upgrades
and changes into a home that may not have everything on
your wish list.
CANON-MAC
❘
SUMMER 2018
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