SPECIAL SECTION REAL ESTATE
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 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.
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 passi