I know nothing about real estate. I am temporarily renting with friends. I was on welfare up until June, so that may not look so good to a bank manager, etc. ANy tips on the best way to do this ? Should I keep renting, and save up a larger amount to put down before puting something down ? Any suggestions will be helpful.
2006-10-31 06:19:18 · 5 answers · asked by Gaura 2 in Business & Finance ➔ Renting & Real Estate
Go with a broker for the first one. They will make it easy. Pay attention to the process and maybe you can do without it next time. If you plan on staying in one place for a long time, owning is definitely better than renting. There is a reason people take out loans to buy homes that they then turn around and rent out.
2006-10-31 06:23:08 · answer #1 · answered by Bob 3 · 0⤊ 0⤋
Interest rates are low now and its a buyers market, so financially, youd be better off buying now. I suggest going to the library and reading books on realestate purchasing. Like realestate for dummies. It will give you a good idea on what to expect. A realtor can be good to have for a first time buyer but not necessary. It sounds like you would feel better having someone with experience with you. Know this, taking a realtor costs money so if you can avoid having one, you can negotiate a better price for yourself b/c the seller doesnt have to pay your realtor commission (2.5% of the sale price) so will be more flexible. If you are worried about buying a lemon, hire a home inspector. If you want peace of mind, then definitely it may be worth the extra money a realtor costs also, they may save you from buying something with a leaky basement or other expensive problems, however, you can't always trust that they will help you negotiate your best deal.
2006-10-31 06:48:07 · answer #2 · answered by insight 2 · 0⤊ 0⤋
You should try to get pre approved for a loan. You may qualify for a first time buyers loan from the government. Go to a reputable firm like re-max or one of those and talk to an agent. Tell them you want a buyers agent. They will be able to explain it all to you and point you in the right direction. Congratulations, you'll love owning your own home!
2006-10-31 06:24:26 · answer #3 · answered by wish I were 6 · 0⤊ 0⤋
you should definitely go with a broker. they know the system like the back of their hand and can negotiate the best terms for you so you don't get taken advantage of. if you don't already have one in mind, this is a really good agent directory: http://www.idxbroker.com/news/256_IDX,_Inc._Introduces.php
(just click on your state) good luck ;)
2006-11-01 11:36:38 · answer #4 · answered by bigmary2 4 · 0⤊ 0⤋
1st timer,U should go with a good realstate agent, some one u can trust.
2006-10-31 06:23:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋