First Time Home Buyer Tips

Dated: 09/28/2016

Views: 150

Few years ago, I was on my way to become a life long renter in NYC and New Jersey until I moved out to Los Angeles for work. I was tired of paying rent to others and longing for a home of my own. I knew my first home purchase would be an investment.  Here are some tips from my adventures as a single person buying a home:

Tip #1

Find a realtor that has experience with first time homebuyers. Someone who will work with you in your price range and the time to search (took me 3 months to find my first home) Your realtor will help you in the negotiating process and become an asset on your team. He or she can connect you with a lender to help you find the right loans to qualify for.

Tip #2

First thing gather all your financial information (credit card statements, car payments, pay stubs, savings, checking and retirement accounts) and get pre-approved through your lender. Before your home search find out how much house you can afford.

Tip #3

Figure out what kind of property you want - a condo, single family or a multi-family. I knew a condo was the best choice for me. As a first time homebuyer I wanted something with very low maintenance. I also wanted a 2-bedroom/2 baths and the option to rent out the room for extra income.

Tip #4

Location, location, location! For my property in Los Angeles I knew the commute would drive me crazy so I made sure I was ten minutes from work. I also wanted a high floor for safety and near restaurants.

Tip #5

Build up your team, ask for referrals. Bring a friend or family along for support but remember you are the one buying the house and paying mortgage payments. Finally and foremost have fun finding your first home !

Mercedes Torres / Real Estate Associate - c: 201-615-7085

The Michael Gonnelli Group Remax-Infinity 
1249 Paterson Plank Rd Secaucus, NJ 07094


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