| "If you are going to be buying real estate | | | | buying real estate for the first time. You |
| for the first time, the process can seem | | | | need to know about "closings" and about |
| overwhelming. Indeed, there's a lot to learn. | | | | "amortization" on home loans and about all |
| Of course, you'll work with a professional | | | | kinds of other industry terms. Get a real |
| real estate agent who can help you to | | | | estate dictionary or a basic book on buying |
| understand the process, but you should do | | | | real estate so that you can keep up with the |
| some studying on your own to make sure that | | | | conversations going on around you. |
| you know what you're getting in to. This is | | | | |
| especially true if you are investing in real | | | | • You'll probably need to get a loan |
| estate with the hopes that you'll be able to | | | | for buying first time real estate. Work with |
| make a profit off it in the near future. | | | | your lender to get the best rate possible. |
| | | | You should also know that there are special |
| Before buying first time real estate, here | | | | tax deals for home owners, especially in the |
| are some things that you need to know: | | | | year of purchase. Make sure to work with a |
| | | | tax attorney to get yourself the best |
| • There are buyer's markets and | | | | financial deal. |
| seller's markets and you should know when | | | | |
| you're in the midst of which. Pay attention | | | | • It's a bad idea to be impulsive but |
| to the sale prices of homes in the areas that | | | | if you know what you want then you should go |
| you are looking to buy. Watch if they go up | | | | after it. You probably aren't going to want |
| or down over time. Following the trends will | | | | the first home that you look at. You might |
| help you to know when it's a good time to buy | | | | not even decide to invest in the first |
| and when you need to wait. | | | | hundred homes that you look at. But if you do |
| | | | walk into your ideal home early on, it's okay |
| • There's a slight difference between | | | | to make a move on it. Just make sure that you |
| real estate agents and realtors. A realtor is | | | | look realistically at the value of the home |
| a member of the National Realtor Association | | | | so that you don't get a bad deal. |
| which involves certain training. If a real | | | | |
| estate agent gains this status, he or she | | | | Most of buying a first time home is actually |
| might be a good choice. But a realtor may be | | | | about using some common sense. Ask yourself |
| someone who is not a real estate agent but | | | | if you'd let your daughter, grandmother or |
| rather is someone else in the industry (such | | | | best friend buy the home that you want to |
| as a home appraiser). Ask questions about the | | | | buy. If so, you're probably getting yourself |
| professionals that you'll be working with to | | | | a good deal. If not, you'll want to do some |
| make sure that you're working the real estate | | | | more legwork and ask a lot of questions. It's |
| agent or realtor that is right for your | | | | okay to be confused if this is your first |
| needs. | | | | time being real estate, especially since this |
| | | | is an investment that could benefit you |
| • There's a language to be learned when | | | | greatly if you play your cards right! |