Real Estate 101: First Time Homebuyer's Guide

"If you are going to be buying real estate for thebook on buying real estate so that you can keep
first time, the process can seem overwhelming.up with the conversations going on around you.
Indeed, there's a lot to learn. Of course, you'll• You'll probably need to get a loan for
work with a professional real estate agent whobuying first time real estate. Work with your
can help you to understand the process, but youlender to get the best rate possible. You should
should do some studying on your own to makealso know that there are special tax deals for
sure that you know what you're getting in to.home owners, especially in the year of purchase.
This is especially true if you are investing in realMake sure to work with a tax attorney to get
estate with the hopes that you'll be able to makeyourself the best financial deal.
a profit off it in the near future.• It's a bad idea to be impulsive but if
Before buying first time real estate, here areyou know what you want then you should go
some things that you need to know:after it. You probably aren't going to want the
• There are buyer's markets and seller'sfirst home that you look at. You might not even
markets and you should know when you're in thedecide to invest in the first hundred homes that
midst of which. Pay attention to the sale prices ofyou look at. But if you do walk into your ideal
homes in the areas that you are looking to buy.home early on, it's okay to make a move on it.
Watch if they go up or down over time. FollowingJust make sure that you look realistically at the
the trends will help you to know when it's a goodvalue of the home so that you don't get a bad
time to buy and when you need to wait.deal.
• There's a slight difference betweenMost of buying a first time home is actually about
real estate agents and realtors. A realtor is ausing some common sense. Ask yourself if you'd
member of the National Realtor Association whichlet your daughter, grandmother or best friend buy
involves certain training. If a real estate agentthe home that you want to buy. If so, you're
gains this status, he or she might be a goodprobably getting yourself a good deal. If not, you'll
choice. But a realtor may be someone who is notwant to do some more legwork and ask a lot of
a real estate agent but rather is someone else inquestions. It's okay to be confused if this is your
the industry (such as a home appraiser). Askfirst time being real estate, especially since this is
questions about the professionals that you'll bean investment that could benefit you greatly if
working with to make sure that you're workingyou play your cards right!"
the real estate agent or realtor that is right forKinan Beck is the Broker and co-owner of One
your needs.Source Realty in Austin Texas. Visit Kinan's
• There's a language to be learned whenDowntown Austin Condos Guide, visit his Austin
buying real estate for the first time. You need toRealtor website, & his Austin Apartment Locator
know about "closings" and about "amortization" onwebsite. He has seen considerable success in real
home loans and about all kinds of other industryestate, and looks forward to many more years in
terms. Get a real estate dictionary or a basicthe business.