First home byers need to hhave a "take no prisioners" mind set when buying a home.
First home buyers that are buying their first home need to leave the emotions at the door when going to negotiate a property purchase in this market.
You have an obligation to yourself and your family to drive a hard bargain and get value.
For one thing we don't know where the bottom is.
Home prices may seem low to you now, but what will they look like in 18 months time? A bargain, or an overpriced millstone. We simply don't know and can't tell till we arrive there.
Whether you intend to live in it or rent it, you owe it to your future financial well being to pay the lowest price possible.
The first rule is to know that your friendly real estate agent is not your friend. He or she is working for and being paid by the seller.
Real estate agents love the inexperienced who have not heard their lies before.
Don't rely on anything they say about the value of the property, and how many buyers they have lined up.
The old rules of buying property don't apply to this market. We may have missed thus far the worst of what has happened in the US home market, and what is happening to the UK market, but I know that in the past we have followed those markets by about 18 months.
Unless you are buying an outstanding home in a great area, expect that tomorrow's price will be lower than today's bottom price.
Here's a few rules to stick by.
You have an obligation to yourself and your family to drive a hard bargain and get value.
For one thing we don't know where the bottom is.
Home prices may seem low to you now, but what will they look like in 18 months time? A bargain, or an overpriced millstone. We simply don't know and can't tell till we arrive there.
Whether you intend to live in it or rent it, you owe it to your future financial well being to pay the lowest price possible.
The first rule is to know that your friendly real estate agent is not your friend. He or she is working for and being paid by the seller.
Real estate agents love the inexperienced who have not heard their lies before.
Don't rely on anything they say about the value of the property, and how many buyers they have lined up.
The old rules of buying property don't apply to this market. We may have missed thus far the worst of what has happened in the US home market, and what is happening to the UK market, but I know that in the past we have followed those markets by about 18 months.
Unless you are buying an outstanding home in a great area, expect that tomorrow's price will be lower than today's bottom price.
Here's a few rules to stick by.
- Don't be in a hurry. Let time work in your favour.
- Know your needs and the area you need to buy in. Buy needs values not wants values.
- Know your future needs and how this purchase will deliver those needs for you.
- Know your budget. Ensure a buffer should the worse happen.
- Work on the valuation of an independent valuer for the real value of the property as these will be factoring in falling values that are yet to be seen.
- Don't get emotionally involved with the seller or the property.
Labels: first home buyer tips
posted by Rick Adlam, Mr Mortgage at
11:26 AM
1 Comments:
Best Mortgage Rate can be quite the abused words in mortgage. But the real Professional mortgage solutions should address the best home loan rates news in terms of interest, actual value price, and payment terms.
By
Lestat™, at December 18, 2008 1:36 AM
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