In ‘Buying your first house’ Linda Stern at Reuters.com writes:
“Note to young renters: It’s a very good time to start thinking about buying your first house.
Sure, the housing market is in the dumpster, and houses are still expensive — up almost a third from their prices at the beginning of the decade, with some markets considerably higher than that. Throw in reports of killer mortgages and rampant foreclosures, and it may seem scary to take the leap. But over the long term, owning the home you live in is a great investment. It’s one that will bring you tax breaks, financial gains, perhaps a little yard, and considerable joy … if it’s done right.”
- She offers 9 tips for first-time home buyers
- Take your time.
- Check your credit score at myfico.com.
- Prequalify for a mortgage.
- Check out mortgages backed by the Federal Housing Authority.
- Work with a buyer’s agent who only represents you, not the seller.
- Get something back from the seller, but don’t expect a complete steal.
- Think single-family house or duplex.
- Don’t buy a home without getting a home inspection.
- Don’t overreach.
Read the whole article at Reuters.com