As I have stated before, the majority of my blogging has been done on the Active Rain network. Its where I got my start and I will of course continue contributing. But I also think its time I started venturing out on my 'own' a little bit. And here we are - I am writing a blog post on my own website! And what is my topic today? Its a simple one yet one that can't be emphasized and/or discussed often enough - tip for the first time buyer! First time buyers are always out there and are always, always looking for information. Its our job as Real Estate Professionals to provide that help :)
I found this article very interesing at msn.com. Its some fundamental advice geared towards first time buyers that IS solid and bears REPEATING! Please click the link for details, but in general they touch upon 8 topics which I will highlight below :
1) Have a budget!
2) Have a big downpayment, ideally 20%
3) Have a steady stream of income (unless you are buying all cash, you'll need to pay a mortgage!
4) Have an emergency stash of money. You never know when your call will die, an appliance will break or you'll need medical treatment.
5) Don't have a whole bunch of debt - ideally your debt-to-income ratio should be no worse than 38% (factoring in your proposed mortgage).
6) Have good credit. In today's lending market, sub-prime folks aren't getting the loans they used to...
7) Plan on being in the house for a while. At least 3-5 years.
8) Be ready to become your own landlord. You have to take care of your own leaks, lawn, etc.
Hope you find this informative and thanks for reading!!!