What are professionals' advice on the top 5 concerns in purchasing a home for the very first time?

Asked by Robin Dorantes, New Orleans, LA Sun Oct 23, 2011

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ian cockburn, Agent, New Orleans, LA
Fri Jul 20, 2012
1 Your credit is everything
2 Cash is king
3 before you buy, consider when you will want to sell any property you are looking at
4 Beware of Realtors that use words like "fabulous" "cute" "darling" you are buying an investment not a table in a club on Bourbon Street.
5 Insurance can make or break a deal..get this lined up as soon as you make an offer.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Sun Oct 23, 2011
If you are buying as a first time buyer the first thing that comes to mind is how many great financial benefits there are for first time lending, so check with several loan brokers for the best possible deal. Secondly, I would realize that if you are not putting a large downpayment down, your likelihood of a successful transaction will increase if you try and buy something in the best possible condition and as new as possible. Third, I would work with an agent to help you find something in a neighborhood that is most likely to start increasing in value more than other areas so you will build equity, fourth, sit down with your agent and outline your longterm goals as to whether this house will be a stepping stone to an upgrade, or a place you want to stay in a long time, and lastly, I would recommend spending the money on inspections to be sure of what you are purchasing.. Good Luck! Terry Bell, Realtor, Santa Rosa, CA
(If you liked my answer, I would appreciate a thumbs up!)
0 votes
Steven L. Sm…, Other Pro, Bellingham, WA
Sun Oct 23, 2011
My main advice would be to make sure that it is in the shape you expect it to be. That is probably not perfect, but have an inspector make sure you do not have some of the red flags present that will lead to a major bummer down the road. Make sure there are not wood destroying organisms feasting on the house, find out that the wiring and plumbing is not grossly substandard. Find out the condition of the roof and the attic, the water heater and furnace or heating/AC.
0 votes
ian cockburn, Agent, New Orleans, LA
Sun Oct 23, 2011
Buying a home in New Orleans is very different than buying a house in other parts of the country. What is value here may not even make sense in other places...this is why:
1) Location: neighborhood is important, but the distance of your house from other important parts of our culture can be a greater factor such as: a parade route, proximity to jazz fest and other such festivals, proximity to restaurants, then in order...schools, places of worship, etc.

2) Utility: how are you going to use your home? When you live in New Orleans, people WILL come visit..friends, relatives and people claiming to be both or either. This means one has to make the decision how big and how many rooms are needed relative to how you will respond to each season..Christmas, MardiGras, every weekend the Saints play in town, etc.

3) Value: forget perceived value..that is what 99% of Realtors will try and sell you...avoid agents who use the word "cute" and "precious" unless you are buying a Barbie doll or a puppy.

You are buying a commodity that is an investment you are going to live in for the long term, with hopes of it retaining value and hopefully make a profit when you sell.

4) Write down everything YOU want in a home, irreguardless of cost.

5) Now prioritize everything from #4, in order, and put a price on its value..even if not sure. To tighten up your price, goto Home Depot or Lowes and get an idea of what lets say a set of cabinets costs, or a hot water heater and other major components that make a house.

Once you understand 1-5, now you are ready to get pre-qualified. Avoid using a bank. Once pre-qualified, find yourself a seasoned, full time professional to help you find your home.

email me if you need help
Web Reference:  http://iansellsnola.com
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sun Oct 23, 2011
Location
Price
Condition of the property
Monthly expenses
Re-sale value
Web Reference:  http://www.321property.com
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sun Oct 23, 2011
Location
Price
Condition of the property
Monthly expenses
Re-sale value
Web Reference:  http://www.321property.com
0 votes
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