Rutland VT Home Buying Tips
The thought of buying your first Rutland VT home can be intimidating…but it doesn’t have to be. Below are tips to guide you through the intial stages of buying a Rutland VT home.
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
For more about buying a Rutland VT home or South Central VT, visit ISellVermontRealEstate.com. And give me a call so I can get to work for YOU!
First Time Buyers are Picky, Picky, Picky!
Wells Fargo Home Mortgage has just revealed a study of first-time home buyers and just what they are willing or not willing to compromise on when buying a home.
Both buyers and sellers may want to take note of the findings:
40% are unwilling to buy a home smaller than the’d like.
40% are unwilling to buy a home needing significant improvements.
46% will not buy further from work than they would like.
70% will not move to a less desirable neighborhood.
97% of first-time home buyers would never go back to renting.
77% believe buying their home is the best investment they ever made.
Nearly 75% of first-time buyers believe that the value of their home will go up in 2006.
78% of renters believe that it is generally true that people cannot obtain mortgages without perfect credit, and 52% of renters believe that they personally can’t get a mortgage because of credit issues. But 46% of the first-time buyers surveyed didn’t believe their credit was “excellent” or even “very good.”
56% of renters believe that a downpayment of 15 percent or more is required when buying a home, and 55% believe that size of a downpayment is a personal barrier for them. But 74%reported they put less than 15 percent down.
I believe “picky” is a good thing. Buying a home is the largest investment most of us make and it needs to be right for you. Contact me, or visit my website, if you are thinking about buying a home near Okemo Mountain in Vermont. I am glad to work with “picky” buyers!