Top things to know about buying a home


1.  Don’t buy if you can’t commit to staying in one place for a couple of years.
If your job is one that requires a lot of moving, then owning a house is probably not for you at the present time. With all of the transaction costs of buying and selling a home, you may end up losing money if you sell to soon.

2. Start by shoring up your credit.
Since you’ll most likely need to get a mortgage make sure you credit history is clean as possible. Before you start house hunting get copies of your credit report and correct any problems you discover.

3. Look for a house you can really afford.
The rule of thumb is that you can afford a house that runs about two and-one-half times your annual salary.

4. Don’t worry if you can’t put down 20%.
There are many lenders who, if you qualify, offer low interest mortgages with only 3 percent down.

5. Get a professional realtor to help.
Even though the print Media and the Internet gives home buyers unprecedented access to home listing, most buyer are much better off using a professional agent.

6. Before house hunting, get pre-approved.
Getting pre-approved will save you time and grief by not looking at houses you can’t afford.

7. Hire a home inspector
Hire your own home inspector, preferably an engineer with experience in doing home surveys. His job will be to point out potential problems that could require costly repairs.

8. For more information go to http://realestate.msn.com/