Money Saving Tips for First-Time Homebuyers

Many people who didn’t take advantage of the first-time buyer tax credit are still planning to purchase a home this year. Therefore, we’ve got some money saving tips for first-time homebuyers who want to save money since they missed out on such a big tax credit.

A few simple, yet smart steps in the wealth of opportunities in today’s marketplace can save first-time buyers thousands of dollars. So, here are some ways to save:

* Don’t buy a home if you’re not planning to stay – Many people find it hard to commit to staying in one place for more than a few years. So, if you’re one of those who find it hard to commit, owning a home may not be for you just yet. You could end up losing money if you sell sooner than a few years.

* Begin with your credit – Most homebuyers need a mortgage to purchase a home. Therefore, you should make sure your credit is as clean as possible. You can check your credit and get copies of your credit report to see what you need to do to make your credit score more appealing to lenders. If you preview your credit report a few months before you begin your house hunt, you will have time to fix any problems or errors on the report.

* Select carefully between rate and points – When selecting a mortgage, you will usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower rate. If you plan on staying in the home more than three years, taking the points could be the better deal. In the long run, a lower interest rate will save you money.

* Using a home inspector – No one wants to buy a home that has a lot of potential problems. A home inspector will give you a clear outlook on what you are buying. A home inspector report will also help you back out of a deal if the house has major problems. It can also help you negotiate the home price when accounting for needed repairs.

* Professional help – Although you can find unlimited access to home listings online, many home buyers find it more helpful when using a professional real estate agent. A professional agent will help you with strategies while bidding on a home and they have your best interests in mind.

Purchasing real estate is always an excellent investment decision and buying a property in the right area will make all the difference. You can find several great communities within Queens County that are worth your visiting.