10 tips for first-time homebuyers (10 items)
Editor's note: This list originally ran on HSH.com. It has been reprinted here with permission.
First-time homebuyers are crucial to healthy housing markets because they enable existing homeowners to sell their current home and purchase another one. That means if you're thinking about buying a home, you're important -- someone who owns a home can't sell it without you.
With that in mind, here are 10 tips to help you achieve your goal of homeownership:
1 of 10. Get prequalified
"You don't want to lose the house of your dreams because you weren't prequalified for the mortgage," Phipps says.
2 of 10. Target your territory
"Do some drive-bys and make sure you like the setting of the house before seeing the property," he suggests.
3 of 10. Prioritize your preferences
"You're not going to find the absolutely most perfect house," Phipps say. "If you get eight of 10 things you've prioritized, you've done very well."
4 of 10. Know your budget
"Meet with the lender and get an idea of exactly how much you're preapproved for," Phipps advises. "You want to have that conversation so you know where you stand."