10 Overlooked Tips for First-Time Home Buyers — via Mark Luciani

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Transcript of 10 Overlooked Tips for First-Time Home Buyers — via Mark Luciani

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10 OVERLOOKED TIPS FOR FIRST-TIME HOME BUYERS

This presentation consists of insights from the professionals at America One Mortgage Group®.

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How to Pay Down Your Mortage Quicker

Using 401k or IRA Retirement

Sweat Equity

Down Payment

School District

Boundary Questions

Things to Consider During Inspection

HOA Documents

Qualification

Biggest Source of Stress

Additional Help

America One Mortage Group

Credits

To pay down your mortgage quicker and own your home sooner:

Insight #1

To pay down your mortgage quicker and own your home sooner:

Make bi-weekly or weekly payments

Insight #1

To pay down your mortgage quicker and own your home sooner:

Put extra money toward the mortgage when you can afford it

Insight #1

To pay down your mortgage quicker and own your home sooner:

Check out these extra tips from Tony Robbins’ MONEY: Master the Game

Insight #1

Insight #2

Consider using your 401K or IRA retirement accounts as source for your down payment. Depending on the type

of retirement accounts you have, you may be able to make withdraws for a 1st time purchase without penalties or taxes, or you may be able to borrow against it.

Insight #3

Sweat equity can save thousands. If you have the skills, time and patience to live

with dust and debris for a little white, do-it-yourself home improvement projects can

save you a huge chunk of money.

Insight #4

Definitely consider a down payment. Putting some money down is a good idea

for any homebuyer because it minimized your risk and lets you start off with some equity.

Insight #5

Your school district will affect your home’s value. Even if you don’t have kids,

be sure to look into a neighborhood’s school district before buying a home, as living in an area with a sought-after school system

raises your property value.

Insight #6

Answer boundary questions early on. You can’t always rely on the seller’s knowledge

of the property, so getting a land survey will clear up any uncertainty.

Insight #7

Dig deep during inspection. Things to consider:

Insight #7

Dig deep during inspection. Things to consider:

Draining

Insight #7

Dig deep during inspection. Things to consider:

Stucco issues

Insight #7

Dig deep during inspection. Things to consider:Roofing materials

Insight #7

Dig deep during inspection. Things to consider:Building materials

(consistency in the architectural style)

Insight #7

Dig deep during inspection. Things to consider:Electrical wiring

Insight #7

Dig deep during inspection. Things to consider:

Moisture stains around the ceiling, walls or windows

Insight #7

Dig deep during inspection. Things to consider:

Faulty wiring

Insight #7

Dig deep during inspection. Things to consider:

Heating/cooling system defects

Insight #7

Dig deep during inspection. Things to consider:

Plumbing

Insight #7

Dig deep during inspection. Things to consider:

Insulation and ventilation in the attic

Insight #7

Dig deep during inspection. Things to consider:

Potential environmental problems

Insight #8

While your HOA documents aren’t exactly fun to read, be sure to carefully review everything if you want to avoid unpleasant surprises down the road.

#ProTip: Talk to residents in the neighborhood and get opinions on

how well the HOA does its job.

Insight #9

Don’t feel obligated to spend every dollar you qualify for. If you don’t, you can open yourself

up to more options and better possibilities.

Insight #10

The biggest source of stress for first time homebuyers is a confusion with the escrow and mortgage process. Be sure to get this

explained to you from the experts so you’re prepared. Be sure to research Yelp or Zillow for an agent’s past performance.

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