South Florida-based real estate agent Melkoy Mason provides his top tips for first time home buyers during this seemingly problematic period in real estate and the economy.
It’s always a good time to buy.
Mason’s first tip clears up the misconception that there are bad times to buy. “Everyone needs somewhere to live,” Mason states. He goes on to point out how needlessly terrified of home ownership people can be. “People think owning a home is a big responsibility, but it’s actually peace of mind,” he illuminates. He notes that there’s no cap on rental rates in Florida, while interest rates on mortgages currently cap at six or seven percent.
Find the best mortgage program to fit your needs.
According to Mason, a great mortgage loan officer who can find the best mortgage program to fit your needs, is extremely important. For example, he points out there are mortgage programs set up for first time home buyers, as well as programs that are specifically for certain types of professionals, among several others.
Start with your credit score.
Mason notes that a 680+ credit score will help you land the best mortgage scenario possible. If possible, take some time to build your credit score before you begin the process of looking for your first home, he advises.
Factor homeowners insurance into your monthly expenditure calculations.
In markets like Florida, with seasons of possible extreme weather, such as hurricane season, homeowners insurance is even more invaluable. Also, ideally any home under consideration for purchase should be built after 2002 and possess a few basic amenities such as hurricane straps, modern roofing, modern plumbing, and modern wiring. Your real estate agent should be able to provide information on the status of all of these, but you should also talk to insurance agencies about the current rates for potential homes, Mason advises.
Get a home inspection.
Mason explains that a third-party home inspection should always be a step on your checklist when buying a home. A home inspection covers many aspects, including investigating plumbing, wiring, drainage, stabilities, and possible infestation of termites, rodents, etc. Mason notes that the last thing you want is to be two months into paying off the property and discover what would have been a definite deal breaker.
Hire a good real estate agent.
A good real estate agent makes the process near frictionless, Mason says. This is someone who is paid to demystify the process and guide you every step of the way. He advises taking your time to find a good real estate agent, because you want the best to work for you. Bad house hunting stories usually have bad agents, or prospectors who ignored good ones.
