I am working with several first time homebuyers right now, and 3 themes keep recurring. Before you get started on the road to homeownership, keep these 3 things in mind:
#1 - Allow more time than you think you will need. With the abundance of homes on the market right now, you will probably want to view quite a few before you make your final decision. After all, there are no returns on a home purchase -- you can't just take it back if you don't like it! Additionally, because of new lending guidelines, loans are taking longer and longer to close. No longer is 3-4 weeks from contract to close the norm. A much safer time frame to expect now is 45 or even 60 days.
#2 - Get a home inspection. Your cousin may be a first class handyman, but will he know to run the dishwasher through a cycle while checking to make sure the emergency heat works and the kitchen and bathroom outlets are GFCI protected? I had clients once who did not want to spend the money on a home inspection because they knew the seller, and the seller said everything was fine. The day after closing, their water heater burst and ruined all the hardwoods in the house. A $350 inspection could have saved them $3-4000 on new floors.
#3 - Get all the local professional help you can get. A Realtor can help you not only with finding homes to view but also with determining which neighborhood is best for you, which home is the most realistically priced, what zoning issues may exist, etc. A local lender is accountable not only to you but to your Realtor as well -- no one in PA at lendingtree.com is planning on getting future business from you, so they do not have as high a stake in surpassing your expectations. Finally, a local attorney will be familiar with the protocol of the local tax office, register of deeds, and lenders. This can save you from problems at the closing table that could make the difference between moving into your new home on Friday afternoon or moving into Hotel 6.
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