Are You a First Time Home Buyer?
Here are some hints when looking for your first home.
Be realistic about your Price, Always visit a good reputable Lender when getting Pre-Qualified. They should ask for your financials, Current Pay Stubs, and check your credit before they pre qualify you. During this time
you will know the interest rate and monthly payment you could expect when looking for your first home. Next, If your Qualified for lets say $200,000 and you find a home for $175,000, if you and your Realtor discuss and make an offer for $165,000. Submit the offer along with the Pre-Qualitied Letter for the amount you are offering $165,000, NOT! The $200,000 you are Qualified for. You and your Realtor would be making a big mistake if this happens.
Criteria when searching for your First Home, What you buy , is what you get. First timers come in all shapes and sizes, Fixer uppers, investors, friends , married couples. This will be your largest purchase of your life, and will be with you
on average 3-5 years or longer. So, this being said, before you start looking you should know if you like fixing things, or you would like a move in ready home. Another thought, do you want a nice subdivision or do you need a little space for your mini ranch. Lots come in two types, Square footage and Acreage.
Neighborhood and Communities, If you like information on schools, Churches and Entertainment your local realtor can assist you with the based on questions you may have.
Water Water Water! living in New Mexico, Water is a big issue. When searching for homes you will see terms like, Well and Septic, Water haul, Community Water, and No Water.
Well and Septic, this means the property has it’s own well on the property or it is shared with neighboring properties.
Water Haul, this is where possibly the property once had a well and now the well is dry or the water table has dropped and is pumping much less than before.
Community Water, this is where wells are monitored with a water company and water lines go to subdivisions and communities, home buyer not responsible for maintaining the well system. Monthly water service will be billed to the home owner.
No Water, Wells in area, this means you need to provide your own water system, dig a well or set up a water collection system, have water delivered.
If I missed anything please give me a call and I’d be glad to assist you,
Have a great week,
5 State Road 344, Suite 1A
Edgewood, NM 87015
505 281-3119 Office
505 440-6878 Direct