New Article: 12 Tips for First Time Home Buyers in 2012

Buying a new home means taking a major financial decision but nevertheless it is a very exciting prospect especially for the first time home buyers. Home ownership will be an affordable acquisition only when a few parameters like the down payment issue, mortgage cost, property tax, insurance, utility costs, etc are well within your monthly household balance sheet.

If you are one of those first time home buyers you would want to be prudent about seeking a house that is in ship-shape condition. In other words the house has to be in a good state, have a sturdy foundation, have proper roof, walls, ventilation, plumbing and electrical fittings.

There are some more useful and practical tips which can save your money, time and effort which you need to deposit like any of those first time home buyers.

Some of them are:

1. Start by making a list of some possible locations where you would prefer living.
2. Know your affordability. Mortgage calculatorsare a great help to do this
3. Never be hasty in taking a decision but check as many houses as possible until you come across a home with which you feel a connection.
4. Check the neighborhood as bad neighbors are bound to depreciate the value of the whole neighborhood.
5. Dirty walls and ugly houses are minor repair issues and not a reason to dismiss a house. Value of such houses can be augmented by some twists and turns.
6. Checking the house basement is sensible and also checks for molds. Check the furnace and water heater too.
7. Remember that renovating a damaged pool is a costly affair.
8. Check the house roof for any cracks or leakage.
9. A well painted house need not be a worthy house. Try to see beyond the attractively painted walls. Sometimes new paint is used to hide a lot of major defects.
10. Real estate agents and brokers are experts in property deals but do use them to augment your own research.
11. Remember that a house close to markets, hospitals, schools etc has high resale value. This can prove to be beneficial to you also if you have kids.
12. Any appealing property is worth deciding for a purchase but do take time to drive around during different times of the day to check if it is really a suitable neighborhood and suits your taste.