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Need some advice how to get started

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The more and more I have been thinking about things the more I am leaning towards buying a small modest home while the market is down.


I never purchased a house before (apparently) and would like some advice on how to get started.


Perhaps there are first time home owner workshops I could attend, which lenders/agencies to use, and to get my credit in ship-shape to qualify for a loan.


If anyone has some advice that could help me I would greatly appreciate it.


Thank you !

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I would suggest you ask around to find out if people you know have a favorite mortgage broker. The good ones will work with you personally to get you approved for an amount you can afford. The listings are all online and you can also work with a buyer agent if you wish, again try to get a personal referral.

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I'm unsure which country you live in but if it's the UK I'd strongly suggest sitting tight for now. The 'experts' are predicting the market to continue to fall into late 09.


I'd advise saving as much of a deposit as poss (around 20-25% if you can) which will put you in good stead for the best interest rates going.

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make sure when you purchase a home that you have a building inspection carried out regardless of the age of the home...a pest inspection and have a surveyors report carried out on your exact boundaries etc if one is not already available..Do not buy the first house that you like...YOU will change your mind..Start looking and do lots of it...Think low maintenance.. if you are single..think potential for improvements. extensions...resale value down the track..Avoid homes that need major renovations in the kitchen or bathroom, these are often costly, unless your handy or have good friends or family that can do the job. Never tell a real estate agent what you can afford...Give them as little information about your finances as possible, BUT tell them everything you would like in a home, make sure you like them, ask questions if in any doubt regardless if it seems silly...speak your mind..Go to some Open houses they are a good way to look through some homes without any pressure form a Real Estate agent, bear in mind that they are commission based and would often sell their mother if it raised the dollar...Good luck it can be lots of fun.. I looked at about 23 homes before I bought, and changed my mind several times after the excitement of the moment had settled..its a big step so tread cautiously...

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