7 Tips for First Time Home Buyers in Fairbanks

  With continuing low mortgage rates and excellent values in homes now makes you want to get on the home ownership band wagon, get educated first:  

Here are some tips to keep in mind when starting out on buying your first home.

1. Get financially ready - Sit down with a lender and go over all your income  and your debt and find out how much home you can afford and get it in writing. Then learn about the homes for sale in the area you want to buy.  Prices can change from one community to another.

• 2. Take your time - Start your search online, in magazines then take a drive by. You may love the home on paper but once you see the neighborhood, you may have a different oppinion. Let me get started on a search for you of the entire Fairbanks real estate area. Make sure to include details such as layout and yard size not only how many bedrooms and bathrooms you may need.

3. Realize you may not find the perfect home - The perfect home probably doesn't exist so don't set your sights so high that you will be disappointed with every home you view. Keep in mind the amenities you really want and those you can live without if the right home comes along.  Make a list of what's important to you — size, condition, location, style and price. That way you can zero in on a home that comes closest to suiting your wants and needs.

• 4. Make sure you are present for the inspection - I recomend always getting an inspection on a home even if you are buying the home regardless, but I also recommend going with the inspector on the inspection. A good inspector will go over all the details of your home present and future issues. Your roof may be fine now, but in the next five years will need replacing and an inspector can go over all the potential issues with you on the spot. (My Spokane property expert has an excellent article on home inspections)

5. Pay attention to the little things -  Sometimes you can get so wrapped up in the excitement of a new home that the details can get overlooked. Pay attention to how a home smells. A strong odor — especially a musty one — can be an indication of a bigger problem such as mold.  Look at small details, not just the big picture. If there are cobwebs in the corners, dirty windows, weeds in the lawn and leaves in the gutters, the sellers obviously didn't do a good job of keeping the property clean. If they haven't taken the time and money to maintain the little things, there's a chance they've let big things, such as plumbing or the heating and cooling system, fall into disrepair. (My Klickitat county real estate affiliate has a great article on the power of smells.)

• 6. Be ready to negotiate. Buyers are in a great position right now as there are so many sellers and not many buyers. Try to be sensative to the sellers out there that have lowered their price almost below what they owe but still you are in a great position to request a lower price, closing costs or inspection repairs.

7. Don't spend all your money on the down payment. If you're moving into your first home, you'll have to buy things you never needed before, such as lawn mowers, yard tools and major appliances. Also, the inspection is usually done out of pocket so keep some extra aside when buying a home for this cost.

Learn more if you are scared to buy here.

If you have more questions as a new home owner give me a call today! First time home buyers this year can receive an $8000 tax credit on their 2009 taxes! My Enterprise AL real estate affiliate has more info on this topic. For all North Pole real estate and Fairbanks Alaska real estate give me a call today! 

REAL ESTATE SOURCES: My Santa Fe real estate connection has excellent buyer help for the New Mexico region as well as Ruidoso homes and land for sale.  Raleigh Real Estate North Carolina Triangle Real Estate including the cities of Raleigh, Durham, and Chapel Hill.