When purchasing your first home, you need an investment plan. Regardless of whether or not your first real estate
purchase will be your primary residence or not, you need to plan your long-term and short-term investment goals. This is the step that many people skip, sometimes to their own peril in real estate.
It is imperative that you prepare a real estate plan so that you are aware of all costs associated with your purchase and go into a transaction fully aware of the consequences. It is important to me as a REALTORS® to make sure that my clients are fully informed of the home-buying procedure from beginning to end. Real Estate is still one of the single best investments you can make in your life to build wealth but there are risks.
- Shift your mindset from homeowner to business owner. This is an asset.
- Know the neighborhood you are purchasing in. (Schoo ratings, market prices, trends, fees and laws for buying in a particular town, average real estate taxes, crime, etc…).
- Stay Educated. An educated buyer is a well-prepared buyer.
- Understand the Risks.
- Know your taxes and make sure you are prorated the correct amounts.
- Shop for homeowners insurance. Check to see if flood insurance is required.
- Build Your Real Estate Team. Agent, Lender, Attorney.
- Purchase title insurance.
- Know the difference between closing costs and down payment costs.
- Do not jeopardize your credit by making purchases or closing accounts during the approval process unless otherwise advised by the lender.
Key professionals to help you in your Real Estate goals: REALTORS®, Lenders, Tax Accountants, Financial Planners, Credit Repair specialists, and Real Estate attorneys.
Valencia Jacobs Brown
567 Pleasant St. Suite #8, Brockton MA, 02301