Video:What to Know Before You Buy a First Home

Transcript:What to Know Before You Buy a First Home

Hi, My name is Leanne Goff with walnut Realty in Boulder, Colorado and I am here with About.com to talk about what to know before you buy your first home.

What to Know Before You Buy a First Home

There are lots of benefits for buying your first home. There is a tax incentive; you get too write off the interest from your mortgage. There is also the appreciation in value in your home over time.

Things to Consider Before You Buy a First Home

The first step when searching for a home is to evaluate the parameters of what you need. Things like square footage, number of bedrooms and bathrooms, these are important characteristics that you'll need to live with. Buying your first home is a big deal, and there are different levels of motivation that will spur people to start searching. Some people need to find a home in as short as two weeks, other people need to take a little bit more time, maybe two to four months; this is a big decision.

Tips for Before You Buy a First Home

Most people, 80 percent or so start with the internet. This is a great place for you to go in and put the search parameters that fit your lifestyle so you can see what is available in your market. Most properties will have a virtual tour, extensive photography , details about the property, square footage, on the internet, which will give you a better idea before you get in the car and go look.

Some people think you will get a better deal if you call the listing agent, and you may, but remember the listing agent has a fiduciary duty to the seller. A more strategic plan would be to obtain a buyer's agent who has a fiduciary duty to your needs.When you are done looking on the internet and you are ready to go see homes, it's important not to see too many. trust me, I am a realtor and after i have seen 10 homes it's hard to remember what that first one was like. It's a better idea to see 4, 7 homes, that way you remember your favorite thing about each one. Another tip i do for my clients is I print out a sheet that has all the property information on it and while I am at that home I make little notes that will help me remember the standout points that I liked or didn't like about the property.

Another tip is to bring a camera that way you can snap off images or take a video clip of what you liked or what you had a concern about. It's a good idea to not have one home that you have your heart set on, but to have two or three homes that you really like and feel that you can be comfortable in. That way you can take a step back, look at the pros and cons of each property and find the one that is the best fit for your needs.

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