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Today we have our buyer’s agent with us and he will be speaking about some things that first-time buyers in Bucks County should know. He will also speak about some things to avoid if you are a first time buyer in Bucks County.
For starters, buyers should know that lenders are a little more lenient than expected. You can qualify for a loan with a credit score just above 600. You don’t need an 850 score and 20% down to qualify for a loan. All you really need to put down for a $200,000 home is $8,000 to $10,000. It’s important to recognize that you don’t need a fortune to get into a home. However, it’s important to know your budget and not overexert yourself financially. Purchase something that you can comfortably afford.
"Get pre-approved to find out what you can afford to purchase."
As far as inspections go, we recommend that every single client has one performed on their prospective home. Even newly-built homes will have problems, so it is always a good idea to get yours inspected. It is well worth the few hundred dollars you spend on the inspection. You don’t want to buy a home and then find out that you need a new roof.
We also like to educate our buyers on the tax benefits of buying a home. You can save a few thousand dollars every year from mortgage interest write-offs. It’s okay to spend more monthly on a home than a rental because of this tax difference, but many people simply don’t understand this.
If you have any further questions about buying a home in Bucks County, please don’t hesitate to contact us. We look forward to speaking with you!
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