5 key steps to buying your first home, tax credit or no USA Today
25.04.10
She often finds she must start at the beginning, helping novice buyers decide whether it makes more financial sense to rent or buy. Then she gets down to the nuts and bolts: how to get a loan, pick a Realtor and look for a home.
"I tell people there are no stupid questions. Ask anything you don't understand," says Williams, with Joyner Fine Properties in Richmond, Va. "One of the biggest mistakes they make is they go to an open house and wind up buying from the listing agent. The listing agent represents the seller. They need a Realtor who represents them."
With the spring buying season in full swing, first-time home buyers are driving much of the current sales activity –– lured in part by low prices, interest rates around 5%, and a federal tax credit of up to $8,000 for those who can sign a contract by April 30 and close by June 30.
But it can be a confusing process, even for veteran buyers. Here are five tasks that Realtors, brokers and other housing experts say first-time home buyers should know how to do before getting into the market:
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Car buyers raid savings to get a great deal
Since the credit crunch, securing a loan has become much harder, so recession-hit car buyers are now digging into their savings to pay for new vehicles.
The AA questioned over 13,000 car owners to find out how they intend to fund their next car purchase. Nearly half (47%) of those intending to buy a car over coming months stated that they will partly or wholly do so by raiding their savings.
Mark Huggins, director of AA Savings said:
“Many families are reluctant to take on new debt during a time of recession and would rather cut down on luxuries in order to stretch family finances and try to put some money away. A car would have been a long way down the list of family priorities, until the launch of the Government’s car scrappage scheme which provides 2,000 towards a new car in exchange for one over 10 years old.”
The car scrappage scheme announced by the Government earlier this year has encouraged many people into buying a new car who might not otherwise have done so. In fact, in the first five weeks after the scheme was launched in May, there was an average of 15,000 orders per week.
Mr. Huggins continued:
“Criticism from some quarters that buyers suffer fast depreciation of a new car isn’t relevant because most people using the scheme are likely to keep their car for several years. And compared with their old model, it will bring long-term economies - such as less frequent service intervals, fewer unexpected repair bills and better fuel economy as well as safety and green benefits.”
If you are not among those lucky enough to have savings put aside, you may still qualify for a loan to help you take advantage of the Government’s car scrappage scheme. Just visit http://www.totallymoney.com/loans/ now to compare deals and find the best rate for you.
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