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Tips for buying residential real estate for the first time

Buying a new home is a big undertaking for anyone. For those who are new to the residential real estate market in Delaware, the many professionals, prices and considerations involved can feel overwhelming. Keeping a few tips in mind will help the process go more smoothly.

With the advent of the internet, many people are trying to buy residential real estate in Delaware without finding a real estate agent. This can be a big mistake for first time home buyers. A real estate agent and lawyer are both critical members of a new home buyer's team. It is also important to work with the bank as soon as possible to understand what one's credit will allow and pre-qualify a realistic loan for a new home.

Homes come with many expenses, including cooling and heating costs, maintenance, insurance, and property taxes. Keeping all these in mind, along with the mortgage payment, is important for buyers trying to set a budget. It is a good idea to focus on the location of the home, as other things can be changed or renovated but where it is located cannot be adjusted. Finally, ensure the home goes through a thorough, third-party inspection before signing any paperwork.

Buying residential real estate in Delaware can be both exciting and challenging. Hiring the right inspector and real estate agent can help ease the process and protect buyers from unexpected surprises. A real estate lawyer is also critical to protect buyers from legally questionable situations while going over all necessary paperwork.

Source: Reader's Digest, "Buying Your First Home: Mistakes to Avoid", Catherine Holecko, Feb. 27, 2018

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