Buying a home for the first time can be an intimidating commitment. Young business professionals and couples want to make sure they are making a wise investment decision when agreeing to pay for a mortgage and become owners of a property. With so many details to think about, first time home buyers are hungry for guidance on how to properly make this important next step in their lives. This is where real estate developer and successful entrepreneur, Shalom Lamm steps in to offer advice to curious consumers.
After graduating from Yeshiva University and obtaining a Master’s certificate in American Military History, Lamm went on to make a name for himself as a “business pioneer.” He served as a member of the Board of Directors of the Jewish Institute for National Security Affairs. In addition, he was the founder of the Hatzoloh Medical Rescue Squad on the West side of Manhattan. Lamm currently resides in West Hempstead, New York and is the CEO of the nonprofit organization Operation Benjamin. Their mission is to preserve the memories of the many American-Jewish soldiers who died during World War II and were mistakenly buried under Latin Crosses instead of representing their true heritage with the Star of David. Lamm feels passionately about setting the record straight helping out the families of the fallen soldiers.
With so many years of experience in the world of business, Shalom Lamm is very familiar with the ins and outs of the housing market. Here are some tips from Shalom Lamm that will help first time home buyers be as prepared and educated as possible before making that exciting financial decision:
- Start Saving Early
Between down payments, closing costs and other moving in expenses, young home buyers will want to have plenty saved up in the bank in order to relieve some financial stress. Obviously no house is perfect, so considering repair costs and other maintenance issues will be vital to determining which house is the most affordable by your budget.
- Check Your Credit
An impressive credit score is the golden ticket to making any long term investment. As long as home buyers are paying their bills on time and tracking their credit score on a regular basis, they should have no problem when trying to buy their first home.
- Choose a Real Estate Agent Carefully
Ask other home buyers about their experiences with various real estate agents and get referrals on who has a good reputation. Renowned real estate agents will do a stellar job at analyzing the market and helping you through the negotiation process.
- Stick to Your Budget
Do not feel pressured to spend outside of your budget, because it will come back to haunt you later on. Stick to your guns and set a permanent price range. Better yet, take a look at some houses that fall below your price range to give yourself some breathing room.
- Pay for a Home Inspection
Lamm’s final piece of advice for first time home buyers is to invest in a home inspection. This will give buyers a sense of issues with the home structure and mechanical systems. By attending the inspection, buyers get the opportunity to ask questions and get a better feel about if the house is a good fit for them.
With these tips in mind, young couples and professionals are sure to make an informed decision when planning to buy their first home. We hope this article has helped curious minds gain some insight into all of the details that go into buying a house. With as much experience and knowledge as Shalom Lamm, he definitely knows what he is talking about and people should tune in to what advice he can pass along.