Homeowners’ benefits accrue to cautious buyers

There are many benefits to owning a home, an investment that usually increases in value over time.

Here are some tips that first-time home buyers should consider before making the final purchase:

. Consider using a real estate broker – Most are well-equipped to guide you through the process. Be aware, however, that brokers serve the interests of those they work for – and not necessarily your interests as a buyer. A common practice is for a seller to hire a broker to find someone willing to buy the home. As a consumer, you can hire your own real estate broker, sometimes called the “buyer’s broker,” to represent your interests.

. Select an attorney – A lawyer can help you understand all of the necessary documents and prepare you for the settlement of the deal. It is useful to pick one who has experience in representing home-buyers and who will be looking out solely for your interests. Ask if the attorney will represent someone other than yourself in the transaction; in some areas, attorneys act as settlement-closing agents or as escrow agents. This means that the attorney could also be representing the seller, the lender or others.

. Have a home inspection conducted before the sale is final – Home inspectors check for the condition of the roof, windows, plumbing, heating and other structural elements. Consider paying for the inspection yourself, so that the inspector will be working solely for you. It is a good idea to accompany the inspector when he or she checks the home so you can ask questions and take notes. You may also want to include in the agreement of sale the right to cancel if you’re not satisfied with the results of the inspection.

. Consider your environment – If you buy a house built before 1978 you have rights when dealing with lead-based paints, which were used in many homes constructed before that year. Lead also can sometimes be found in the soil around the home or in drinking water. Lead can enter the body – even through breathing – if people have contact with objects covered with lead dust. Lead is particularly harmful to children. Your seller or sales agent is required to give you a pamphlet or informational sheet from the Environmental Protection Agency on how to protect your family against lead-based paint.

. Consider buying title insurance – It will protect you against loss resulting from claims by others against your new home.

Sources: U.S. Department of Housing and Urban Development, Real Estate Settlement Procedures Act