Buying a first home is one of the most important decisions a person can make, but it can be a complex process. Coldwell Banker Real Estate Corporation offers tips for first-time homebuyers with a checklist of the 10 essential steps to help make the process smooth and successful.

Step #1 - Ask Your Lender About Available Mortgage Programs: An experienced mortgage company should be able to work with you one-on-one to determine exactly which mortgage programs will meet your individual needs and what you can qualify for based on your personal information. Applicants with higher credit ratings and/or higher levels of financial reserves may receive more competitive mortgage rates. But with scores of available mortgage programs, there is usually one to meet the needs of almost any homebuyer.

Step #2 - Research the Terms of the Mortgage: Different mortgage lenders have varying price structures that can affect the amount that you pay for your home. An annual percentage rate (APR) may include the actual interest rate on the loan, as well as certain fees and costs associated with the loan. Because a customer may be paying points and other closing costs, the APR disclosed may appear to be higher than the actual interest rate quoted for the loan. Not all lenders calculate APR identically; however, it does give customers a relatively fair method of comparing price on their potential loans.

Step #3 - Get a Pre-Qualified Loan Commitment: Even before the house hunting begins, homebuyers need to determine how much they can afford. Mortgage companies or other lending institutions provide pre-qualified loan commitments. Sellers often don't take an offer seriously unless the prospective first-time buyer has some assurance of creditworthiness from a mortgage company. Shopping for a home with a pre-approved mortgage enables a customer to negotiate as a cash buyer and submit an offer on a home with confidence that the mortgage will be issued and the sale will be completed.

Step #4 - Make a Checklist: To help make the home buying process a little easier, homebuyers should create a checklist of the important features they want in a home. Location and the number of bedrooms and bathrooms are usually important. Other important questions to answer: What will the commute to work be like? Are there shopping centers, parks, and schools located near the home?

Step #5 - Find a Coldwell Banker Agent: An agent will represent the buyer's interests and help identify homes that are for sale and in the right price range. The broker also can help with such tasks as writing contracts, negotiating the asking price, and closing the purchase.

Step #6 - Make an Offer: Once you find the right house, make an offer. Be prepared for counter-offers from other buyers and some negotiation with the seller. Make an earnest money deposit, which is a check that you'll give your agent to indicate that you're serious about buying the house. The check will apply toward the sales price if the deal goes through; if not, you get it back. You should also set a time limit with your agent that the offer you've made is good for three days. If an offer is accepted, it goes to the contract phase.

Step #7 - Hire A Home Inspector: Making an offer contingent on an inspection by a registered home inspector can save thousands of dollars by avoiding unseen problems. Inspectors will check the house for any structural damage. In the contract with the seller, it should state any necessary repairs that must be made before closing on the house. Prior to closing, walk through the house and check that such repairs have been completed.

Step #8 - Buy Homeowners Insurance: Lenders require homeowners insurance to protect the new homebuyer's interests as well as their own. There are many providers so shop around for the best rates.

Step #9 - The Closing: This is where the seller and buyer sign settlement-closing papers to transfer the ownership of the home and all transactions are finalized. It is strongly suggested that you use a lawyer. Congratulations, you achieved the dream of owning real estate in the Bahamas!

A home is one of the largest financial investments – if not the largest - a person will make in their lifetime. While property values over time are determined by national considerations, the economy and local market conditions, the care and upkeep of a property is crucial toward achieving a solid re-sell. Whether you are planning on adding more rooms to create extra space, upgrading your kitchen with new appliances or putting your home on the market, Coldwell Banker Real Estate Corporation offers some essential home improvement tips that might increase the value of your home.

Kitchen Makeover: Out of all the rooms in the house, the kitchen is the most popular to remodel. According to Remodeling Magazine, money spent to upgrade a kitchen produces the highest return on investment. "Hot" kitchen makeover trends include adding dual sinks, cooking stations, extra-long dishwashers, under-cabinet lighting, warming ovens and wine coolers.

Bathroom Fixer-Upper: Upgrading a bathroom is also a sound choice and will usually provide a significant return on investment. Large bathrooms are typically on the top of the list of priorities for those seeking to purchase a home. Adding skylights and jacuzzis are also attractive selling features. If you don't have the room to expand or to accommodate larger appliances, or you don't think you'll be living in your home long enough to enjoy the changes and/or see a return on this kind of investment, stick with neutral, mid-builder level updated cabinetry, refreshed flooring and shower/tub, or a new sink and toilet.

Outdoor Living: With its warm climate almost year round, Bahamas homeowners enjoy outdoor living. Decks, outdoor kitchens and swimming pools all enhance the value of real estate in the Bahamas.

Room to Grow: Adding a room or two, such as a spare bedroom or a study, is a significant home improvement that you will be able to take advantage of every day. In addition to the much-needed extra space, it can also potentially provide you with a good return on your investment when it comes to selling the property.

Landscaping the Lot: A professionally landscaped yard can certainly increase the "curb appeal" or desirability of a home. In fact, beautifying your lawn can be one of the most inexpensive home improvements. Additional simple landscaping projects include trimming and edging the grass, manicuring the trees and shrubs to open up the view of the house, removing any dead plants and planting flowers to brighten up the yard.

Repair Jobs: While many homeowners may want to update and remodel their kitchen, if the roof needs fixing, then they should prioritize these necessary repairs over any cosmetic changes. This applies to both sellers and those who plan to stay in the home for years to come, as these essential repairs must be taken care of before they cause the house to lose value. It is vital to look after the minor problems such as a leaky faucet or a loose cabinet to ensure that your house doesn't undergo any long-term damage. As soon as you notice a problem, fix it since this will help avoid a larger expense later on.

Cosmetic Touch-Ups: A paint job, new double-paned windows and new carpeting will increase the price of a house virtually dollar-for-dollar. Neutral colored paint and eliminating clutter can make a world of difference. However, don't go overboard with home improvement projects that will push a house too much above the current average value of homes in your neighborhood. It is important to make sure that your home has standards that are in-line with the other houses in the neighborhood, but you do not want to price yourself out of the market.

Home Improvement Professionals For Hire: Whether you need an architect, gardener, interior designer or contractor, it is always important to do a background check prior to hiring a professional. Get references from family or friends and interview them - checking is critical.