Home Buying Tips Contact me for more information: Home buying Tips: 1. Go over you budget. Put together a financial plan to determine if you can afford to buy and how much you can spend. It might be a good opportunity or a dream realized but not doing you due dillegence can lead to unforseen problems. 2. Evalute your options - Rent VS Own Calculator - Try this one, its is pretty easy to use. nytimes/interactive/2014/upshot/buy-rent-calculator.html?_r=0 Owning a home has many financial benefits but it should not be rushed into. 3. Get pre-approved for a mortgage. Speek to a proffesional to find out if you qualify and how much you are qulaifed to borrow. Many lenders will give preliminary approvals, but make sure your pre-approval is based on your detailed financial information. 4. Find a realtor. Many people are capable of finding a home but it can be tough to go through the home buying process alone. In some markets, buyer brokers are available,.. Most agents represent the seller, not the buyer. 5. Schedule a home inspection. Think youve found your dream home? Have an engineer walk through the home with you, the home might need work in a couple of years. If a problem arises during the inspection; it can often be addressed with an adjustment in price. 6. Start with a fair offer. The offer should be based on the other houses in the neighborhood in the past six months. Your agent will help you but the offer shouldnt be to low as to inu 7. Lending options, Depending on what your long term goals and current situation you may be better suited for different types of loans, and be aware of pre payment penalities. 8. Dont make any big purchases or take on any additonal credit obligations as it might be effect your ability to purchase the home or how much you can qualiy for. 9. Make sure your cinsider all coasts of home owner ship. Most people just focus on their mortgage payment, but you need to consider expenses such as utilities, property taxes, maintenance and repairs. Make sure you also budget for unforseen costs so you’ll be covered In case. 10. Watch the Neighborhood before you buy, get the lay of the land. Stop by morning noon and night. 11. Don’t Try to Time the Market trying to anticipate the housing market is impossible. The best time to buy is when you can afford it and you find the right house. 12. Know what kind of market your in. If your in a market with a lot of choices and not as much compition you can be paitant and aggresive with your offer. If there are limited choices and multiple offers you may have to take a different approach to get the house you want. 13. Come up with a realistic wish list. Based on the housing budget, where you want to live, and what you’d like to have in your first home. Research is important when putting together your list. Check out some homes in your price range and get a feel for what your money will buy. Be prepared to compromise if needed. You can always upgrade later, but you really shouldn’t spend more than you can afford. 14. Dont be affraid once you have done all the home work and have considered all your options. 15. Speek up. If something is concering you about the house or what certain expenses will be, etc.. ask your realtor, attorny, friends and or accountant for help.
Posted on: Mon, 16 Jun 2014 14:25:27 +0000
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