3 Full Proof Things to Do When Buying a Home
Decide You Can Afford It.
Today, buying the home of your dreams is easier than ever before. Many people who thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own new home.
Buying a home is the smartest financial decision you will ever make. In fact, most American homeowners would be financially broke at retirement if it weren’t for one saving grace the equity in their home. Furthermore, mortgage rates are more flexible today than ever and tax allowance favor home ownership.
Real estate values have always risen steadily. Of course, there are peaks and valleys, but the long-term trend is a consistent increase. This means that every month when you make a mortgage payment the amount that you owe on the home goes down and the typically increases. This owe less, worth more situation is called equity build up and is the reason you can’t afford not to buy.
Even is if you have credit problems or little money for a down payment, chances are good that you can still buy that new home. Get a good mortgage broker and he/she will give you the right strategies.
Hire a Buyers’ Agent
You Need Someone to do the Heavy Lifting. If you needed surgery you wouldn’t buy a “Surgery for Dummies” book, with the idea that you can do yourself! The process of buying property is complex and stressful task. In fact, it is probable the single biggest investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicate. New technology, laws, procedures, and competition from other buyers require buyers’ agents to perform at an ever-increasing level of competence and professionalism. For many home buyers, the process can turn into an overwhelming and stressful ordeal. In addition, making the worn decisions can end up costing your thousands of dollars.
Work with a buyer’s agent who has a keen understanding of the real estate business and who is on you side. Buyers’ agents have a fiduciary duty to their clients. This means that your buyer’s agents are loyal to only you and obligated to look out for your best interest. A buyer’s agent can help you find the best home, the best lender, and the best home inspector. Best of all, in most cases the buyer’s agent is paid out of the seller’s commission, even though he/she works for you.
BE SMART, get an agent.
Get a Home Inspection
When buying a home GET A HOME INSPECTION. The small fee far outweighs the cost. Consider this perhaps your buying a $350,000 home and you pay $400.00 for a home inspection isn’t that a small OF A price to know what problems thE home has? Is the roof good? Are there leaks in the plumbing? Is there a danger of a fire due to bad wiring? Is the foundation solid? Is there something the Seller has forgotten to mention that present YOU with a LARGE repair bill LATER ON?
Buying a home is probable the most expensive purchase you will ever make. This is no time to shop for a cheap inspection. The cost of a home inspection is very small relative to the value of the home being inspected. The additional cost of hiring a certified inspector is almost insignificant. 350,000/400 As a home buyer, you have recently been crunching the numbers, negotiating offers and adding up closing costs, shopping for mortgages, and trying to get the best deals. Don’t stop now. Don’t let your real estate agent GET YOU a “patty-cake" inspector, or anyone else talk you into skimping here.
You can pay for YOUR HOME INSPECTION “out of escrow”, via credit card or plain old cash.
Knowledge is power! When you know what needs to be addressed you can ask for it. The seller may not fix everything, but you can 1) know what needs to be fixed 2) negotiate the repairs, perhaps take them off the purchase price. Most importantly your going in with the unknown uncovered EYES WIDE OPEN, you are going in powerfully knowing the facts!
Hi I am Kay.