The best way to make sure you choose the right home is to properly prepare yourself. The purchase of a home is a tremendous investment, both monetarily and emotionally. The purpose of this page is to provide you with some tips to help your transaction progress smoothly and result in you being a happy homeowner. There are many steps involved in locating and selecting the right property. We believe that education is power. The more you know about the local market and the home buying process the better. Take the time to prepare yourself before you start your search.
Your home is likely to represent one of the largest investments in your life. In order to make sure the transaction goes smoothly it is of vital importance that you choose the right agent to represent and protect your interests. The right agent will be someone whose experience and personality make you comfortable. You should try to find an agent that is familiar and knowledgeable about the area you plan to buy in. A great agent will save you time, hassle and money. And the best part is working with a great agent will cost you nothing! Real Estate commission is typically paid by the home owner on listed properties. That means you can have professional representation with no out of pocket expense.
Do you already know how much home you can afford? There is nothing more frustrating than looking for a home, finding the perfect home, then discovering it is out of your price range. Speak with a lender to learn about the different financing options available to you. When you find the right lender, get the paperwork process started so you will be ready to buy once you find your perfect home.
When you’re looking at buying a new home, it is important to know what you NEED and what you WANT so that you can narrow your focus and make best use of the time you have to tour properties. It’s also wise to consider value items, or features that add value to the property and to future buyers. When evaluating your NEEDS and WANTS, it's a good idea to consider value items with more weight than things that are personal preference but add little value.
In order to determine what you can afford a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance and mat effect your ability to purchase.
The last thing you want to discover after you have bought a home is that you have purchased a "money pit". By "money pit" we are referring to a home full of defects which will end up costing you a lot of money. Save yourself from future litigation by bringing in a licensed home inspector before you buy. If any problems are found the report will help you make an informed decision or negotiate a better purchase price.