You want to Buy
One of the biggest financial choices made throughout life is purchasing a property. This decision must be made carefully, whether this is your first purchase or if you are an experienced buyer.
Why do you want to buy?
Have you decided to pay your own mortgage and not your landlord’s? Are you tired of paying rent? Are you looking for an investment portfolio? Have you outgrown your present home? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different neighborhood? Do you want to lessen your commute? Having a strong sense of your motives for buying will help you choose the property you want.
Has your income grown?
Property ownership is an excellent investment; whether you are looking for your ideal home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least dangerous ways to grow equity or to obtain a greater return on an original investment.
With so many different aspects to consider, real estate can appear an overwhelming area to enter. It is crucial to make sure you are at a point of your life that you can fully commit to this important milestone in a steady financial state.
Along with saving and possibly starting to earn extra cash, make sure to check your credit score, which is vital to buying a home and qualifying for low interest rates to make your purchase more affordable. Consulting a lender will inform you on your eligibility for a mortgage and if you need to consider a down payment assistance program. Not only will you need cash reserves to purchase a property, but also be able to prove to a lender that you can keep up with housing payments – so start cutting spending and upping saving as soon as you can! Talk to us if you need help finding a lender.
A perfect way to get started and increase your knowledge is to attend a seminar on the home-buying process, often provided by lenders, agents, or local governments. Contact us for more information. For an in person experience, you can start scouting out new areas that hold potential, in order to to help you visualize your priorities of amenities. As soon as you have this narrowed down, going to open houses will help you understand what you value most in a property and what works with your financial plan.
Choose a real
While visiting open houses, not only will you get to see various properties, but you will be able to meet the real estate agents who represent the sellers. Buying a home is not a task to take lightly, meaning you need to entrust this to someone you know will use the very best of their abilities for you. This means you should talk to multiple agents with experience in your area, community, and price point before deciding who will be your guide through your home-buying journey. Contact us if you have any questions and if you want to learn more about our beautiful communities.
Time to go
With your real estate agent’s help, narrowing down your selections for buying should be a much easier task to accomplish. After narrowing down your preferred specifications (e.g., pricing, size, and neighborhood), make sure to assess the real estate market value in the area. Choosing a property in an area with a good school system could be important if you have children, but it also helps to keep the property value. Be careful of being too particular with your preferences, permitting for a cushion in pricing and widening your ideal location boundaries. Don’t be wary of asking as many questions as you need to about properties you could be interested in.
Always remember to have written records of any verbal agreements, like counter-offers and addendums, and have them signed by both parties. An Escrow Company will hold the deposit in escrow and make sure there are no issues with the title or any restrictions on the property that aren’t listed (like building or parking restrictions). Try to speak to a tax advisor or lawyer about the various ways to hold title, as each can have varying estate, legal, and tax implications.
After your offer’s acceptance by the seller, a licensed property inspector is required to inspect the property within a decided timeframe. This can either result in a successful close or a request for renegotiation from the buyer. Make sure to keep in close communication with your lender to know when additional documents will be required for your loan application. The property will be evaluated by a licensed appraiser to determine its value by a lending institution, via a third party, to confirm their investment in your property is valid. This comes from a basis of combining operating income, square footage, building costs, recent sales of similar properties, etc.
Before moving in, remember to research property insurance – this will especially be required if you’re obtaining a loan. Its value is dependent on the lending institution and the property’s purchase price, but don’t be afraid to look around to potentially save a decent amount of money. You can also save money by considering a slightly higher deductible to lower your premium, asking your insurance agent about discounts, and insuring just your house – not the land under it.
To make your moving-in experience simpler, make sure you take care of projects such as repainting and carpeting before the furniture is moved in. Determining garage and closet storage systems before will also save you from having to move your belongings around several times. Packing an easy access first week kit and an unpacking tool kit, as well as getting spare keys made, will prevent disorganization stress. During this journey, don’t forget to update all your accounts, banks, friends and family, and providers with your new address. Finally, remember to be excited for this new beginning in your life!
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