PREPARE PRIOR TO START LOOKING FOR A HOME
1.Determine you Budget.
2.Contact a lender to provide you with information you need as loan rates and loans available. Get Pre-Qualified before you begin your new home search.
3.Get professional help find an agent you can trust and who’ll help you with the buying process, a Real Estate Proffessional will assist you with the buying process from beginning to end.
4.Take the time to search for a home that suits you and meets your personal/financial needs.
5.Become familiar with your rights as a home buyer.
6.Learn more about the area market you are interested in.
7.Get a home inspection – When making the decision to not invest in a home inspection, you’re risking incurring extra expenses and possibly hidden defects in your house.
8.Make sure to obtain a home protection plan is included in the sales transaction.
Typically, completing a real estate transaction in today’s market involves multiple steps. Learn more about what’s necessary to prevent potential negative situations.
Tips for buying a house
The top 10 things you need to know when buying a home.
1. Don’t buy if you can’t stay put.
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.
2. Start by shoring up your credit.
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
3. Aim for a home you can really afford.
The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.
4. Down-payment. If you can’t put down the usual 20 percent, you may still qualify for a loan. There are many programs available to assist buyers, contact a lender and inquire about what will work for you. There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a small down payment.
5. Research the School Districts.
In most areas, this advice applies even if you don’t have school-age children. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers.
6. Get professional help.
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent who will have your interests at heart and can help you with strategies during the bidding process.
7. Choose carefully between points and rate.
When picking a mortgage, you usually have the option of paying additional points a portion of the interest that you pay at closing ,in exchange for a lower interest rate. If you stay in the house for a long time ,say three to five years or more, it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.
8. Before house hunting, get pre-approved.
Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
9. Do your homework before bidding.
Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.
10. Hire a home inspector.
you should hire your own home inspector, preferably a licensed professional with experience in doing home inspections in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.