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| What to consider before buying a home? | ||
DON'T LET YOUR EMOTIONS CLOUD YOUR JUDGEMENT.WORKING WITH PROPERTY AGENT? You have to find and choose a good local agent that have an experienced at knowledgeable stuff and good name in the town, don’t let yourself being ripped off by entrusted and unprofessional agents. Real estate agents represent buyers, sellers, or both —they can work as neutral facilitators for either party. It's essential to understand agent duties and loyalties before you make first viewing. HOW MUCH YOU CAN AFFORD? If you have decided that buying a home is right for you, the first step is to determine what you can afford . Do you know? Probably not, unless you've talked with a lender. Pre-approval helps you in other ways. Consider this scenario. A home seller gets two similar offers. One is accompanied by a letter from the buyer's bank that states she is pre-approved for a mortgage in the amount of the offer. The other has no supporting documents. Which offer do you think the seller will consider first? UNDERSTAND HOW MORTGAGES WORK Get familiar with the mortgage laws, structure and options. That way, you will be able to decide on the right loan and lender — crucial to your home buying success. It's up to you to determine which lender is best for your needs, and it's always a good idea to have at least a bit of background about the loan process before you talk to a lender. SORTING OUT YOUR NEEDS AND WANTS Buying a home isn't as difficult as you might think, even if you're short on funds. But the process will go a lot smoother if you get familiar with your real estate market and narrow down your wants and needs before you start looking at properties Ask how much are utilities and annual payments/property tax, garbage tax, maintenance etc. Century Homes recommends looking into the property zoning, as well as any potential easements, liens or other restrictions relating to your property. The seller should disclose these facts, but it’s better to be safe. In these days utilities and other monthly expenses are a big part of your monthly budget, so don’t underestimate them. ADVANTAGES AND DISADVANTAGES OF OWNING A HOME. The most obvious benefit is that it’s yours. Another major benefit of owning a home is that some of your monthly mortgage payment comes back to you in the form of equity. When you pay rent, you will never see any of that money again. Since your home can become an asset, you also have the potential to make money if you can sell it for more than you originally paid. In some cases, this profit may even be tax-free. In addition, you may be able to tap into the equity of the home while still living in it in order to make improvements or consolidate debt. Finally, let’s not forget that there may also be additional tax benefits from owning a home. In many cases, the mortgage interest and property taxes you pay are deductible. Even though there are many positive aspects to buying a home, let’s not overlook the potential drawbacks as well. be lowering your overall tax burden. When you own your own home, there may be many unexpected repair and maintenance costs that you otherwise wouldn’t have if you were renting. Another thing to consider is the potential to actually lose money on the house. While over time real estate has generally gone up in value, there are times when the real estate market stays relatively flat or actually declines. Depending on the costs associated with the sale and the actual amount you sell the house for, you could lose money. Finally, buying a home is a long-term proposition. When you rent, you may only be bound to a month-to-month or annual lease, so picking up and moving can be done on relatively short notice. Once you buy a home, it isn’t as easy to just pick up and move. You have a significant financial obligation, and the process of selling a home may take several months to complete. So, when you are buying a home, take the time to understand the benefits and drawbacks, and make sure you are doing it for the right reasons. MAKING THE OFFER There's no one set of instructions that can cover all the differences in real estate laws and customs that exist throughout, so the mechanics of making an offer and its specific contingencies depend greatly on your area. That's why you should sit with your agent, attorney or advisor to fine-tune your offer and take care of all the contractual considerations. Our advice is after think about it to leave the negotiations on your agent. AVOID LAST MINUTE CHANGES As your closing date nears, everyone involved in your real estate transaction should check its progress on a daily basis, because staying on top of things means you'll know immediately if there's a problem that must be dealt with. Our advice is to use a professional agent, so you will reduce chance of losing deposit or overpaying. Never hesitate to ask questions. Ask as many questions as necessary to help you understand the entire home buying process. You are making a long term commitment and spending a major amount of money--you'll feel much better about the transaction if you stay informed and understand what's happening every step along the way. Source: Century Homes |
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