Buying a Home or
are often many questions and countless issues to consider when
you buy real estate. A knowledgeable real estate agent will help
guide you through the entire process of buying a home or property.
The agent handles the many details of selecting and purchasing
real estate every day. They will help determine the features that
are most important to you and figure the price range you can afford.
The agent will also explain the different types of mortgages,
guide you through the paperwork, and be there to answer last-minute
questions when you sign the final papers at closing.
are some tips to help you buy a home or property.
a "Wish list".
Make your wish list. Focus on the features you want in a home:
2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what's
most important to you will help you focus your search and allow
your real estate agent to meet your needs.
a property you can afford.
Many mortgage lenders use a simple formula developed by the FHA.
The FHA has found that most people can afford to budget 29% of
their gross monthly income to housing expenses, depending on total
different kinds of mortgages are available. Read about them, and
make sure you understand the pros and cons of each. Your real
estate agent can help you.
When you make an offer on a home, it's a good idea to make your
offer contingent on a home inspection, conducted by an independent
authorized inspector. You will have to pay for this inspection
yourself, but it could keep you from buying a house that will
require costly unexpected repairs. If you are satisfied with the
results of the inspection, then your offer can proceed. If you
aren't,you may want to negotiate by requiring the seller to pay
for certain repairs or asking for a lower price.
Your lender will require you to get an appraisal of the house
you want to buy, to make sure it's worth the money that you're
borrowing. You may select your own appraiser, or you may ask your
real estate agent to help you take care of that.
Lenders require that you have homeowners insurance, to protect
both your interests and theirs. Like everything else, be sure
to get insurance that fits your needs.
you've gone through the whole process, and you're ready to go
to the "closing." Your real estate agent will be there
to guide you through everything you need to sign.