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Ready To Own ?
When it comes to Buying Real Estate, proper preparation is one of the keys to success.
- Don't want to find yourself in a neighborhood you dislike?
- Don't want to be making mortgage payments on a house in which you are uncomfortable with?
- Don't want to waste your time falling in love with houses you can't afford?
In a word, prepare. One of your most important tasks will be determining your needs. It can help to avoid either a nasty disappointment or the pain of buying more house than you need (or can afford). Distinguishing needs from wants will go a long way in preventing expensive mistakes in the house buying process. Establish some basic parameters and stick to them.
What you can buy depends on:
- How much cash you have for a down payment and closing costs
- How much money a mortgage lender is willing to provide as a loan
- How much you can comfortably handle in monthly payments
It would be a very wise idea before you start looking for a house to consult with you financial advisor to check how much you can afford.
Everyone wants to buy homes in neighborhoods with:
Most buyers know where they want to buy a house, mainly close to work, friends, family and good recreation.
- Good school districts (even if there are no children, good schools mean high resale values.)
- Low to zero crime rates
- Rising property values
Get pre-approved for a mortgage loan at the start of your search for a home.
Most first time home buyers want to look at homes. they often shop for a mortgage loan only after they've fallen in love with a particular house. Don't make that mistake! Get Pre-Approved or Pre-Qualified .
- Pre-Approved - A lending institution has processed your loan application and approved a specific mortgage amount.
- Pre-Qualified - An unofficial estimate of the home you can afford (a "pre-qualified buyer" is one who should be able to get a mortgage big enough to purchase the home he or she wants to buy).
Start with the basics:
- Consider the purchase price
- The value of an inexpensive home is pulled up by more expensive homes around it. In a neighborhood of $200,000 homes, a $150,000 home is a bargain even if it needs $25,000 in improvements. In other words, buy the cheapest house on the block.
- Property of higher value is pulled down by lower priced property. A $200,000 house will be hard to re-sell on a block where the other homes are selling for $175,000. Never buy the most expensive house on the block.
- Buy a home that can be sold at a profit.
- Find knowledgeable and honest real estate agent who is familiar with your target neighborhoods.
- Work with your agent to find the perfect house.
Ok you found the house that you like, now:
- Evaluate the Seller's asking price.
- Ask your agent to prepare a Comparable Market Analysis (CMA) to review neighborhood selling prices.
- Consider other negotiating points.
- Decide how much to offer and on what terms.