Home Buyer Tips
When it comes to buying a home, there’s no such thing as too much information. One of the keys to making the home buying process easier and more understandable is planning ahead. In doing so, you will be able to anticipate requests from lenders, lawyers and other professionals. As you begin your home search keep the following points in mind:
Do Not Buy If You Cannot Stay Put:
If you cannot commit to remaining in one place for 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 sooner than anticipated.
Check Your Credit:
Since you 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 begin house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
Target A Home You Can Afford.
The rule of thumb is to purchase a home that runs about two-and-one-half times your annual salary. Keep in mind that your income, debts, and expenses affect what you can afford.
Buy In A District With Good Schools:
When it comes time to sell, you will learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.
Obtain Professional Help:
Even though the Internet gives buyers unprecedented access to home listings, most new buyers are better off using a professional. At the Law Offices of Georgette Miller and Associates, P.C we are dedicated to protecting your rights and guarantees the buying and selling process is conducted properly.
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 three to five years or more it is usually a better deal to take the points. Since the lower interest rate will save you more in the long run.
Getting pre-approved will save you 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. Pre-approval from a lender is based on your actual income, debt and credit history.
Do Your Research Before Bidding:
Your opening bid should be based on the sales trend of similar homes in the neighborhood. 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.
Hire A Home Inspector:
You should hire your own home inspector, preferably an engineer with experience in doing home surveys 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.
Contact the lawyers at the Law Offices of Georgette Miller and Associates, P.C we are experienced in handling a wide range of real estate matters.