We are coming into the time of year when people move. Homes are bought and sold. If you are a renter you may be thinking of buying a home. It may be your first home and you are not sure about how to go about doing it. Here are some tips to consider when it comes to buying a new home.
First of all find a good realtor you can work with. You want it to be someone you feel comfortable with yet has the experience to do a good job as well. No sense having them learning the ropes on you.
Find a realtor that specializes in buying and selling homes in the area you are looking to buy in. This is important as they will be able to answer questions on everything from the average sale price, to where are the best schools in this area.
Next you will want to to get pre-qualified for a mortgage loan. Your realtor can recommend a good mortgage broker to work with if you do not have someone in mind. Getting pre qualified will give you the price range you can afford which will help when you start looking at homes.
The mortgage professional will look at your credit worthiness, your income, and your debt load and to determine what you can afford and what they are willing to lend you. They will also be able to offer you various loan packages to help you zero in the monthly payment you are looking to make.
Another thing to think about is whether you want to buy a new home or a resale. There are good things and bad things about both. Of course a new home has never been lived in so you get to build it the way you want.
An older home may need repairs and you will need to pay attention to things like the foundation and roof. New home have warranties where ana older home may not. An older home is probably already landscaped and has the yard in place where you may have to do that yourself on a new one.
Sometimes people who have never bought will look at condos and townhomes as a starter home. Price is a reason for that and they can be a good option for some people. The downside to a condo or town home can be having a place for kids to play and you have noise issues much like living in an apartment complex.
Buying a home is an exciting time, but you have to be smart. Do not let your excitement rush you into doing something you will regret later. If you feel unsure about anything get a second opinion.
Once everything feels right and you have found the right home consider using a real estate lawyer to review your contract before you sign it. A new home is the largest investment most people make and you want to be sure you understand what you are signing.
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