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5 Tips for the First Time Home Buyer
Want to buy a home? Consider the following before taking the big plunge! 1. Are You Ready to buy a home? You need to get your financial house in order. The first thing to determine is how much you can afford with the added expenses you may incur after ...
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You can find many web sites that will provide answers to the questions below, but you may also want to work with professional to make the best, educated decisions. Here are seven steps to make buying a new home an enjoyable and intelligent move for you.
1. Deciding if now is a good time to buy a new home. (Rent vs buy or even stay where you are)
The reasons for moving are varied. You may have outgrown your current home. Or you've decided to accept a new job in a new location. Or you are preparing for retirement and are downsizing and accessing the profits from your investment in your home so you can retire. If you are renting now, and contemplating buying a new home, you may even want to do a rent VS. buy analysis. In addition, if you are considering taking a new job in a new community, be sure to analyze the cost of living in the new community. Will you actually have a better lifestyle after the move just because you will be taking a new job that pays more? Perhaps not. Again, web sites with resources are provided below to guide you in these decisions.
2. Finding out what type of home you can afford today. (Visiting your local banker or mortgage broker)
To make an educated decision, you will need to talk to a professional advisor and loan specialist. A few of of your deciding factors will be:
1. How much is your current home worth if you own one. And of course how much equity you have in your existing home.
2. The long term planning you have done in the past with your retirement pension and investments.
3. The price of new homes that you want to move into.
4. The amount of debt load you carry now.
5. Your credit report and your credit rating.
You may want to start at your local bank if you have or want a relationship with them. You can also go to the online mortgage specialists to compare national offers.
You may also want to work with a local REALTOR because a REALTOR ® usually knows the local money market and can tell you about financing options. A REALTOR ® can also tell you what personal and financial data to bring with you when you apply for a loan.
3. Finding the right real estate agent or going it alone. (Finding the right agent or looking for a for sale by owner)
The Internet has made it much easier pre-qualify yourself for a home loan and to then find the right home for you and your family. However, you may still want to work with a professional Realtor for many reasons. One of the most important reasons may be that the REALTOR ® is that they have knowledge in many areas and may make just one recommendation or warning that may save you time, money and headaches. In addition, a REALTOR ® can supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect your decision to buy. A REALTOR ® also has access to listings of available homes, can evaluate them in terms of your needs and affordability, and doesn't waste your time on unsuitable homes.
4. Finding the right community and neighborhood for your family (You will have different needs at different times in your life)
Are you moving to a new city or just
moving within your city? In any case, you might make many of the same decisions, whether you are moving within your city to a new city. Do you need to be near things like access to the night life? Or are these things more important? Schools. Sports facilities. Workout facilities. Jobs for you and your spouse. Many of these decisions are simply dependent on the stage of your life, if are you retiring or if your family growing.
A simple process that will help you is to take a piece of paper out and make a line down the middle. Then make headings for "Must have" and one for "Would be nice". Then write down all the things you feel would be "Must haves" on the left column and the things you feel "Would be nice" on the right. Then make a decision based on the community that has the most or best items that you must have or need. Again, a REALTOR ® can help you by working out a realistic idea of the home best suited to your needs- size, style, features, location, accessibility to schools, transportation, shopping, etc.
5. Deciding on the right type of home and the right home for your family. (Do you need a home with room for a family to grow or a 1 level home that will be easier in your upcoming retirement?)
What type of home do you want to buy (e.g. a ranch home, a split foyer, a 2 story, etc.) Or do you need a lesson in the benefits of each one? Should you buy a new home or an older home? Are you hoping to buy a home that needs repairs to so you can fix it up and build sweat equity, or do you want to simply move in to a new home? Or are you going to build a new home and need to work with a contractor to buy the lot, dig the basement and build the home? Again, you may need help. A REALTOR ® has no emotional ties to the homes, or contractors, and can be objective about them, and can point out advantages and disadvantages while answering your questions.
6. Preparing for the closing and finalizing your decision.
Although preparing for the closing on your new home is an exciting time, it is also can be a time consuming and very important event. If you have made an offer on a home that you really want, one small snag could keep you from getting it. In addition, you could lose money if you do not have a clear understanding of your contract. A REALTOR ® can help familiarize you with the closing process by explaining it all in advance.
7. Making the move and all the things you need to do.
You're almost in your new home now! Now all you have to do is move, right? Not quite, but you should be so excited by now that it will not slow you down. You'll need to write down all the tasks you need to complete to make it a smooth move. Many web sites have checklists for moving for you to print and follow for your move. A few examples are lining up the professional movers or moving yourself. Hopefully your employer will be paying for the move, but if not, you'll need a moving truck, a dolly, packing blankets, and perhaps hired hands to do the moving. You'll also need to plan dates and processes for things like changing your mailing address, ordering new services such as your new phone, cable TV, garbage removal and more.
Again, many web sites have checklists for moving for you to print and follow for your move and that is the best place to start.
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SF's diverse real estate frenzy expected to lastSan Francisco ChronicleHow much hotter is the San Francisco real estate market getting? Let us count the ways. -- Office buildings: The 33-story tower at 555 Mission St. is in escrow. Reported price: $450 million. That's about $800 per square foot - the highest figure since ...and more » |
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Commercial real estate services expanding in USReutersBy Ilaina Jonas | NEW YORK (Reuters) - New commercial real estate brokerages are launching in the United States, in what may be a sign that the market's recovery is durable. Australia's UGL Ltd (UGL.AX), a huge property manager, plans to expand in the ...and more » |
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