Skip to main content

7 Secret Tips To Remember When Purchasing You First Home

By

After years of saving, you are finally ready to purchase a home. You are excited, and have mustered up the courage it takes to make the big step of buying your first home. However, you are nervous because you aren’t sure you know everything you need to know. Here are 7 little known tips that will help you out when purchasing a home for the first time.

Title Insurance - If you’ve worried about insurance when you were renting, you should worry about it even more now that you’re going to buy a house. Make sure that the property you’re eyeing has proper title insurance, or get one immediately. It will let you gain rightful ownership of the place.

Property Survey - A property survey will let you know what you own and what you don’t. Even if you are planning to move into a well established subdivision, learn how to read a property survey, study it, and make sure there are no unclear areas.

Home Inspection - Even if you know a lot about homes, any real estate professional would advise you to get a full home inspection. 95% of the time the inspection will come up with nothing out of the ordinary. But you don’t want to be that 5% that end up with hugely expensive unseen structural damage, or mold issues. Get a full inspection and thank the inspector for the service he or she provides. Its well worth it.

Environment - Just as important as your new house is its location. Go around the neighborhood and get a feel of the place. Do you like your neighbors? Do you feel safe there? Is it near your workplace or the kids’ schools? Of course, included in the things you have to consider is the cost. If you’re thinking of buying a house in a popular or upscale area, you may want to look into the most affordable houses there - for instance, a property off the main street.

Minor Details - Its common for prospective homeowners to be unable to see past minor details like carpet or paint. These things can be changed relatively easily and inexpensively. Instead focus on the major factors and use the minor details as leverage to negotiate on price.

Major Factors - If you are not to focus on minor details such as paint or carpet, what are you to focus on? Things such as the floor plan, or number of bedrooms. These are things that are a lot more expensive and difficult to fix. Homeowners always talk about how they can knock down a wall here and place another there. Upon closer inspection, they find that it costs a lot more than they anticipated and takes much more effort. Do yourself a favor and make sure the major factors meet your needs from the beginning.

Duration - Try to predict how long your intend to live in the home for. Believe it or not, there are times when it is best to continue to rent. For instance, if you are purchasing a home at current market value and you plan on moving before two years, the numbers usually don’t add up. When considering purchasing a home, try to make sure you are in the home for an adequate amount of time to be able to recoup you investment (tax free if you roll your profit into your next home).

If you’re ever in the market for Sarasota,Florida real estate, be sure to visit Premium Properties Sarasota - your Real estate experts.


Labels:

Comments

Post a Comment

Popular posts from this blog

Basics of Buying Real Estate Short Sales

By
Over the last several years, short sales have received a substantial amount of attention. This type of transaction is done when the seller owes more on his or her mortgage than the value of the property. The lender essentially agrees to accept less than the balance owed as an alternative to foreclosure . On the surface, a short sale (SS) seems attractive for all parties involved. The buyer is able to purchase a property for a price that is below market value ; the seller is able to sell their home without losing it to foreclosure; the lender is able to recover a portion of the mortgage that would otherwise be lost. However, these deals are often more complex than they seem. Some require up to six months to close, and often fall through beforehand. In this article, we’ll explain the basics of buying real estate short sales, starting with the importance of working with an experienced real estate agent . We’ll describe the process and explore some of the factors you shou...
Post a Comment
Read more

Rebuilding credit after foreclosure or short sale

By
The ideal of homeownership may have lost its attraction to the millions of underwater owners who have lost homes during the housing meltdown. But it is never too soon for folks who have given up their homes to start pointing to the day when they will once again decide to take the plunge. Whether you were able to persuade your lender to accept a payoff for less than what you owed and dump your albatross in what's known as a "short sale" or lost everything -- lock, stock and doorbell -- to foreclosure , if you start rebuilding your credit now, you may be able to buy another place in as little as two years. Even if you've vowed never again to be an owner, the damage done to your credit profile by your housing woes will impact your everyday needs for at least the next 24 to 36 months. "We live in a credit-dominated society, making it especially critical for those with tarnished credit reports to begin the rebuilding process as soon as possible,"...
Post a Comment
Read more

Strong rebound in pending home sales

By
WASHINGTON – Dec. 2, 2010 – Pending home sales jumped 10.4 percent in October, showing another positive uptrend since bottoming in June, according to the National Association of Realtors® . The Pending Home Sales Index (PHSI), a forward-looking indicator, rose to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6. The latest surge also reflects market strength, since buyers had an additional push to close quickly in October 2009 to qualify for one version of the first-time homebuyer tax credit that expired in November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. The data also surprised economists who had expected a decline in pending home sales given current troubles within the housing market . However, Lawrence Yun, NAR chief economist, says excell...
Post a Comment
Read more