Whether you've spent years saving and preparing
to buy a home, or are unsure if you can afford
it, the questions surrounding a house purchase
can feel endless.
You can find the answers - and peace of mind
- by working with Real Estate Diversity Group, the industry leader
in experience and service.
Here are some tips to help you become your own
landlord.
| 1. |
Hire
a real estate professional. |
| |
The first step is to
select a professional to help you find your
dream home and fine-tune your financial
expectations. Working with a buyer agent
is worth consideration since he or she is
legally responsible for representing the
buyer's interest in a real estate transaction.
Before making a decision, however, have
a Realtor explain the pros and cons of using
a buyer agent versus a sales or dual agent.
Your Real Estate Diversity Group Associate
can guide you through every step to buying
a home. |
| 2. |
Shop
for mortgage rates and terms.
|
| |
A difference of even half a percentage point
can mean a huge savings over the life of a
loan. For example, the difference in the monthly
payment on a $100,000 mortgage at 8 percent
vs. 7.5 percent is about $35 per month. Over
30 years, that's $12,600. |
| 3. |
|
| |
Your third step should be to get prequalified,
which determines how much you can afford.
It allows you to move swiftly when you find
the right home, especially when there are
other interested buyers. It also indicates
to the seller that you are serious and really
can afford to buy the property. |
| 4. |
Define what you
want. |
| |
The next step is to create a realistic idea
of the property you'd like to buy. What features
are most important to you? Make two lists:
one of the items you can't live without and
one of the features you would enjoy. Refine
the lists as you house hunt. It is also helpful
to search online to see what is currently
available on the market. Your real estate
professional can then show you houses that
meet your expectations. |
| 5. |
|
| |
Now you're ready to visit houses. Ask your
Real Estate Diversity Group Associate to arrange
showings, and keep track of the properties
you've seen. |
| 6. |
Know
the features that help or hurt resale.
|
| |
In some areas, a swimming pool actually
detracts from a home's value and makes it
harder to sell. In neighborhoods with two-car,
attached garages, a single-car or detached
garage may impact the home sale and future
value. Your Real Estate Diversity Group professional
can point out features that hurt or help resale
value. |
| 7. |
Rate the houses
you tour. |
| |
After touring each home, write down what
you liked and didn't like. Develop a rating
system that will help narrow the field down.
For example, pick the house you like best
on day one and compare all other houses to
it. When you find a better one, use the new
favorite as the standard. |
| 8. |
Make an offer. |
| |
Once you've pinpointed your dream house,
it's time to get serious about the financial
and contractual side of the purchase. Your
Real Estate Diversity Group Associate will
be a strong advantage since you and the seller
have different goals. |
| 9. |
Arrange for a
home inspection. |
| |
After your offer is accepted, set up a home
inspection. It's common to find problems,
including leaky roofs, cracked walls, insect
infestations and foundation problems. Your
real estate professional can help find a reputable
inspector, and will negotiate to get you the
most for your money once the inspector's report
is final. If you negotiate repairs as part
of the purchase, ask for a "walk through"
before finalizing the paperwork. Ask your
real estate expert about home protection plans,
which may save you money in the near future. |
| 10. |
Close. |
| |
Before your closing date, make sure you've
made all necessary deposits and completed
the paperwork - including mortgage, title,
homeowners insurance and any other paperwork
required by local or state governments. |
| 11. |
Prepare
for life in your new home.
|
| |
Before rolling out the welcome mat, consider
some moving basics: arranging for an alarm
company, turning on electricity, water and
gas, cleaning or replacing the carpet, and
notifying your local post office of your new
address. The best time for renovations is
often before you move in. |
