As the real estate market and economy improve, more and more people across the United States are looking to buy homes. Recent reports have indicated that it is a great time to buy, for many reasons. Mortgage rates are at all all-time low. Housing prices are on the rise, making real estate a good investment. Buying is actually cheaper than renting, in many cases. This means there are many more first-time home buyers in the market than there have been in recent years. There are a few tips that can help ensure buyers are aware and prepared for everything involved in home-buying.
Really do your research on the area
Sometimes first-time buyers get so caught up in the amenities of the house itself, or looking for a good deal, that they don't stop and ask serious questions about the location. What will your (and your spouse's) commute time be? If you have (or are planning to have) children, is the school district one you'll be happy with? How close are the nearby schools--would your child have to take a bus, be dropped off, or walk? How do property taxes here compare to other places you've looked? Is the house near grocery stores, restaurants, shops, parks, gyms, the library, etc.? Is this somewhere you can see yourself living five or more years from now?
Outline all of your costs
A mistake many first-time home buyers make is not knowing the full cost of buying a home. It will be more than the settled-upon purchase price of the house. Within the paperwork should be a "Buyer Cost Sheet," which should be looked at closely and taken into consideration of the buyer's budget. This sheet will be given to you by your lender or possibly your realtor and should include everything you'll be paying for, such as inspection and appraisal fees, transfer fees, closing costs, and more. Some of these fees could be paid by the seller, but that would depend on what happens during negotiations.
Get a disclosure statement
State laws vary, but in general, sellers are required to disclose information about the property to you. Because houses are sold "as-is," you want all of the information you can get so as to avoid unexpected costs later. Realtors have detailed disclosure forms with a variety of questions. You'll want to know if the house you're consider floods during heavy rains, for example, or if the foundation has a crack that has been covered.
If you're serious about home buying, you'll want to do more research than this, but hopefully it provides a good start! Please contact me about buying your first Millburn-Short Hills home so we can talk about specific details and what is best in your situation.
Elaine Pruzon
Coldwell Banker Residential Brokerage
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I agreed that there are lot of things that one should know when buying a home. That information that you've provided were very helpful.
ReplyDeletePia | Philippine real estate
you should keep this point in mind..that
ReplyDeleteWhen houses are selling at a slow pace, many Realtors are also struggling. In such an environment, both agents and firms may be more inclined to knock a percentage point or two off of their commission schedules to get a deal done.
Central Coast
On buying any properties we should consider so many things and I am glad I visit your blog. I found so many tips that may help us before buying home or any properties too. Thanks.
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