2006-07-02 15:54:58 · 5 answers · asked by goldentatoo 1 in Home & Garden ➔ Other - Home & Garden
You need to establish your borrowing power. Go to a bank or other loan lender and find out how much you can afford to borrow. Be aware of the interest rates and make sure you know exactly how much it will cost to set up a home loan. Do a budget before you commit to a loan to ensure you can afford the repayments. It doesn't hurt to shop around for a home loan as one banks fees and charges and interest rates could be much higher than anothers. You will then now what price homes you can look at. Look at as many houses as possible to help you understand what you can get for your money. It's also a good way to work out what you need in a home. ie. how many bedrooms, how many bathrooms, double or single storey etc. It will also give you an idea of where you want to live. ie. what part of a city. Don't accept the asking price as being the only price the seller will take. Offer below the asking price and bargain up till you and the seller are both happy with the price. Happy house hunting.
2006-07-02 16:57:41 · answer #1 · answered by sunnie_coaster 1 · 2⤊ 0⤋
Know the price if right. Then determine the location if it is good for the buyer. Identify the materials used in building the house it matched the price and the building regulations. Good luck in buying!
2006-07-02 15:59:33 · answer #2 · answered by FRAGINAL, JTM 7 · 0⤊ 0⤋
Go to your bank, or better yet a small credit union. They should be looking out for you. Research sites online for what to look out for, not just financially, but things first time home owners don't notice. Like windows...little stains around them or weak wood near the base can mean water damage. Go to the houses you like when its really raining..inspect closely. Move rugs or other things the homeowner may use to hide stains etc. Consider the future, kids? Dogs? Personally, I'm going to have a HUGE laundry room in my next house, mine now is so small I can't use it easily. Live in the houses when you look at them, really imagine yourself using that kitchen, that little bathroom.
2006-07-03 00:52:38 · answer #3 · answered by WriterMom 6 · 0⤊ 0⤋
Several rules of thumb. 1. Put down as much as you can (20% or more) to avoid PMI (private mortgage ins.) 2. Your payment should not be more than 25% of your net monthly income. 3. NEVER get an ARM (Adjustable rate mortgage)!. 4. NEVER get anything longer than 15 yrs. 5. Have extra monies for little emergencies that WILL happen to a new homeowner.
2006-07-02 17:41:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
stay out of California housing is ridiculously expensive
2006-07-02 16:12:37 · answer #5 · answered by pammysue 4 · 0⤊ 0⤋