Granted I know saving up for a down payment would be key. But what other steps do you advise.
2006-08-30 08:26:09 · 11 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
there are a lot of articles on even finance.yahoo.com.
but one other thing is to remember to take into account all the expenses (utilities etc.) that go into it - not just your monthly mortgage payment
And, to set a limit for yourself - you can ALWAYS find another house for just a little more than you want to spend - dont be tempted.
2006-08-30 08:31:50 · answer #1 · answered by ever_curious 3 · 0⤊ 0⤋
Shop Around for a Lender and Loan Terms as every Bank and lender have different terms and conditions.
Find out What you can spend while your at the lenders office. Then think about it if you really want to spend that much. Then if you Rent now is that amount Comfortable and if you could pay more how much?
Go Shopping for homes See what's out there in your price range. If your handy maybe you could buy a fixer upper and make improvements and resell for a profit?
Go to some open houses possibly.
Talk to some Realtors about what you want and what they have to offer.
Take some time getting to know the market at least for 6 months maybe a year so that you make an educated decision thats right for you!!!
When you buy are you wanting certian things? Value for your Money? Certain Neighborhood? Distance from Work? Think about about what you Need in a home and what you can live without. And is that necessity really that necessary?
Wouldn't buy unless you are planning to stay in the home for maybe 5 years. Also to get better or the best of loan terms avoid "0" down loans you will come out ahead if you go with a 20% down then all your loan cost are minal... Forget about inflation as sometimes you hit the right area or market and sometimes not. But if you buy in a steady stable area at least you will get back what you paid in... And Hopefully a profit...
Good Luck
2006-08-30 08:41:34 · answer #2 · answered by Scott 6 · 0⤊ 0⤋
Is it affordable? Can you make the payments and maintain it without going broke?
Is it in good shape? You will probably need to hire a home inspector before you buy to learn this. You'll find out what needs to be changed or corrected this way, too.
Is it in a neighborhood where you feel comfortable? Is it likely to appreciate in value over time?
How does it compare in price to other similar houses that sold in the area recently? A realtor or real estate agent should automatically do a price analysis for you to show you this.
Are you working with a skilled, experienced realtor or real estate agent? They will save you work and help you find a house you like and can afford.
Is your agent/realtor working as a buyer's agent? In the US, unless you specifically have a written agreement saying so, the agent is usually working for the seller. That means that they legally have to consider the seller's interests first. I've bought and sold houses both ways. I recommend highly that you talk to your agent about being a buyer's agent.
Are you working with an agent you're comfortable with? Talk to several agents at open houses, their offices, or wherever you need to meet them. Find one that you feel comfortable with. If you don't like them or don't trust them, keep looking.
Will you have a lawyer look over the paperwork before you buy? Unless you have a lot of experience doing this, it's worth having a lawyer go through it and advise you on the details. An average house in the US goes for somewhere between $150,000-200,000 nowadays. A few hundred dollars to a lawyer now is cheap insurance.
2006-08-30 08:38:40 · answer #3 · answered by Ralfcoder 7 · 0⤊ 0⤋
First get pre-approved for a mortgage so you know what you can spend. It is also a good bargaining tool when you make an offer. Seller more likely to accept an offer from someone they know is qualified for a mortgage.
2. Find a full-time real estate professional that you are comfortable with and trust.
3. Go home hunting.
4. Make an offer contingent upon an inspection.
5. If offer is accepted, hire inspector.
6. Make sure you are available to go to the inspection as it is always easier to understand an inspection report if you were there and the inspector explains things to you.
7. If inspection is satisfactory, appraisal and title work will be ordered and you are on your way to closing on your new home.
2006-08-30 08:46:36 · answer #4 · answered by gizmo 2 · 0⤊ 0⤋
Like you said, save lots of money.
Get a real estate agent and a real estate attorney.
Make a list of things you must have in a house and a list of things you would like to have.
Decide on how much you can afford and don't go over that and don't let the real estate agent show you houses over that.
Bring $500 - $1,000 extra to closing in cash, something will always come up.
Do a final walk through the day before or the day of closing.
2006-08-30 08:34:07 · answer #5 · answered by John J 6 · 0⤊ 0⤋
Shop around (interview) for perspective mortgage and real estate agencies. You really want to have a good relationship with the people whom will be assisting you in the purchase of such an important investment.
2006-08-30 08:35:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Make sure that the house is what your really want before you buy it and do not settle for anything. Make sure that the house is in great shape and that all of the repairs and things have been made on that house. Be sure that you do not have to do any repairs on the house, that can be a hassle.
2006-08-30 08:33:22 · answer #7 · answered by Andrea 5 · 0⤊ 0⤋
you ought to first make certain the position you want to stay. I, in my view, favor to outlive or close to public transporttion (bus) so i'll take the bus to paintings in undesirable climate. the subsequent step is to purchase round for a house. that's a shopper's marketplace immediately so that you'll be able to plenty to p.c.. from.
2016-11-23 14:47:36 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Finding a real estate agent who will follow and respect your every instructions. You are the boss, not your agent - not the seller's agent and not even the seller.
If you're in suburban DC in MD, I can recommend one. I've worked with him for 4+ years and he has never led me down the wrong path.
2006-08-30 08:32:08 · answer #9 · answered by Anonymous · 1⤊ 0⤋
check out details....every small details counts..oh! and make sure you don't get a house in a flood area,,,ask a lot of questions..you're buying , so don't get the first one you see...it's very frustrating, but in the long run it'll be worth it...get an agent that understands what you want not what they want (agent)...good luck house hunting!!
2006-08-30 08:40:45 · answer #10 · answered by guess 5 · 0⤊ 0⤋