By financen | February 27, 2020 - 5:33 pm - Posted in Home Buyer, Real Estate

Home buying tips

Always have a real picture about your financial situation. Buying a home is one of the most significant purchases a person will do in his entire lifetime. Financial experts believe that your cost of buying a home should not exceed 28% of your budget. Your monthly payment will include all housing costs such as mortgage’s principal and interests as well as the taxes and insurance. Keep your housing costs within 1/3 of your budget otherwise it will become very difficult to maintain other expenses like your utilities, food, transportation etc. and to save for your home’s emergency funds. Every house will need maintenance and repair costs, so you need to be very choosy in deciding what you can pay in your monthly installments.

It is also important to know about your credit scores because a good credit scores will definitely reward you with lower interest rates from the banks and other financial institutions. Just as you will know about your monthly budget, you need to be 100% knowledgeable of your credit scores. There are three major credit reporting agencies; Equifax, Transunion and Experian from where you can pull your latest credit report and check your credit worthiness. You should thoroughly review your credit report and understand what your credit score means. If there is any inaccurate negative information on your credit report, immediately dispute it with the credit bureau who is reporting this negative item because that is hurting your credit scores. The credit bureau will verify the dispute with your information providers and fix it. Usually this process can take up to 3 months to get fixed and then you can shop with the banks and other financial institutions for good deals for your home loans.

When you are searching for good home deals, you will review the list of homes that are for sale. It can be either in your locality or somewhere nearby. By knowing what you want in your home, you can easily narrow down your search and get the best deal.

Trusted partners are the key. The first home whether you buy it or build it, it is intimidating in many levels. You need to have a very good rapport with your realty partners. Whether you work with a Realtor or a home builder, loan officer or the person who will inspect your home, you should be completely honest with these people and they will make your dreams of buying a home come true.

Since buying a home is one of the biggest expenses in your lifetime, so don’t panic in buying a home that doesn’t feel just right or else you will end up regretting at a later stage. Be very clear with what you are expecting from your new home. Every home that you look at will have some features so you need to be very sure about your requirements before making the final decision.

 

 

 

 

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By charles | January 9, 2019 - 2:21 pm - Posted in Home Buyer, Real Estate
Home buyer
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Price of buying a home and the mortgage rates keep increasing every year. So, if you are planning to buy a home at this time of the year, keep the following points in your mind before jumping into the market.

Having a good knowledge about the market: It is important to do a thorough research on different markets because each market behaves differently during the fall. According to the real estate market reports of August, national home values rose 0.4% from July, making it the third consecutive month where monthly home values rose more slowly than the month prior. However, markets in other places like California, Nevada, Minnesota are moving at a brisk pace of home value appreciation. It will be around 2 percent or higher.  By the time, this year’s selling season comes to an end, we will experience a slowdown in home value appreciation.

Selection is getting limited : There were many frustrated sellers who were not able to sell their properties during the busy season. This might take their homes off the market during the holidays and all actions will come to a standstill. This means that the choices for homes will become even more limited than what it is at the current market.

Using the negotiation skills : If you selected a home few months ago and if it is still not sold, then you can negotiate with the buyer for a lower price. While some buyers may not participate in the current market, others who have been waiting for the best possible price may now be ready to offer a lower quote. On the other hand, there may be some homeowners who are determined to get a set price and others will simply continue to wait for more time.

Checking the maintenance area : Fall is the best time to check the maintenance work like gutter drainage and the general upkeep of the yard. Check your home during this time and see if it needs any repair. During rainy season, you can inside your house and check out the furnace, look for the drafts, leakage issues and other possible structural or maintenance problems. You can keep aside a certain amount of money for repairing your home and then at a later stage, you can adjust the price of your home accordingly.

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