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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..
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 RE/MAX 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. Prequalify
for a loan.
Choose Rate One Finance as your lender and get prequalified.
This will determine 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. Visit
properties.
Now you're ready to visit houses. Ask your RE/MAX 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 RE/MAX 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 RE/MAX 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.
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