So while working as a real estate agent, I get reminded all the time how little some know about the home buying process.. No I'm not going to bore you with every single step & thing you need to consider when buying a home, but I thought it would be good to point out some of the 'not so obvious' tips to keep in mind when the day comes...
This is just my professional opinion but obviously every situation is different and calls for you to seek legal & other professional advice in your area :)
Tip #1:Budget. (duh!)
Budget not only for what your montly mortgage payment will be.
Budget for water. Electricity. These could be more than what you're used to depending on the size of the house & the type of heat.
Budget for annual property taxes. Don't just wait until the tax bill comes & think... Oh... Hmm...
Around these parts property taxes average about 1% of your home's taxable value. Your area might be different.
Budget for home repairs! Look into a home warranty & see if it would be worth the up front cost for you. There are tons of different kinds out there, but most cover all of the major systems in your home.
Budget for closing costs, inspection costs & attorney costs when you decide you are ready to start looking.
Tip #2: Actually learn about your morgage.
What kind of mortgage are you signing up for? Don't be afraid to ask your lender OR your agent.
Not every mortgage is a wise choice.
Obviously every situation is different, but in my opinion either a 15 or 30 year fixed rate mortgage is a good option to consider.
Tip #3: Get a smart agent.
Get an agent that knows what the heck they are talking about. Come on.
Also, know that as a buyer, you likely do not have to pay an agent anything to work with them!
At least in my area, the seller's agent splits the commission with the buyer's agent... costing the buyer nothing :)
Tip #4: Do drive by's...
And by drive by's I mean drive by any house you are interested in.
Like more than once.
Like every time throughout the day. Drive by during both rush hours. Even practice driving to work a few mornings from the house beforehand. Drive by in the evening & make sure the neighborhood still looks like a good one at night.
Introduce yourself to the neighbors. See what thier opinion is of the area.
Tip #5: Know what you're getting... forsee any future expenses.
Take a good look around at your home.
Is it an older home? Does it have the original windows or newer replacement windows?
Is it well insulated? Is the siding something that will hold up well or that is very high maintenance?
An agent can help point some of this out to you, but you really need to get a home inspection to find out all of the details.
Tip #6: Neighborhood fees.
Are there any homeowner's or condo maintenance fees? Find out how much, when they are due and what they cover. Again, an agent should point this out, but it's good for you to be aware.
And now... some funny real estate signs from around the web :)
share this on::