10 Tips Every Homebuyer Needs to Know

Buying a home can be confusing, especially for first-time homebuyers.
While it will never be a quick and easy process, there are answers to several questions that if understood up-front can ease the worry and tension.

These ten tips are designed to demystify the process and help you better understand what you can expect from contract to closing

10 Tips Every Homebuyer Needs to Know

1. Determine Your Needs

The process of purchasing a home can be especially daunting if you don’t take the time to determine your needs. A real estate professional will be able to best assist you if you are willing to answer a few important questions:

• What is your current lifestyle and how will that play into the neighborhood or community you choose? e.g. sports enthusiast that requires hiking trails within the neighborhood
• Size of home including bedrooms, bathrooms, and specialty rooms such as media or pool room.
• Style of home: Ranch vs. Two-Story and Tudor vs. Cape Cod

2. Consider the Cost of Homeownership

There are various financial commitments to consider, most importantly how a new home will fit into your budget.
You need to ensure that you can afford the monthly mortgage payment, as well as any expenses including utilities and/or possible homeowner’s association fees.

3. Interview a Real Estate Professional

The interview process is one of the important first steps in buying a home. An experienced sales associate will be eager to share their expertise and skills so you can make an educated decision.
Ask for references and listen to what other people have to say about their experiences with a particular agent. Ultimately, you want to find someone that knows your area, has a good grasp on current market conditions and that you feel comfortable with.

4. Decide if You Will Build or Buy Resale

Are you going to buy an existing home or build something new? There are pros and cons to both, with each a reflection of your lifestyle and needs.
This calls for thorough research to identify which of the above is beneficial to you as an aspiring homeowner.

5. Location, Location, Location

Location is one of the key factors to consider in any home purchase. Make sure that you buy a home in areas where the value of

6. Understand Mortgage Options

Speak with a mortgage professional about your options and make sure to share details about your current financial situation, including your monthly budget for a new home. They will be able to offer guidance on which loan program will work best for you.

7. The Benefits of a Home Inspection

A home inspector will inspect the home prior to purchase to examine for structural and safety issues. An inspection is not required, but a wise choice as it will determine if the home is structurally sound and wiring and pluming are up to code.
They will also check for safety hazards, including loose railings, rotted or damaged porch or entryway steps and broken windows.

8. Get Everything in Writing

The best way to protect yourself is to ensure that every part of your transaction is captured in writing. An example of this would be repairs the seller agrees to make prior to closing.
Your real estate professional is there to make certain those repairs are added to an addendum which becomes a part of the purchase agreement. You do not want to have a casual conversation with the seller that could be left to interpretation when it comes to the largest purchase you will probably ever make.

9. Finalize the Purchase

To avoid problems at the closing table, make sure you have a clear understanding of what to expect. Go through your loan details one last time so there are no surprises when it comes to interest rate, loan amount or mortgage term.
There will be a substantial amount of paperwork to sign so give yourself plenty of time to adequately review the details.

 

10. Home Improvements

Your home is a valuable asset. Once you close, continue to put aside money on a monthly basis for any necessary repairs or maintenance.
It’s also important to note that certain upgrades may contribute to lower insurance premiums. This makes it important for you to stay in touch with your real estate professional. They can provide guidance on value boosting renovations.

by Rebekah Radice

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Deborah Perkins
Keller Williams Legacy Group
330-592-8785

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How Do You Keep Your Home Safe During the Selling Process?

Selling your home isn’t easy. Getting your home ready, staging it, finding a realtor… the “To Do” list seems to go on and on!  Although you have a lot to worry about, the payoff at the end is well worth it. One major consideration, however, when it comes time to sell your home is how you’re going to protect your valuables and keep your family and property safe. 

 

Unfortunately, some people use the opportunity of an open house to scout out homes for valuable items, or to plan future break-ins. During a time where it is inevitable to have an influx of people coming through your home, here are the best ways to keep yourself (and your stuff!) safe: 

 

-  Install a security system

 

You don’t need the security system of Fort Knox to keep you and your family protected. There are plenty of affordable options for security systems when you are trying to sell your home. 

There are few people that wouldn’t benefit from having a security system installed in their home, regardless of where you live. Especially when you consider that selling your home means having a bunch of people coming through your home and looking around, installing a security system can give you some extra peace of mind.

An added bonus? Home buyers like to see that you’ve already installed a security system, so it will add to the resale value of your home. 

 

-  Never leave valuables visible

 

Although you want to stage your home in a way that makes it appealing to home buyers, never leave anything valuable in plain sight. This may be a good time to invest in a storage facility, safety deposit box, or even a safe to hold your jewelry and other valuables. Even though you want your home to look great during this time, you don’t want to highlight anything valuable that might attract unwanted attention. 

Remove all family pictures when staging your home, as well. While pictures can be distracting to a buyer who’s trying to imagine the home as “theirs”, you also don’t want people to know what your children look like – and, potentially, become targets.

 

-  Check the doors and windows after every showing

 

One trick that intruders use is to unlock back doors or windows so they can return later and steal things. So, after every single showing, double-check that all of your windows and side doors have not been unlocked. If for some reason, something has been disturbed, alert your realtor ASAP. Ask them if there is any reason, they might have opened a window, and let them know to be cautious about the people that were in your home. 

 

-  Check the references on your realtor

 

You should always check into your realtor before you hire them to make sure that there hasn’t been any kind of previous incident. You also want to make sure that your realtor does their homework on the people that they are bringing into your home. Your realtor should prequalify anyone that they give a private tour to. After all, safety first!

 

Realtypin.com Author: Daniel Torelli

June 22, 2013