Buy Your Dream
Home
Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.
WHY DO YOU WANT TO BUY?
Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.
HAS YOUR INCOME GROWN?
Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.
The location of your home affects the overall aspects of your daily life. This is were you want to research, in depth, the area you want to live in. Many questions need to come into consideration when choosing a new neighborhood. Determine if there are certain proximities to venues that interest you. Analyze your zip code choices and decide which appeals to you the most. Research facts and basic information about the different areas and what they are most recognized for. Due to the Fair Housing Act, many realtors will not disclose information about crime and safety of a neighborhood. Most of the research has to be concluded by the buyer. Online sources will provide statistics and information regarding the safety of an area.
Ask yourself what you are looking for in a location:
- Are you looking for a lifestyle change?
- Do you want a different climate?
- Are you looking to live close to a highway?
- How far from work do you want to be?
- Do you want a house on the hills or near the beach?
- Are there certain businesses you need to live near?
- What type of school do your children need?
- Do you want a gated community?
- How much can you afford?
Know where to look! Location is the most difficult part in searching for a new home. The agent that will be working with you will help you narrow down your options. Make a list of possible locations you want to scout homes in. Know the budget you want to work within, and most importantly, the reason for moving to a new location. What are the perks of living close to the beach? Will there be less traffic in the city? Here are some tips to help you make that decision.
Hunting for a new home means you will have to research everything about the neighborhood and the people that live there. Will you be moving into a family oriented area or near a college with lots of students? As a matter of fact, there are many online search engines that can help you discover this type of information about an area.
There are tangible factors you want to consider when looking for new a neighborhood. One of them being the community. How do your lifestyle needs fit within that neighborhood. For example, if you are an outdoor person, you might want to consider living near hiking trails and nature preserves. If you want to live near your office, find out what distance is convenient.
Always discuss your dreams and goals with your agent. They will make sure to guide you to the appropriate neighborhood(s).
There are many factors you have to consider before buying a new home. The different costs of owning a home depends on the location, lifestyle, and surrounding businesses. Most people think that buying a house will be the only money they spend, however, remember that you have to insure your home and pay fees and utilities.
Here is a list of costs you might want to consider:
- HOA Fees (when buying a home in a managed community)
- Insurance against natural disasters (earthquakes, wildfires and mudslides)
- Homeowners insurance
- Living near attractions, restaurants, shopping centers
- Taxes for the area
- Utility costs (garbage disposal, water, energy)
- Extra costs like reparations or remodeling
A home that fits your lifestyle, or simply one that will elevate it, is something that only you can know. That is why it is important to communicate with your agent the qualities you are looking for in a home and neighborhood. Are you an active person? Look for a community that will support your active lifestyle. Are you a college student? Look for an area near your school and local stores. Are you a bachelor or bachelorette? Find a studio or a one bedroom home. Depending on the expectations you have, it would be ideal to communicate with your agent the facts and figures of potential homes. Make a list of what you need and what you are looking to have. Compare and contrast with each home being presented to you and eliminate the ones that don’t meet your needs.
Finding an agent can be a stressful process when buying a new home. Select the agent that fits your requirements and will fulfill your dreams. At the end of the day, you will need to rely on your agent, 24/7. The process of buying a home can be as easy as you and your agent can make it. What you should know when finding the right agent is the difference between Realtor and Real Estate Agent. A Realtor is a member of the National Association of Realtors and can operate as a real estate agent. On the other hand, a Real Estate agent is only licensed to buy and sell someone’s home. Regardless of what type of agent you choose to hire, these are the requirements you should look for.
- Experience
- Schedule availability (will they be committed full time or part time)
- Commission fees
- Compatible qualities
- Past and Current Agent listings
It is always a good idea to meet with potential agents and ask them a few questions you think are meaningful, to establish this professional relationship. Regardless of what you pick, make sure their negotiation skills are on point.
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