Expert Advice on Selecting and Buying a Home
Buying a home is one of the largest investments people make, and can be an overwhelming experience.We have helped many new homebuyers reduce their stress and make sound real estate decisions .
Things to keep in mind:
We like to say the 3 most important words in real estate are LOCATION, LOCATION, CONDITION!
Many considerations must be taken into account when determining where you should buy a home. Proximity to employment and the quality of the schools are common factors to determine if the location is suitable.
Many communities now have websites chock full of information you should review when selecting your future home location. t
In addition to getting a feel for housing in the area, we recommend you spend some time in the town you are considering. Have a meal at a local restaurant, do some shopping, or visit the library to get a feel for the community. And make sure you visit the area during the day and at night, and weekdays as well as weekends.
Condition is a significant factor to be calculated into your home purchase equation. Which is why a certified real estate inspection service should be an important part of your team.
All homes require constant care; care that will cost money. Most homebuyers take into consideration what the cost of paying the home’s mortgage, taxes and utilities will be, but fail to factor in home repairs and maintenance. HouseMaster, one of our partners in home inspections, estimates that to adequately maintain a home in today’s economy home owners need to spend between 1-3% of the cost of the home each year on maintenance. Clients ask if it’s better to buy a home in a good condition at a higher price or a home in need of repairs at a lower price?
The answer is: It depends! While this response may seem vague, this is where the information provided by your inspector on the inspection will be important for the buyer to consider. A home that is inspected and found to have many defects that is selling for a low price may be a great value for a homebuyer who is very handy and has the time and money to make the needed improvements.
On the other hand, buying a home that requires a lot of repairs may be a big mistake. First time homebuyers must consider the repairs outlined in the report provided by their real estate inspection service and whether or not they can afford to make them after paying their mortgage, particularly if the buyers do not consider themselves do-it-yourselfers.
Another consideration to factor in is how long you plan on staying in the home. Many homebuyers are only planning on being in a home for a few years and don’t have the time, money or inclination to coordinate many repair projects. These buyers often find that paying a premium for a home found to be in good condition is a wise choice for them.
Many homebuyers are considering purchasing a newly built home. We have experience with new construction as well, and have experts on hand to help you through this more involved process.
Once you’ve found a home
We will explain the purchase process, including the real estate inspection make and negotiate the offer, and prepare contracts. We are there for you to guide you through the entire process. From the initial offer, home inspection, occupancy permits, meeting deadlines, negotiating the Inspection Notice, and much much more until you have the key to your first home!!
Courtesy of Rick Bryant at Housemaster – See more at: http://www.housemaster.com/resources/buyers