Are you considering buying your first home? Are you looking for a house to flip? Maybe you are looking for an investment property that you can rent out. No matter what kind of property you are looking for, you are about to enter the mysterious and complicated real estate market!
Because this journey usually involves a substantial financial investment, has a big effect on your credit, and because it may be the permanent residence of you and your family, it is important to do you research and be properly prepared. If followed, the following seven tips should make buying real estate an easier and smoother process
1. Do the calculations properly. Check your credit score, calculate your debt to income ratio, and figure out what you can afford even before you start looking. This will prevent you from falling in love with a property that you won't be able to pay for.
2. If possible, get a mortgage already approved. Just because you think you can afford a home, doesn't mean that a bank agrees. Research different types of mortgages, to find one that best fits your situation and beware of risky types such as adjustable rate mortgages. Then make sure you shop around for the best interest rates. It is wise to talk to at least five different vendors.
3. Research neighbor hoods. You can find loads of information about a neighborhood on the internet such as the crime rate, school ratings, proximity to stores and parks, etc. Even better than the internet, is a personal referral.
A person that lives there can give most of the information you are looking for. When searching for homes in that area try to picture yourself in that neighborhood. Also, if you are just planning to flip a home or rent out an investment property, you do not need to focus on the neighborhood.
4. Find a real estate agent. Get referrals from friends who have had good experiences and interview at least three agents. Pick one with experience and one with a personality that meshes with yours.
5. Search and keep the houses straight. You will likely be visiting several homes and after a while your memory of each house will start to fade and blend together. Take pictures of each and make notes after walking through all of them. This will help you remember the benefits of each home and help you make your final decision.
6. With your agent, decide a good price to offer and be ready for a counter offer. You will want to choose a closing date and make any special requests of the seller at this time. You and the seller will sign the Purchase and Sale Agreement at this time as well.
7. Fix the deal. This involves getting the home appraised and inspected and if anything alarming pops up you can back out or renegotiate. You will also complete the loan process and need to have money set aside for the closing costs and down payment.
You will do a walk through-prior to closing and then meet together at closing to sign all the paper work. If you are not using a real estate agent, you can still pay an agency a few thousand dollars to do the paperwork. This is a less expensive option but still allows you the assurance that everything is done properly.
Author Resource:
In Asheville, real estate dealer can help you in finding a home of your choice fitting your budget. If offers guidance in buying, selling or relocating property in the area. To know about their services, log on to http://www.preferredrealestatecenter.com Distributed by ContentCrooner.com
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