Things to consider before buying a home.
- How long do you plan to
stay. If you're not sure, don't apply for a 30 year mortgage, there are
other mortgage loan programs available and with lower rates and better
terms.
- Be careful of the 100%
interest only loan programs. What would happen if you needed to refinance
and the home you bought did not appreciated as fast as you though.
- Check out the 80/20 loan
types, 80% interest only first loan, 20% second loan with principal and
interest payments to build equity.
- Use the buyers
calculator to determine how much home you can afford. Even if you setup an
impound account for your taxes and insurance, you will have a good idea of
your monthly payments. Your interest and taxes are tax deductible, your
automatic savings plan.
- Get an idea of the types
of homes, the location, the price range with our Email Notification.
Things to consider when looking for a home.
- Commute, is it worth the
hassle stuck in traffic for a newer home that has resale value or buy an
established home that is close to where you want, pay a lot more and cramp
your life style?
- Check out the area, the
neighborhood, the community before making any decisions. Do a drive by on
weekdays and weekends, especially at night.
- Map the area, find out
the distance to shopping centers, schools, day care, medical, etc.
- Don't be fooled by the
outside appearance, the curb appeal. Is the home located on a busy street,
is the back yard facing an open field, shopping center, pizza place,
restaurant, etc.?
- Once inside, does the
home smell? This could be a sign of mildew or mold or if the odor is a
fragrance, this could be a sign of a cover up .
- Be sure that you check
everything, the doorbell, water pressure, type of paint, tile floors in the
kitchen and bathrooms for water damage. Check cabinets, closets, doors,
floors, carpets, ceilings, fireplace, garage, garage door openers and the
foundation for cracks.
- Check the landscaping
for proper irrigation, sprinkler system, timers and soil conditions.
- Get a list of what stays
and what goes and make sure that these are noted in the contract.
- Try to get a copy of the
last three months utility bills.
Things to consider after the sale.
- Did the homeowner
provide the required disclosures? Did you ask for a home warranty and if
possible a home inspection.
- Did you do the final
walk through making sure the property is in the same condition
when you first viewed it? Were the appliances in working order? Was
everything still there as stated in the purchase contract?
- Remember to change all
the door locks.
- Did you find any
problems with the inspections, termite, roof, water heater or soil?
Do your homework first, read
our buyers tips, after you sign on the dotted line, it's too late.
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