If you are considering an investment in real estate, the process can be extremely intimidating for any person considering it. You have to move very carefully when buying real estate. If you make the right decision, you either have a property that will profit you, or you have your dream home, where you can live forever, for the rest of your life. Use the tips of Twin Vew to help yourself make the best decision.
If you have a good realtor, that makes all the difference in a home purchasing experience. The right realtor knows the best home inspectors, knows the best home warranty packages, knows when homes that are not quite on sale are going to come on the market, and has the best connections to help you with all of your little details after moving in. She probably even knows a great lender to help get you started with that mortgage loan. A great realtor earns her commission from Day One.
The pre-approval process for a mortgage gives you a lot of flexibility as you prepare to make your home purchase decision. If you get pre-approved before you start shopping, you know how much of a home you can afford. This can save you a lot of stress down the line, as you don’t have to get into any arguments about the type of house you can have. Also, sellers’ agents will work more closely with your agent if you already have that pre-approval letter, because they know you mean business.
Too many people buy a house that is a little more than they can afford and end up “house poor” as a result. The payments stretch their budgets every month, and they end up not being able to do other things they would like, such as buying a new car, taking fun vacations, or even saving as much in their kids’ college funds. Be smart with your mortgage and do not bite off more than you can chew. The effects on your credit from a foreclosure are murderous.
Even if you see a wonderful house that you love, make sure that you research the neighborhood where it’s sitting before you run right out and sign a contract. You can end up having the nicest house in a shoddy neighborhood, particularly if you are buying the house from a distant city. Look at the schools, the crime rate, and the comparable transactions to see if buying that house makes a whole lot of sense for you.
There’s nothing worse than signing that 30-year mortgage, moving into a new house, and finding out that you have $15,000 of foundation repair to do, or that cockroaches have infested the entire crawl space between your kitchen and laundry room. These repairs should appear as needs if you have a reputable home inspector. This is where having the right realtor comes in, so you get a referral to a tough inspector.
If you are careful with your home purchase now, you save yourself thousands of headaches in the future. Use these steps to make life as simple as possible.