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The Keys for Successful Home Buying
The Keys for Successful Home Buying
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The No. 1 key to buying a home is of course, the Realtor.
When the "I'm going to buy a home" bug bites, most people try to research as much as they can on their own. They spend time and energy in the beginning of the process by going online, reading articles and gathering information. Fine ideas, but the one greatest source of information is your local Realtor.
Yes, you can get good general information from the Internet, but when it comes to knowing specifics about buying in a particular, you will find the answers at your local real estate office. There you will find professionals who know more than you'll ever be able to gather from a home-buying article.
The best part of developing a relationship with a Realtor is you don't have to pay them! In our area of the world, buyer's agents are paid by the seller. That's right! You can walk into a real estate office and find a Realtor you like, spend time with them discussing your needs, gather information about the homes available and when you buy, the seller pays their commission. It's true that the seller takes the buyer's agents commission into consideration when they price their home, but with prices this low, you know your going to get a great deal.
There are some things to consider before you go visit a Realtor. In order for your new-found friend to really help you, you must come in prepared to answer a few questions. Here are some of the ways to prepare for your first meeting with a Realtor. The more specific you can be, the better job a Realtor can do providing you with exactly the information you need.
What are my needs?
It sounds quite obvious doesn't it? Believe it or not, many people just start out by trying to find out "What's out there?" Many people go look at houses first as a means of sorting out their needs. Often this can lead to buyers getting caught up in wants vs. needs. A better way to prepare is to know exactly what your needs are before you look. Create a plan based on the basics. How many bedrooms do you need? How many bathrooms would you prefer? Do you like a yard or prefer no yard?
From there, you can drill down deeper. What area would you prefer to live in? Do you want to live by a particular school or other convenience? Take the time to write down your basic needs. Then, you'll be ready to discuss them with your Realtor. This will ensure you get off to a good start and don't waste time.
What can we afford?
It is very important that you know what you can afford in a monthly payment. This should include your principal and interest, property taxes and insurance(s). If you don't know, try it out. Let's say you are paying $1,300 in rent per month. A typical house payment may be $1,500 to $2,000 or more. If you're unsure if that will work for you, try doing it. Each month pay your rent and then put the balance of the proposed payment in an account to see if you can make ends meet.
You will also want to see a certified public accountant, accountant or other tax preparer to determine what the benefits will be on your income taxes. You may be very surprised to find out that making a house payment that is higher than your rent, is made easier by this very real reduction in what you pay the IRS. The "write off" you get from the interest and property taxes you pay on a personal residence, can be as much as $200 to $400 on an average-size loan. This means that when you make the $2,000 payment, it really feels like $1,600. The exact amount of your tax reduction is based on your income and other factors. Tax professional can give you specifics. You may need this information to get a comfort level with the proposed payment of a home purchase.
Down payment and financing?
You will be required to have a down payment. For most people it can be as little as 3.5 percent of the sale price. Veterans can still buy with zero-percent down and teachers with California State Teachers' Retirement System benefits can buy with as little as 3 percent down.
This money will need to be liquid. If you're borrowing from a 401k or other source, find out what your monthly cost will be so you can factor in the payment. The idea is to be prepared when your Realtor asks how to structure your offer. The more the Realtor knows about your financing, the better they can help you get the home you desire.
I can't think of another purchase that is as buyer- friendly as buying a home. Where else can you go, meet with a professional and not have to pay them for their time?
Realtors are good people who gravitate to this business because they like helping people. Let them help you and you'll save time and stress in your quest for the perfect home.
Happy buying!
http://gamamarketinggroupblog.com/
Learn About The Top Brokerage Firms
By: gabrielmatache
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