Top Frequently Asked Questions From Home Buyers
How do i know if i am ready to buy a home?
You can find out by asking yourself some questions. If you can answer “yes” to these questions, you are probably ready to buy your own home.
> Do I have a steady source of income (usually a job)?
> Have I been employed on a regular basis for the last 2-3 years?
> Is my current income reliable?
> Do I have a good record of paying my bills?
> Do I have money saved for a down payment?
> Do I have few outstanding debts, like car payments?
> Do I have the ability to pay a mortgage every month, plus additional costs?
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What should i look for while walking through a home?
In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following:
> Is there enough room for both the present and the future?
> Are there enough bedrooms and bathrooms?
> Is the home structurally sound?
> Is the yard big enough?
> Do you like the floor plan?
> Will your furniture fit in the space? Is there enough storage space?
> Imagine the home in good weather and bad – will you be happy with it year round?
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
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Do I have the option to have any inspections?
When buying a home or apartment, you have the option to perform several types of inspections. The purchase offer can be contingent upon a satisfactory inspection, pest inspection, chimney inspection, kitchen inspection, and many other inspections. In most cases, it’s recommended that when buying a home, you should be able to inspect it to your satisfaction.
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Should I buy or continue to rent?
Buying a home can be a very solid investment. This being said, renting can also be a better option for some, depending on the circumstances.
There are questions that you should ask yourself before deciding to buy a home. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If the answer is only a few years, it’s likely the better decision is to continue renting.
Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done, are you ready for that? All in all, buying a home is always the better option.
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How is the neighborhood/area?
When buying a home, a common question home buyers have is regarding the neighborhood/area. As a real estate professional, there are rules against steering and providing personal insight into specific areas and neighborhoods. This doesn’t mean that your Realtor cannot provide you with tips to help you choose the right neighborhood when buying a home.
Many buyers wonder about the growth of the local economy, crime statistics and local amenities among other factors. If you have a top Realtor when buying a home, you should be able to receive all of the pertinent information to allow you to make an educated decision on areas and neighborhoods.
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Should I talk with a bank before looking at homes?
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford.
If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available.
Another important reason to talk with a bank before looking at homes is so you understand exactly what costs are associated with buying a home. There are many home buyers who don’t understand the difference between a down payment, pre-paid items, and escrows, which can be thoroughly explained by a mortgage professional. A mortgage professional can give you advice on the type of financing you should be looking to obtain and also whether or not you should request the seller to contribute towards your closing costs, also known as a seller’s concession.
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Do I really need a Realtor when buying a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same! When choosing a buyers agent, make sure you know how to properly interview prospective Realtors when buying a home.
Attempting to buy a home without a Realtor can really make the home buying process more difficult. Having a Realtor is always recommended when buying a home.
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