Home Buyers
For most us, buying a home is the biggest financial investment of our lives. Choosing location, where to raise a family, fixer-upper or move-in ready, whether to have a dog or cat, whether to be urban, suburban, or rural – these details all factor into a home buying adventure. Being prepared can make the difference between a good experience, or a frustrating one. It’s important to have a clear understanding of both your personal and financial goals before beginning a home search. If you have any questions about the process, don’t hesitate to contact me!
When Buying a Home
Home ownership is one of the best investments you can make with Income tax savings, forced savings in home equity and stable monthly housing costs. Plus you will have more space and be able to express your freedom and individuality!
While there are benefits to owning your home, there are pitfalls to avoid before making your purchase. Don't make major purchases (big screen TVs, cars, furniture) or other items you want for your house before you have actually bought the house, and don't move money around to different accounts. Having extra payments by making large purchases will affect your debt-to-income ratio, and you may not be eligible for a mortgage loan. Also, buying a car and having that extra debt can reduce your purchase price or approved loan amount to buy a house. Avoid changing jobs right before or during the home buying process.
Working with a professional REALTOR® can help you understand a particular house and neighborhood. Showing you comparable sales prices in an area, which can help you determine a resonable offer price. Mary will provide public records, MLS comparable sales numbers, pending transactions, and inform you of any additional factors that may influence your offer price.
Several factors could influence an offer price such as: property conditions, home improvements, market conditions, a seller's motivation, and the decision from the seller to accept your offer price. When drawing up an offer, contingencies may be included. These can range from a new roof, to a specified closing and moving date. If you like the appliances and they aren't listed as part of the sale, you can make an offer to keep those as well.
Once an offer is accepted, you will receive a disclosure from the seller listing any known issues with the house. You will need to set up an inspection to fully understand the condition of the property, come to an agreement with the seller on the condition the property should be in upon transfer, and do a final walk-through inspection before moving in.
Financing details that may affect your offer include: down payment, interest rates, closing costs and financing incentives, seller financing (if any), cash offers, and any financing details you provide in your offer.