What to Consider With Your Realtor When You Buy Your First Home
One of the most uncomfortable feeling is the fear of the unknown. This may keep up true for the home buying course of action of the first time buyer. Buying your first house and taking a jump to the unknown can be intimidating to most. After all it may be the biggest financial responsibility a person will attempt. Here are a few things to consider with your realtor to avoid the deadly mistakes that buyers commit.
Consider the cost of a down payment, closing costs and recurring costs with a monthly mortgage payment along with the annual maintenance and repairs. You can easily do this by using a mortgage calculator to get a preliminary calculate of your cost.
Consider getting pre-qualified for a loan. Be prepared to answer about your income, bank accounts, debt, etc. to determine how much you can provide to buy. Your loan officer will set your affordability limit. Stick to this limit and you will be much happier.
Consider staying flexible with your choice of place to reside. With interest rates at its historic low, the average 30-year fixed rates is in between 4 and 5 percent! This translate to purchasing a house with lower monthly payment or a more expensive place of resident. Although it’s a buyer’s market with more choices of houses, your flexibility for choosing the perfect place to live should be exercised. Stay open to all possibilities because often times you can’t get everything you want, so you must trade-off and balance some of your “must haves”, “wants”, and “don’t wants”.
Consider a home inspection. You may think that you can perform this task but let a qualified Inspector go over the complete house. His report will call out all deficiencies and suggest repairs and further action. Structural damages and water damages unnoticed by an amateur can be disastrous to your finance in addition as your physical and mental well being. There is no replace expert eyes.
Consider buying a Home Protection Plan. This inexpensive insurance policy will give you a peace of mind from faulty appliances and basic repairs for least one year.
Consider your long term needs. Can that den transform into an additional room when your family members have grown in the coming years ahead?
Consider following by on due diligence. Get the answers for issues of schools, crime rates, neighbors, traffic and other non-related house issues.
These are items that should be considered and discussed with your real estate agent. They are licensed professionals, which method they’ve complete coursework and pass an exam in order to become and agent. They can navigate you to a reputable inspectors, loan officers and insurance agencies. They are in tune with up and coming neighborhoods and which areas are nearby or have access to better schools. These are all issues an agent deals with daily. These are reasons your realtor is your biggest ally in avoiding the deadly the mistakes that buyers commit.