Buying a Home

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Knowing the 10 tips on buying a home is an excellent idea for first-time home buyers out there. In fact, the entire home-buying process can be very stressful and complicated without any informative pointers. As a result, energy, time and money can easily be wasted throughout the process. Therefore, the first-time home buyers will definitely find the following tips on buying a home very helpful.

  1. Know what you want. In order to buy a home, you must know your criteria of your ideal home such as the exact location, size, amenities, price and neighborhood. List these criteria on paper and be familiar with them. You will use this list over and over throughout the home-buying process.
  2. Conduct research. Before buying a home, you must find out what the real estate market has to offer. You can search through your local MLS listings, real estate classified, and home for sale magazines. You might have to modify your criteria if no matching listings for your ideal home can be found.
  3. Ask a trustworthy lender for assistance. If you need to finance your home, a lender will be part of your home-buying process. You must be very careful on which lender you have chosen to work with. A great lender will make the entire process hassle-free and secure when comes to any aspects of home financing such as getting your pre-approval letter, home appraisal procedures, locking the rates and fees and any updates.
  4. Work with a reliable real estate professional. Although you aren't required to have a realtor, it is strongly recommended you hire one. Having a realtor is no different than dealing with a great lender. The reason is a descent realtor will ensure your home-buying process is heading to the right direction by providing you information such as your offer updates, closing timeline and negotiations. You will be risking the process by not having one.
  5. Take notes. Regardless of how great your memory is, you will be getting plenty of information when buying a home. It is always wise to have a pen and paper handy throughout the entire process. You can never go wrong by writing down new information.
  6. Get a home inspection. If you have found your ideal home, don't forget to get the home inspected when making an offer. Many home buyers don't like to do so because it costs about a few hundred dollars for a home inspection. Buying a home without this procedure is like playing with fire because you might be buying a piece of junk and the repair(s) can be expensive in a long run.
  7. Review all the contracts. Signing contracts will always be part of the home-buying process. Don't sign contracts without reviewing them. You have the right not to sign any contracts if you find faults on them.
  8. Ask questions. It is normal that you will encounter many concerns when buying a home. Don't hesitate to bring them up! You are entitled to ask as many questions as you want since you are paying for the home.
  9. Put everything in writing. When buying a home, don't ever go by anyone's word. Everything must be documented on paper. email or letterhead. Remember that any verbal communications isn't legally binding.
  10. Keep records on everything. You must maintain all your paperwork from the home-buying process in case you need to settle something in court you will have all the evidence available. You should hang onto your paperwork until you put your home for sale.

Regardless of what kind of home buyer you are, knowing these ten questions to ask when buying a home will always tend to happen. Since the home buying process can be very complicated and troublesome, you can save plenty of energy, time and money by asking the right questions. The following guide will show you the ten questions to ask when buying a home.

  1. Is this the right home for you? Let's say you have found your ideal home. You want to confirm that you have no doubts or any second thoughts when buying a home. If you don't feel right after all, you should keep shopping for the right home.
  2. Are you paying the right price for the home? When it comes to buying a home, most of the home buyers love to get a good bargain. If you are getting help from your realtor, he can generate a home pricing comparison report for you. If you are dealing with a For Sale By Owner, you must figure out the right by researching for it on your own.
  3. Can you afford all the fees and expenses? When you become a home owner, paying for fees and expenses is unavoidable. Your taxes, HOA fees and any type of maintenance fees will increase as time goes by. If you will have trouble affording them down the road, you might not want to buy a home.
  4. What will be the value years from now? The purpose of buying a home is for you to live there on a short term since you plan to sell or rent it out later on. You should find out what the home will worth. Note that any home values can change depending on all kinds of factors.
  5. How safe is the neighborhood? The home that you are buying might be located in a nice neighborhood. However, you will never know what will happen in the future. Asking for any crime statistics reports from the police is a excellent idea since you will know what you are getting into.
  6. Should you get a home inspection? Getting a home inspection is a must as part of the home buying process. The down side is that you will be spending some money on the procedure. However, this few hundred of dollars will save you from buying a crappy home and wasting money for any repairs.
  7. Do you really need a realtor? Depending on your buying situation, you might need a realtor if you are buying a home from a real estate company's listing. You don't really need any representation if the home you are buying is a For Sale By Owner. Keep in mind that a realtor can ensure your home buying process will head to the right direction.
  8. Should you pay for the home by cash or a mortgage? If you have enough money on hand, buying a home with cash is a brilliant idea. You might be able to get a little discount on the home, plus you can forget all these closing costs when financing. Obviously, you will need a mortgage if you don't have enough cash to pay for your home.
  9. Should you keep renting instead of buying a home? Although buying a home sounds like a winner, don't forget it involves costs and expenses. If you have a realtor, ask him for an estimate HUD-1 Settlement Statement. You should compare all the pros and cons on renting versus buying in order to make the right decision. 
  10. Are there any home buyer programs available? If you are a first time home buyer, you might be able to qualify for certain first time home buyer programs. Nevertheless, you must meet their criteria and guidelines for qualifications. Same thing applies to any previous home buyers as there are programs for them as well.
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