Answer these Questions Before You Buy your First Real Estate
You have long been contemplating to buy a first house for the family.But before you start making your house search and shopping for lender, make sure you answer these questions first to assess your real need and possibility to own a house of your own.
1. Are you prepared to stay put for at least 3 years at your new home?If you are not ready to stay in your newly purchased property for minimum of 3years, perhaps you have to put off this idea now.You will end up lose money no matter it is a rising or falling market (here you end up losing even more money as your property will have depreciated in price).The reason is the kind of investment with property purchase and the associated fees charged on both buy/sell transaction would simply makes it impossible.
2. Do you have good credit rating? Most of us get a mortgage for our new house and those lenders would discriminate against customer who does not have a decent credit rating to show. If you have this problem, make sure you spend effort to clean up your credit report by fixing any problem that may get reflected in the report before you go shop for a house.
3. Is your dream home within affordability? As a general rule of thumb, most lenders are happy to lend up to 80 percent of purchase price. But to have a better idea on the kind of loan amount you can be approved on, make use of those online calculators at the bankers' sites to check this in relation to your income, debts, and expenses.
4. Are you comfortable, up to 20 percent of the purchase price? Here too, most lenders will want to be able to buy at least 20 percent of walk. You can try to negotiate that amount down to if you have a problem, except not that we recommend.
5. How accessible are public facilities and equipment for the family? This is probably the most important factor in the market to search. The reason is the property that is strategically located, is the best choice for many home buyers, you will increase the value of its assets when it is time to sell.
6. Do you have time to shop around the properties that are put on the market or do you engage the help of a professional real estate agent?While Internet has touched on almost all aspects of human activities, home buyer/seller still prefer physical interactions.Sometimes it is worthwhile to get professional help as the agent is familiar with the processes and when he represent your interest, you find yourself don't have to worry about a lot of hassles.Can you find the new home yourself or do you need professional help?
Answers all of the above truthfully and if these answers still point to a new house purchase, get ready for some intensive homework. Once you chanced upon property that you like, you would have to start gathering background information. For example the kind of prices transacted in the past months for similar housing type or neighborhood would be helpful. This will prepare you on the likely target price the seller is willing to let go so you can negotiate effectively to win your property. - 23305
1. Are you prepared to stay put for at least 3 years at your new home?If you are not ready to stay in your newly purchased property for minimum of 3years, perhaps you have to put off this idea now.You will end up lose money no matter it is a rising or falling market (here you end up losing even more money as your property will have depreciated in price).The reason is the kind of investment with property purchase and the associated fees charged on both buy/sell transaction would simply makes it impossible.
2. Do you have good credit rating? Most of us get a mortgage for our new house and those lenders would discriminate against customer who does not have a decent credit rating to show. If you have this problem, make sure you spend effort to clean up your credit report by fixing any problem that may get reflected in the report before you go shop for a house.
3. Is your dream home within affordability? As a general rule of thumb, most lenders are happy to lend up to 80 percent of purchase price. But to have a better idea on the kind of loan amount you can be approved on, make use of those online calculators at the bankers' sites to check this in relation to your income, debts, and expenses.
4. Are you comfortable, up to 20 percent of the purchase price? Here too, most lenders will want to be able to buy at least 20 percent of walk. You can try to negotiate that amount down to if you have a problem, except not that we recommend.
5. How accessible are public facilities and equipment for the family? This is probably the most important factor in the market to search. The reason is the property that is strategically located, is the best choice for many home buyers, you will increase the value of its assets when it is time to sell.
6. Do you have time to shop around the properties that are put on the market or do you engage the help of a professional real estate agent?While Internet has touched on almost all aspects of human activities, home buyer/seller still prefer physical interactions.Sometimes it is worthwhile to get professional help as the agent is familiar with the processes and when he represent your interest, you find yourself don't have to worry about a lot of hassles.Can you find the new home yourself or do you need professional help?
Answers all of the above truthfully and if these answers still point to a new house purchase, get ready for some intensive homework. Once you chanced upon property that you like, you would have to start gathering background information. For example the kind of prices transacted in the past months for similar housing type or neighborhood would be helpful. This will prepare you on the likely target price the seller is willing to let go so you can negotiate effectively to win your property. - 23305
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