What do you need to know when buying property?
Buying any property whether it is for commercial use or your dream home requires specialized knowledge and understanding of the real estate market and state laws. Being a first time home buyer can be even more daunting.
There are several things that you should consider during your real estate transaction:
Choose your realtor wisely.
This is at the top of the list for a very good reason, choosing a knowledgeable licensed realtor from a firm that has a great reputation is imperative. Your realtor should not just have a working knowledge of the real estate market, but they are there to advise you and represent your best interests. It is their job to help you understand the legalities involved in purchasing property and to make sure that you are protected. They will be responsible for negotiating on your behalf and you want to make sure that you are comfortable with them doing so. Take your time choosing a realtor, ask friends and neighbors for referrals and ask questions when you meet with your realtor. You want to make the best choice possible.
Look to the future when purchasing real estate.
If you are purchasing a home, how long do you expect to live there? Will the home meet a growing families needs? Or is it the right purchase if you will be retiring in the near future? Is the area stable or in transition? If it is a commercial property what conditions can affect its value in the coming years? These are all questions that your realtor can help you consider in your evaluation of a property as well as many more.
Know what you can realistically afford.
As we all know, life happens. When purchasing property you should evaluate your finances to understand how much you can spend. Make sure that you take all costs into consideration, such as taxes, insurance and upkeep. Keep in mind that other costs may arise in the future, particularly if you are purchasing an older home. Here is a mortgage affordability calculator that can help you figure out what you can afford.
Understand your contracts and obligations.
While making sure that your contracts are well written and meet the standards of your state is your realtor’s responsibility, you need to be aware of the obligations covered in the document. Read through your purchase contract and if you have any questions ask BEFORE you sign. You may want to have your lawyer review the documents, particularly if it is a complex transaction. If you discussed any conditions with the seller that affect the sale, make sure these are stated clearly in the contract. This would include things like repairs that are promised tp be completed before closing, inspections and other items that affect the sale of the property.
Taking time to thoroughly evaluate any property, understanding your contract and building a good relationship with your realtor will make you help you fell confident during the purchase process. As your realtor, I promise to work with you to ensure that your property meets your needs and that your transaction is as smooth as possible. You can count on me to be with you every step of the way and to protect your interests. My reputation speaks for itself.
Other links that may help:
- Mortgage APR – Find the APR on a fixed rate mortgage.
- Mortgage payoff calculator – How much money can you save by increasing your mortgage payment.
- Mortgage tax savings calculator – Use this mortgage tax deduction calculator to determine how much you could save in income taxes.