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Steps to become a home owner |
A home is a shelter. It is where you live, love, relax, and entertain friends, raise families, and work. Most people dream of owning a home. Here are tips of how to make owning a home a reality.
There are two things you need to know:
You need to understand everything that is involved in the home buying process.
You need to know that you are the most important person in the entire process.
Get your financial in order. Know exactly how much mortgage payment you can afford and feel comfortable with. And shop for home accordingly. Have your pre-approval letter for a mortgage loan. Have a down payment (20% of purchase price), closing costs (plan to pay around 3% of your mortgage), and anticipate the new costs that will come with home ownership such as property taxes, home owner insurance, utility bills, community and home maintenance fees in order.
Partner with a real estate agent. The internet may give you endless amounts of information, but a good agent can line up properties to view, answer many of your questions and make connection for you in your new community.
Fine tune your “must haves”. Prepare a checklist of what is important to you and look for it. Don’t be guided by emotion. Take time to think, analyze, and review your checklist and notes and compare it against your needs, wants, and budget.
How is the condition of the property? Will you be able to meet the financial challenges and live with the mess and inconvenience while the home is being brought up to your expectation? Size and configuration: Is one bathroom adequate and if not, what are the real cost and troubles of adding a second one? Comfort: Does the house have central heating and air-condition system? Resale potential: On average people move to a new home every seven years, how easy would it be to find a ready and able buyer for this house? Features: Do you really want a swimming pool? Once you make an offer, make it contingent on the findings of a professional home inspection. If any major defects surface, you will want to have the leverage to renegotiate or back out of the deal completely. |
| Date Added: May 19, 2009 10:13:59 AM |
| Author: Sanida |
| Category: Business and Economy: Real Estate and Property |
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