For most people, the purchase of a new home is the biggest single purchase they’ll make in a lifetime. Spending that much money on something that important can be a stressful, scary and overwhelming experience. Thankfully, there are many things you can do to make buying real estate easier. Here are a few tips to get you started.
To understand real estate in a particular area, research crime statistics over time. True, you never want to move into a neighborhood that’s dangerous. However, a neighborhood’s crime rate that is somewhat more than average but has been noticeably decreasing over the past decade is a solid investment. This neighborhood will likely continue to become safer.
When you are buying a home you should always have people in your own corner. Get your seller agent first thing. Also when you are doing things like having the home inspected or appraised hire your own people as well.
When submitting an offer to purchase a home always include a home inspection clause. This clause will allow you to have a qualified inspector check the home out and gives you the option of backing out of the offer if extensive problems are found. Hiring a qualified inspector is important, and can save you thousands.
If you’re trying to buy commercial real estate that costs a lot, make sure you get a partner you can trust. Having a partner makes the loan signing go much more smoothly. Having a partner is a great way to ensure that you have the necessary down payment amount as well as the creditworthiness required by commercial lenders.
Consider how far away you family will be when looking at neighborhoods, especially when you have children. Having family members located nearby can be a great benefit both emotionally and financially. A family member can act as an emergency babysitter when needed or be there to help out on a big painting job.
Start your plan for buying a home a year or more before you start the physical home buying process. You will want to take this time to make yourself more attractive to prospective lenders. Get a copy of your annual credit report, and review it for any discrepancies. Lenders will look at your debt to income ratio closely. So if you are holding a lot of debt try paying off a few of these accounts before looking for a mortgage.
If you are a first time home buyer, then it would be a good idea for you to contact a real estate attorney and have your paperwork reviewed. Since you are new to this, there may be some information that you do not understand, and they will clear it up.
It’s easy to feel stressed out by the home-buying experience. However, if you keep these tips in mind, your eventual purchase should go a little bit smoother. Don’t let the burdens of shopping for real estate get you down. You’ve got some great advice to guide you along the way, and soon, you’ll be in your new home!