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A Beginners Guide to Buying Real Estate

28 October, 2015



A home is the most expensive purchase that you can make in your life. With all that money at stake, the process can be daunting. However, you do not have to be over-stressed about it. Here are some tips and ideas that will help you as you begin your home-buying adventure.

If you need to purchase a home in a short amount of time, use the internet to jump-start your search. Going to open houses or driving around to find properties is one way to look for a home, but you will lose a lot of time seeing residences that don’t meet the criteria that you have. Searching online lets you look for properties based on the characteristics that you want in a home. This will help you find what you need in a shorter amount of time.

When you are going to purchase a condo, apartment or a townhouses, make sure you inquire about Home Owner Association (HOA) fees. Although HOA fees sometimes cover lawn care, household repairs and provide you with amenities, it can also cost a fortune. Make sure you factor these fees into your budget before you purchase a place.

A home inspection is never a place that you should try and skimp. Home inspectors should do a thorough job and show up ready to get dirty. Hire the most reputable and best home inspector you can, as a slip up in this area could lead you to incredible expenses down the line.

You will find that real estate jargon as well as legal language can be a bit hard to understand. So do your research before you start house hunting and find out all the different terms that will be thrown around during your home search as well as during the sale process. It will help you understand everything that is going on.

Do extra research before you make a long-term investment. If you are considering a long-term investment property purchase, like an apartment building, you need to become very familiar with the rental market in the area where you plan to buy. Ask around to determine how long units are sitting vacant, the average lease length and the average rent payment for a unit equivalent to what you plan to purchase.

If you choose to use the listing agent for the property you are interested in as your agent as well, know that this agent will become only a transaction facilitator. The agent will not be allowed to give you any type of advice. So you will have to rely on your own knowledge.

Get preapproved for financing. A quality lender will preapprove you for a loan amount prior to buying a property. The loan will give you a bigger picture of things. You will know ahead of time how much you can spend and what your monthly payments will be. In order to successfully complete the preapproval process, you will need access to your bank information, tax forms and other documents. Ask you lender what you will need prior to applying for preapproval.

It’s easy to quickly lose steam once you’ve put in your offer on a home. From the seller not accepting it, to unexpected surprises coming back in the inspection report, this article has given you ways to navigate through the process without getting taken advantage of and keeping your sanity at the same time.

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