Are you moving and looking to purchase a new home? Navigating the housing market can be difficult. Here are some steps that you can take to make the search for a new home at a reasonable price a little easier.
1. Review your credit report. It is important to check your credit report for errors before jumping into the housing search. Consumers are allowed one free report per year at http://ift.tt/o2j1vQ. Because it can sometimes take a while to clear up errors on your credit report, it’s a good idea to look at your credit history several months in advance of beginning your housing search.
2. Get approved for a mortgage. Try to get offers from several mortgage lenders before choosing one. This way, you can see what your price range will be before starting your search, and won’t waste time and energy looking at homes that you can’t afford.
3. Hire a realtor. Realtors have inside connections in the local market, and often know of homes that are available that might not be listed publicly. Additionally, a realtor knows the tricks to brokering a deal, which can save homebuyers lots of money and aggravation.
4. Decide where you want to live and examine your choices. Search the internet for homes that catch your interest. Avoid listings that don’t provide a picture, as this usually indicates that the property is not visually appealing.
5. Compare prices. Compare the prices of the homes that you are looking at with others that are similar and have sold in the last 60 days. This way, you can make sure that the property that you are looking at is listed at a fair price.
6. Perform an inspection. This is an important step in ensuring that the home that you are looking at is safe and does not need any renovations. If you are making an offer, it is a good idea to make it contingent on an acceptable home inspection. If the inspection uncovers areas that need improvements in the home, this can be used as a leverage by the buyer at closing time.
7. Talk about closing costs ahead of time.By law, prospective homebuyers are permitted to see the closing costs, which typically average from 1.5 to 4 percent of the purchase price. Ask to do so ahead of time so that you have the chance to dispute costs that seem unfair or inappropriate.
8. Make an offer. Consult your realtor before making an offer. Try to be as flexible as possible with the sellers. Homebuyers who are agreeable and willing to make minor concessions are more attractive to sellers.
9. Decide on a down payment. Most experts recommend making a down payment of about 20% of the total cost of the home. Not only does this provide you with immediate equity, but it also gives you a lower interest rate on your mortgage. Finally, it makes you appear to be a serious, qualified buyer, which is important if you are competing with other buyers for the property.
10. Claim tax benefits. There are several closing costs that are tax deductible. For example, the pro-rated interest from the time you close on the home until the end of the first month and any mortgage points that are paid can be deducted from your taxes. Talk to the person who helps you prepare your taxes to find out more about tax deductible closing costs.
We wish you luck with your quest to find a new home. We hope that you will use Sorensen Mayflower when it comes time for you to move into it!