It's your first time buying a home. Your family and friends are encouraging you and you know in your...

1. Take The Frightening Out Of Buying Realty
It's your first time buying a home. Your family and friends are encouraging you and you know in your
own mind, just what you want, but how do you go about buying your first piece of real estate. What
should you be looking for? What do the contract terms mean? What steps are taken from the time of
signing contract to the time of settlement? Following are some helpful hints and tips to guide you on
the journey.
For a satisfactory real estate purchase, buyers should never let themselves be
http://www.stockbrokerselect.com/ pressured into a quick purchase. There is no such thing as an
urgent need to buy a house. Careful research, wise preparation and discriminating decision-making
are vital to securing a favorable deal. There is too much at stake.
Be realistic in your decision to buy real estate. The cost associated with real estate ownership goes
far beyond mortgage payments. You must factor in insurance, taxes and the maintenance of the
home itself when you calculate the impact on your income. If you know what you can afford on a
yearly basis, you can budget your money accordingly.
If you have a pool or other water feature on your property, you may be required to have a safety
https://www.pinterest.com/dealsonhomes/ fence put in place. A safety fence will keep out any small
children who might otherwise wander in to a dangerous situation, or fall into a body of water.
Mortgage lenders will require you to have homeowners insurance on your property. A policy can
help protect your investment against certain types of natural disasters. Finding out how much a
policy is going to cost you for your potential new home is an important part of knowing if you can
afford the home you are considering.
Don't be caught off guard by hidden fees. Ask your Realtor upfront for an estimate of what the
closing costs will be. Items like commissions, attorney fees and home owner association fees should
be disclosed upfront. Review the settlement and all the terms before you are ready to close.
Coordinate with the seller for a professional inspector to visit the home to really look things over
thoroughly. Make plans to meet your inspector at the home so you can accompany him through the
entire procedure. It will help you to understand the results that are in the report better.
If you don't have any money for a down payment, look for a lender that does 80:20 loans. This is two
separate loans. One is for 20%, the down payment amount, and the other is the 80% needed for the
purchase loan. Often these come from the same company, but are two separate loans with different
payment amounts and interest rates.
Keep your options open. Visit multiple homes and auctions, even up until closing on your home of
choice. Research other homes thoroughly to find out what you may be missing out on. The last thing
you want to do is close on a home, just to find out that a block away, a better home was cheaper and
more centrally located for you.
Your decision to make an offer on a house should be based on a lot of factors. One of them is the
Home Owner Association (HOA) fees. In some cases this is an insignificant amount, but sometimes
the amount reaches the several hundred dollars level. You need to read all the disclosures your real
estate agent gives you, and make sure you can still afford the monthly payment on your new home.

2. After you make an offer on a house, you will then make a earnest money deposit. The amount of the
deposit is up to you. You want the deposit to be substantial enough that the seller knows you mean
business, but not so large that you are placing your money at risk. It is advised to deposit a little less
than two percent of the price that you have offered.
Your home is your greatest asset. It is probably the single biggest purchase you will ever make and
will probably be the greatest source of equity for you. Work towards owning your home, not renting
it from the bank. Avoid the temptation to borrow against it over and over again.
If possible, buy a home close to your family. Living near family members means that you will have
extra help and guidance, particularly if you have young children in your home. Not only will you save
on travel costs and babysitters, you will be flooded with a wealth of emotional support.
If you are investing in real estate in the hopes that you can make a profit, it is important that you
buy low so that you can make the best profit. The lower in the market cycle you can buy, the more
profit you will make in the long run.
Take fear out of the equation when dealing with real estate. You need to be unafraid when buying
real estate as fear is one of the primary factors for missed opportunities. Don't be reckless, but at
the same time you must not be afraid to pull the trigger and get the deal done.
Never buy a home based on a real estate agent's description of the home. There are many agents
who offer to sell homes and sign with clients when they have never even been to the homes
themselves. If the buyer was dishonest then the agent would never know and could not make you
aware of that.
In buying a home, make sure not to pay extra for something frivolous like a nice view. While you
might find it very nice and worth a premium, that may not carry over to the next buyers when it's
time to sell the house. It's possible for your view to become obstructed, or the next buyers might not
value the view, and you may end up lowering your price to the same as the surrounding houses.
Always try to minimize your title and escrow charges as much as possible. This will significantly
effect your profit from purchase. Also, if you are buying a home in foreclosure status, always retain
an attorney to make sure the process goes smoothly. They know all of the ins and outs, and they are
a huge asset when buying property of this type.
There are many influences all simultaneously at work in the real estate market. The tips you just

3. read will help you avoid some of the traps a lot of homebuyers fall into. Make sure you put these tips
to good use whenever you decide to purchase real estate.