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Recent Articles : Buying A Home? Consider
This...
Home Buying
Searching for and buying a home can be really exciting but it
can also be very stressful. Having an idea of what you can afford
and what you are looking for can eliminate some of the stress associated
with finding a home. Consider the following:
1. What can you afford? You should consider talking to a home loan
officer or a home mortgage broker both to determine what you can
actually afford and to obtain a pre-qualification letter. With interest
rates likely on the rise, you may want to inquire how much it would
cost to "lock in" a certain interest rate.
2. Have you sold your existing home? If you have not sold your
existing home, can you afford two homes? If not, you may want to
consider making the purchase of the new home contingent upon selling
your existing home. If you do not have an existing home, are you
leasing? If so, when does your lease expire? If you break your lease,
you might lose your security deposit and the landlord may attempt
to seek rent from you for the remainder of the lease unless you
negotiate a termination of the lease.
3. Are you working with a Realtor? Realtors
who are familiar with the area where you want to purchase can be
extremely helpful especially if you do not have a lot of time to
search for a home. Generally, if you are purchasing a home that
is already listed with a broker, your Realtor will be paid by the
seller.
4. Do you want new construction or existing construction? Sometimes
this depends upon how quickly you need to move into your new home
and whether or not you want to have the option of selecting the
colors and/or patterns for your new home.
5. Are there schools and parks in the area? If you have children,
it will be important for you to determine where your children will
be attending school and whether there are parks in the area.
After finding a home, consider consulting a real
estate attorney before signing a contract for purchase. An attorney
can review the contract with you, make any necessary changes, and
negotiate with the seller. Good luck finding a home!
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