Affordability – before you begin shopping for your dream home, you must be aware of your financial potential. Step 1 – Verify your credit report. Step 2 – Shop around for lenders. The normal down payment amount is 20%, but you may still qualify with less. For a lower interest rate you may have the option to pay for additional points at closing. Step 3– Get pre-approved. This will save yourself time looking at homes you cannot afford. Rule of thumb: a house cost should be about 2 1/2 times your annual salary. For assistance in calculating your affordability Buyer’s Calculator
Professional Assistance – although the internet offers outstanding access to information on purchasing a home, real estate agents have knowledge and experience in buying/selling homes. Their websites have access to all area home listings. Their knowledge of the area can guide you in the best location to fit your needs. Their understanding of sales trends will help in your opening bid amount. Their experience in closing procedures will assist you each step of the way. With Mario J. Sclafani real estate sales person you will have a team of experienced professionals, and the competitive advantage of REMAX Classic Realty, by your side when buying your dream home.
Location – when choosing where to buy your home, consider what is most important to many buyers, not just you. Most important is the town, then school district, then neighborhood. Although a bustling or quaint town, good school district or family neighborhood may not be an issue for you, it might be important to the next buyer. An outdated kitchen or an over grown yard can be transformed. A desirable town, school district and/or neighborhood should be selected.
School district – the right school district can drive up the price of homes in that location. Many buyers base their search completely on the school district where they want to live in. Even buyers without children consider the resale value of the home to future parents. Homes tend to keep their value when located in desirable school districts. Potential homeowners, as well as, present homeowners should be aware of how the schools of their neighborhood are doing. School districts’s information
Neighborhood – the surrounding area is also important when looking for your perfect home. For a better sense of neighborhood patterns, visit the area at different times of the day or week. Morning traffic, afternoon noises or evening bright lights; may not be noticeable at first but may be an overwhelming disturbance when living there. Walk around the area, talk to neighbors, look and listen to things you may not have observed while focusing on your dream home. Also, check the latest crime figures of the neighborhood. A quick Internet search on the area should provide you with the number and severity of crimes over a time period. Remember, your real estate agent can help with any concerns you have about the neighborhood.
Best or fixer-upper – buying the best house in the neighborhood may not allow your investment to grow. Buying the worst house on the best block, allows you the capability to improve the house adding value to a great location. If you’re interested in a fixer-upper, you must understand fully the work involved. Adding an extension or an additional story must be within local zoning or building codes. The property must be inspected to verify plans are acceptable. It is important to verify that your changes will add value to your home overtime. Your real estate agent will be familiar with the neighborhood and can vouch for long-term value or investment potential of the property.
Purchase – after you find your dream home and decide on a bid price, be sure you are ready for the financial responsibilities. It is important that you verify all the expenses that come with owning your own home. Confirm that the amount of property tax and assessments are correct. With a condo, also, be sure to verify financials of the HOA and any mention of major costly changes in the near future. Hire a house inspector to determine whether the house you are buying is worth the price and that there are no potential problems that you might face down the road.