Being a homeowner undoubtedly comes with its own set of challenges, but the benefits can certainly outweigh those demands. Homeownership can surpass the benefits of renting, however everyone’s situation is unique. It’s very important to consult your REALTOR® when inquiring if it’s right for you.
If you’re thinking about purchasing a home, look at your circumstances in life. What’s your financial situation as it pertains to your debts, assets and your current lifestyle? Do you pay all your bills on time? What does your credit score mean? Is your credit score preventing your from buying? Do you have stable employment? Do you have money saved for a down payment on a home?
Before you begin looking for homes, we highly recommend you contact your lender for an updated pre-approval. They should likewise provide for you a loan estimate form (formerly a good faith estimate). This form will help you understand the actual cost of the loan as well as give you a fairly accurate idea of what you can afford, based upon your current standing. A mortgage pre-approval will increase your attractiveness to sellers and show them you’re serious about buying their home.
Prior to contacting lenders, feel free to utilize our mortgage calculator.
Much ink has been spilled on this question over the years. While we certainly don’t want to oversimplify this response, it’s important to realize that many factors should go into making the right decision for you. We would suggest beginning with a pros and cons list for renting versus buying. Again, it’s very important to consult your REALTOR® when asking if homeownership is right for you.
Generally-speaking, renting gives the occupant the freedom from maintenance and home repair costs, no real estate taxes, flexibility to downsize or leave at the end of your lease, cheaper access to amenities, lower insurance costs, etc. Purchasing a home enables you to build equity, take advantage of tax benefits, in most cases – have fixed mortgage payments over a fluctuating lease (as rents increase) and allows the homeowner to do anything to their property (so long as there isn’t a homeowners association nor township/municipal ordinances with existing restrictions).
A buyer’s agent or buyer’s representative is an agent who’s an advocate for the homebuyer in a real estate transaction. A buyer’s agent owes fiduciary responsibility to their buyer-client, which includes confidentiality and loyalty. They must always protect their client’s best interests throughout the duration of the representation.
Without a business relationship with a buyer’s agent, you – as the buyer – are not being represented nor are your interests being protected. Thus, if you’re actively seeking a home to purchase, it’s critical that you hire the services of a buyer’s agent.
When you have an agency relationship with a buyer’s rep, the agent should provide the following:
In almost all cases, the answer is nothing or little to nothing. Usually, when a home is listed for sale, the seller’s contract specifies the commission being offered to the buyer’s agency. This generally covers all or most of your representative’s compensation.
This question is unique to each and every seller, but you should begin to make a list of what you need and what you can live without in your search. For instance, how much space do you need? How many bedrooms would be required for you and your family, both now and in the future?
As a buyer, you’ll want to be concerned about resale value. Does the home you are thinking about buying have characteristics that will most likely also be desirable to homebuyers years from now, if you need to sell. What issues or potential ones do you see? What’s the neighborhood like? What’s the school district like? Your REALTOR® can guide you in answering those questions or lead you to a home inspector or someone who has the answers.
You’re not only buying the home you fell in love with, but also you’re purchasing any problems that come with it. All those things you can’t see or didn’t think about or didn’t even know existed can come back to haunt you, if you fail to take the proper steps in hiring a home inspector. Yes, there are occasions where a homebuyer finds themselves in a bidding war, where waiving a home inspection may be an incentive for the seller to take your offer over the others, but those cases are rare (and, if doing so, proceed with caution). A home inspection will bring awareness to any trouble areas, especially material defects in the home that will need to be addressed (if you’re proceeding with the sale).
Select a reputable, experienced inspector. Click here for more info.
If a buyer is experiencing remorse about their purchase, chances are they would be forfeiting their earnest money deposit (the escrow monies put down to secure the offer). If there is a good reason to back out of the deal, such as an unsatisfactory home inspection or a property not appraising for the purchase price, then the buyer is free to walk away from the transaction and have their escrow deposit returned.
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All information is deemed reliable but not guaranteed and should be independently reviewed and verified.
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