Nothing is certain but HOA fees and Taxes
When I moved to Florida decades ago, I had no idea what a Home Owners Association was. Gated communities in my neck of the woods were mainly prisons and mental disability wards, and "associations" in Rhode Island are generally comprised of stocky Italians in silk ties. The importance of taxes and HOA fees can and will likely be an imperative part of the equation when purchasing a home, especially if going with FHA financing. High monthly fees and a large tax rate can potentially kill your deal if the numbers put you over your approved monthly ratios. If you happen to fall in love with a house with high fees and taxes, be sure to run the numbers with your loan officerprior to placing an offer. Find out what your maximum purchase price can be with these fees involved, and then start the negotiation process with seller. Doing this can and will protect you in the long run, no one wants to be embarrassed by a loan denial based primarily on high HOA fees.
History repeats - so don't be a part of it!!
If a deal seems to good to be true... it probably is. No surprise here, we've heard it, read it and said it before, but we all seem to still be surprised when we end up with a lemon. What can prevent you from trying to make lemonade? DUE DILLIGENCE! If a home has the eerie feel of a lemon in the making, get out your Sherlock Holmes gear and get to work! Your Realtor® can and should be able to help you with this. What to look for? A string of dead deals; if a home has been on the market for some time and the deal looks too good to be true, have your agent look into the homes history. You'll want to look at pending sales that fell apart and try to find คอนโด ราคาถูก out why. Also research liens and tax records on the home. An agent worth their salt will know the triggers to look for, and can keep you out of a sticky situation. While these are factors that you will probably learn about in the near future, wouldn't you rather know before you write an offer, place funds in escrow, and hire an inspector?
Dare to Compare
Just because a home is listed at a certain price does not indicate it's true value. The thought isn't brilliant, nor is it unknown, but it is often forgotten once a buyer falls in love with a particular property. When you do find that perfect dream home, the one you've been searching high and low for; be sure not to jump without preparation. And how do we prepare? DUE DILIGENCE!! We all get blinded when we see something we desire, and often throw caution into the wind. It is crucial that you maintain a level head when and if this happens. Don't get caught up in the beauty, focus on the deal. If working with a buyer's agent, please be sure that they "comp out" (use comparable sales to predict worth) other sales in the community and/or immediate area. Be sure that your offer reflects true fair market value, and doesn't exceed 10% over that value. The home may be just right, but if you offer then it's worth, your budget will be tight.
These three Due Diligence tasks will help keep you protected in your future Real Estate transaction. We all get excited when we finally find what we've been looking for (I hope some day Bono get's there), but without proper preparation and DUE DILIGENCE your dream home may turn into a nightmare. Keep the sleep, do your research and prosper, prosper, prosper.
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