What do you need to know before you commit to buying your dream home?
'To buy or not to buy', 'to rent or not to rent', that is the question. The choice is yours. It all depends on the money! But, generally, it is better to buy than rent in the long-term. Renting a property (unless the rent is ridiculously cheap and taking into consideration your circumstances) is certainly not the same as having bought your home.
When you buy a property you are investing in you and your family's future.. But don't forget that you are responsible for taxes, insurance and general maintenance of your owned property as opposed to a renting a property, where the landlord of the property has certain responsibilities.
What do you look for when buying a house?
The basics
• Most homebuyers make a cash down payment of 3 to 20% of the sale price. The higher the down payment you can make, the easier it is to get a loan, and the lower the interest rate is, and the lower the monthly payment is
• Right now it is a buyer's market, due to the economic climate, particularly if you are in the position of not having a property to sell.
What kind of home can I afford?
In general you can afford a home worth about three times your annual household income. If your combined income is $50,000, you could afford a $150,000 house.
Money you need up front
• Down Payment (probably)
• Closing Costs (possibly)
• Miscellaneous. Costs + Monthly costs
• Mortgage Payment (inc. taxes & insurance)
To afford a house you'll need the up-front money as well as money for the monthly payments
Here's a summary :
• 3 to 20% of the purchase price for a down payment. The actual amount depends on what kind of loan you get and how good your credit is.
• 1 to 8% of the purchase price for closing costs. You might not have to pay this up front. The bank might be willing to add it to your mortgage. (Add them to the mortgage if you need the cash, but pay the closing costs up front if you don't.) The actual amount of closing costs depends on how good a deal your lender is willing to give you, and the price of the house. The more expensive the home, the less the closing costs are as a percentage of the total price.
• $250 to $800 in Miscellaneous Costs. These are things like the application fee for the loan, the fee for the bank to run your credit report, professional inspection of the home, and an appraisal (if you can't get the appraisal added to the closing costs).
Get Yourself an Agent?
Don't forget the Seller pays the agents fees and not you,so it is worth considering.This is because agents have access to MLS (Multiple Listing Service) which is a database of all houses for sale that is listed by other realtors. Of course you could just hire an agent to do a CMA (Competitive Market Analysis) for you. The market analysis will compare the house you are interested in with other similar houses in the neighbourhood which have sold recently and the price they sold at. This will cost you less than the MLS search. You can of course search yourself online using sites such as Yahoo Real Estate or Zillow. An alternative to getting a CMA from an agent is to hire an appraiser. The appraisal will be much more detailed and probably more accurate than an agent's market analysis, but may cost more.
• Keep in mind that you will need an appraiser as the bank will not give you a loan without an appraisal, whether you use an agent or not. When you find a house you want get the Disclosure from the seller. This is a list of problems with the house that the seller knows about, and which the seller must give you by law.
• Have the house professionally inspected. You generally have to pay this yourself, at the time,the estimated cost could be $450 or so. If the inspection turns up problems not listed on the disclosure which will cost a lot to fix, try to get the seller to lower the price or fix the problems before the sale -- or walk away from the deal if your contract allows that and that's what you want.
Applying for a mortgage (a loan)
You generally need four things to qualify for a mortgage:
• Money to make the down payment.
• Income that's 2 to 3 times higher than your mortgage payment. (more on figuring mortgage payments in a minute)
• Two years of solid employment history (same job or field).
• Decent (not perfect) credit. However, it is a good idea to get your finances in order before you start to look for a property. Clear credit cards or at least get the payments down. Do not miss any credit payments. Check your credit score. Few things can kill dreams of home ownership better than credit card debt.
What are you looking for when buying a house?
Is it all about location, location, location? Why are you choosing a specific location?
Is it for practical reasons;- Is the house is a reasonable distance from your place of work? Is the house close to the children's school?. Is it the social aspects and nightlife that draw you to this location?
If it is not ฝากขายทาวน์เฮ้าส์ the location specifically, are you prepared to broaden your search, maybe away from the 'city lights' and head for the outskirts of the city where you will more than likely get 'a better bang for your buck' How do you go about all this? Make a list. Include:-
Your budget - Minimum and Maximum. What deposit can you afford to put down on your dream property? Are you taking into consideration agents fees, appraisal fees, closing fees, house inspection fees, repairs and renovations? Have you got a property to sell? Are you dependent on the sale of your initial property before you can buy another property? What is your monthly household budget? - include utilities, HOA fees, taxes, gas and so on.
NEXT STEP
Are you looking for a 'fixer upper' or 'move in ready'? What are the 'must haves'? Make a list of the main things you really want in a property, for example: number of bedrooms, number of bathrooms, a back yard, patio area, a view, a pool. The list could be a large one, are you prepared to compromise?.
Consider looking at foreclosures, but be prepared to invest some money in 'fixing it up'
MORE:
View several properties, this way you will get a feel for the house you are wanting.
When viewing a property... Ask yourself, can I imagine myself living here? Could you picture how the rooms would look decorated and furnished?
Don't be afraid make an offer under market value. The seller has the right to refuse your offer, they may come back with a counter offer. It is all about negotiation. Have confidence in your abilities guided by your agent.
DON'T FORGET
You'll make the offer by signing a contract. If the seller accepts your offer then they'll sign too. At this point you're generally obligated to buy the house and the seller is generally obligated to sell, though depending on the wording of the contract either of you could have the right to walk away from the deal under certain circumstances.
Now you know what to look for when buying a house. Go ahead and find your dream place
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