Considerations for homebuyers

 Buying a home is a serious life task. Most of us will go through this event multiple times in our lifetime.We buy, but we want to buy right. Below are some considerations for homebuyers.

1. Know your financial situation. Speak with three  mortgate professionals starting with  your bank, or mortgage company and see what the options are for purchasing a home. Check on your credit score, and get a copy of your credit report. Look at your debt to income, and make sure you have emergency funds stored away somewhere.

2. Know what kind of home or lot you want. Learn home styles, and see what style fits your lifestyle: ranch, cape cod, contemporary, traditional, etc. Think of location, location, location. Learn as much as you can about the neighborhood, using the internet to research as well as getting out and talking with neighbors in the area you are interested in. Determine what five features your home must have. Is one required feature a loft, or a fireplace, or an enclosed patio? You know what you like and don’t like. Be realistic however.

3. Know what services your real estate agent provides. Find out about neighborhoods, and properties via the internet, real estate websites, and blogs. Reading blogs is a great way to get descriptions of communities and neighborhoods, and feelings from people about living in those communities. Have the real estate agent email you regularly with market conditions, and homes that meet your lifestyle needs. Make sure the agent provides instructions on how to get out to the homes that you are interested in. Get all the photos you can. Trulia.com is a good source of information on homes for sale, and homes that have recently sold.

4. Know what a home inspector will look at and be proactive, walking around the property noting issues you may have. Also take photos.  Even though in Florida you are not required to get a home inspection, it is always a good idea, even if it is a new home. New homes can have serious issues. Bring up any material issue with your home inspector. Be present during any home inspection as well as the final walk through inspection. Inspectors usually like explaining things about the home.

5. Know that no house is perfect, and there is always one or more issues. The home inspector will usually find some issue, probably minor, however. The inspector’s job is to find anything that is not perfect.

5. Know what the closing costs are, and how they are broken down. Know what you will be required to pay, and what the seller will be required to pay. closing costs can be 3% to 6% of the total purchase price. Be prepared to have funds set aside to pay the closing costs, or see how much of that your lender will finance if you prefer to have as much financed as possible. Taxes, and insurance are prorated items. Make sure the seller cancels the old insurance policy and you get a new insurance policy on the home. Mortage interest is paid in arrears.

6. Know the meaning of the clauses in the real estate Sales Contract. Get a copy of the contract from the agent, via email or on paper. The Sales Contract is essential to a safe and harmonious closing. It is the guide post that the lender, title agency, seller and buyer have to follow. Ask your real estate agent anything in the contract that you want clarification on.

7. See me with your real estate related questions. I am always happy to discuss real estate with people.

Kenneth Fach, REALTOR, ePRO
Weichert, REALTORS-Anchor
1607 Village Square Boulevard, Suite B 103
Tallahassee, FL 32309
Direct/Text 850-339-5753  Blog: KennethFach.wordpress.com

EAch office is independently owned and operated.