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Buyers
5
ways to save when buying a home
Understanding the mortgage process and trimming costs along the way is rough because most people don't buy homes often enough to know the savings tricks. Gulfside Properties specialty is cutting the complicated mortgage process into pieces and finding ways for home buyers to save on their purchase. The 8 Tax Advantages of Homeownership
When buying a home, think... Home Inspections
Fortunately, there is a growing industry of home inspectors to fill this gap. Unless you are an expert, it is highly unlikely that you will catch a home's minor, or sometimes even major, problems during a typical house viewing. This is why it is important to obtain a professional unbiased second opinion before making such an important decision.
A Home Inspection is the best way to 'test drive' your new home. It allows you to make your purchase with confidence. It avoids nasty surprises once the deal has closed, and it offers the chance to rethink or renegotiate an offer if serious concerns do arise. When Buying, Know the Neighborhood One of the most important decisions a homebuyer must make is choosing the right neighborhood. While this is a very personal decision that often hinges on hundreds of different factors, you should always keep in mind the following... If you are considering buying in an unfamiliar neighborhood, take the time to walk or drive around it, both during the day and in the evening.
It's a good idea to travel the new driving route to and from work during the appropriate times to see what traffic is like. The quality of neighborhood planning, any future development plans and local zoning will also have a significant effect on a neighborhood's desirability. Re-sale values and even future property taxes are likely to be affected by any significant neighborhood changes. Are developers interested in the neighborhood? If so, find out what kind of projects they have planned. You should remember that attractive tree-covered empty spaces often become the location of new development in desirable areas. Find out if there are major infrastructure projects planned for the area. Major construction projects, which could be anything from building a new mass-transit station to widening the area's major roadway, are usually part of a long-range city, town or county plan. While construction can be disruptive, you need to determine if it will have a positive or negative long-term effect on the neighborhood and its property values. Find out all you can before you decide to buy. Look into the local job market as well. You can expect property values to rise if area employers are creating more jobs, especially higher-paying jobs. Talk to the neighbors. They could be one of your most valuable sources of community information.
Money Saving Tips
When Buying, Know the Market The asking prices of most properties that are for sale reflect present market conditions and recent sale prices of similar homes in the area. When homeowners price their homes they try to walk the fine line between getting the highest price and ensuring the asking price is competitive enough to attract serious offers. While most Selling Agents advise their clients to realistically price their homes in order to attract acceptable offers within a reasonable period of time, some properties may not be properly priced and you should know this before making an offer.
Before making an offer to purchase a home, you should ask yourself the following questions:
By having this information at your fingertips you will be in position to negotiate the best price and take advantage of any opportunities that may show up. This is where the experience and knowledge of a good REALTOR is invaluable. REALTORS spend a lot of time and energy making sure they know their local market inside and out. They keep their finger on the pulse of the market and have the resources/connections and ability to keep you up-to-date with its constant changes. They know all of the properties currently for sale in your area and are literally your best resource for finding the perfect home.
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Few of us would consider buying a used car without first having a mechanic
look it over, or at least taking it out for a test drive. Yet that is exactly
what many buyers do when buying a resale home. They often fail to have a
professional home inspection performed on the home they are interested in, even
though it is probably the largest and most important investment they will ever
make.
A good home inspector will give you an unbiased assessment of the structural and
mechanical soundness of the home. He or she will identify any existing or
potential problem areas, and give an overview of the condition of the
foundation, basement, roof, windows, doors, walls, ceilings, floors, plumbing,
electrical, they discover and give a general estimate of possible costs.
Check out the availability of community amenities (such as public
transportation, parks, stores, churches and schools). If you have school-age
children you may even want to visit the local schools and daycare centers.
When looking to purchase a home loan, consider getting a 30-year fixed term and
budget to pay it off in 15 years. Rates are at a 25-year low and won't last.
This will protect you when the market starts to rise again and insure you the
best rates. Do the math you'll be surprised how much you can save! Consider
coming up with a bigger down payment and going with a 15-year mortgage instead
of 30 years. This will save you a ton in interest. Be sure to check the
percentage rates now and then for refinancing your mortgage and possibly
consolidating your other debt such as credit cards. This will save you a lot of
money each month. Some home projects, such as replacing a faucet, are better to
learn to "do yourself" rather than paying a repairman. Also a
"how to" class is cheaper than a repairman.
