Brand new construction or an old classic house — which is best for you? The thought of being the first to live in a new home can be enough to sway many towards the first option, but there are also many who believe they simply don't make homes like they used to.
The truth is, there isn't a right or wrong answer. Both new homes and old homes can be perfectly viable options and solid investments. However, our real estate agents believe it's important to consider the pros and cons of both before you make your decision. Here are some important factors to consider:
When you finally find the perfect home, it can be hard to hold back your excitement. Shoppers often want to act fast and submit an offer as soon as possible. However, before rushing into things, remember buying a home is a big decision and one of the largest purchases you'll ever make. It's important to take a step back, do your research, and evaluate all the property facts.
When our clients finally find the right home, our real estate agents always encourage them to take these steps before submitting an offer:
Diving into the real estate market for the first time can be fraught with uncertainty. From deciding where to live to negotiating a contract, there are many big decisions to make, and it can be easy to make mistakes along the way.
According to our real estate agents, the best way to prevent mistakes is to do your research and work with a qualified expert. Here are some of the most common mistakes we see first-time home buyers make:
Buying a home is one of life's largest expenses. If you're a first-time buyer, it can be challenging to determine exactly how much you need to save before making a purchase. Closing on a home involves many different payments, fees, and taxes. Keeping it all straight, let alone coming up with accurate estimates, can be difficult, to say the least.
Buying your first home is a major milestone, but in today's market, it can often feel like the cards are stacked against you. Rising interest rates, high prices, and low inventory can make purchasing your first home a challenge. But if you're planning to hit the real estate market this year, don't be discouraged. According to our real estate agents, patience and preparation are the keys to successfully buying your first home in 2022. Here are some tips we often share with our clients:
By: G. M. Filisko
Follow these steps to ensure your home search is fun and productive.
Most potential homebuyers are a smidge daunted by the fact that they're about to agree to a hefty mortgage that they'll be paying for the next few decades. The best way to relieve that anxiety is to be confident you're purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you'd like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys' fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you'll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
7. Get prequalified