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7 Things You Should Know When Buying A House
Buying a home can be exhilarating, especially if it is your first. However, before you go through with the process, it is important to be well informed of the marketplace and its accompanying peculiarities. This will help you navigate the system easily, and prevent you from making costly mistakes.
Things to Know When Buying a House
When buying a house, it is important to contract the services of a realtor because they know the market better than you and are seasoned in the art of house haunting. Outlined below are some other top tips to have in mind when house hunting.
The Entire Process Can Take A While
Buying a house is totally different from any other purchase you are most likely going to make in your lifetime, and it usually takes some time to finalize. This is because it involves many behind-the-scene processes which can take several weeks and even months to conclude.
It Is Important To Get Pre-Qualified
Getting pre-qualified for your home loan is important in helping you come up with a price range of prospective houses to consider when searching. It can also reduce the time it will take you to close on a house. Speak to your lender to find out if you qualify for this type of loan.
You Do Not Pay the Realtor
When buying a home, you are not obligated to pay the realtor. Thus, do not make the mistake of paying for the services of the realtor, because if you do, you might not get a refund. The realtor or real estate agent receives payment for their services, which is 6 % percentage of the cost of the house, from the seller.
There are Closing Costs
You should know that you will pay closing costs when buying a house. This cost is usually paid up front and is different from the cost of the house, or the down payment. It is typically between 2-5% of the overall cost of the house.
You May Have to Pay Mortgage Insurance
If you put less than 20% down on a house, you may be required to pay mortgage loans, especially for conventional ones. The loan protects your lender if you default or fall behind on payments. You can request to have the mortgage insurance removed when you can pay off more than 20% of the house.
The Housing Marketplace is Heavy
Many areas of the country have high levels of home for sale, which means that you can take your time in finding the right one. Before making an offer on a home, ensure that you have covered a lot of ground and are satisfied with houses that you have seen.
There is Always Room for Negotiation
Have it in mind that there will always be room to negotiate prices when buying a house. No matter the value you receive in the beginning, ensure that you have it beaten down. Do not accept to pay any price off the bat to avoid getting cheated.
The real estate market is a very daunting one, and can quickly overwhelm you. However, with these helpful tips and an experienced real estate agent, such as Michael Hunter of Randolph Realty, in your corner, you are guaranteed to get real value for your money.
7 Important Things Every Home Buyer Should Know
When planning to buy a home, you should get ready personally and financially, especially if you are a first time home buyer. Knowing these important things about buying a house can help make the process easier for you.
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