If you are thinking of buying a house, here are a few things that will help you in making the decision once and for all.
Will You Stay Grounded in One Place?
If you are not going to stay in one place for more than five to six years, buying might not be the best option for you. Buying and selling property also have additional transactional costs. If you sell sooner, you might lose more money than you stand to gain. This is especially bad when the prices in the market are falling.
The general rule of thumb when it comes to buying a house is that you can afford it as long as it is within two and a half times your annual salary. You can also use other calculators available online to see if you can afford it and handle your debts.
You Can Qualify for a Loan
Even if you cannot afford the usual down payment, you will find many private and public lenders who will be interested in offering you mortgages with low-interest and small down payments.
Look for Good Schools
Besides the obvious advantage if you have children, good schools in the neighborhood come in handy when you sell the house as well. Houses in neighborhoods with good educational institutions are often top in the priority list for buyers and help in boosting the property value of the home.
Invest in a Real Estate Professional
A real estate professional will provide you with invaluable aid in the process of buying a house. You can also rely on Internet resources to help you with the process. However, no Internet resource can provide the same kind of wisdom and specific information as an actual professional agent.
Research Before You Bid
Look into the sales trend of homes that are similar to the home you are looking at, in the neighborhood. Concentrate on data for the last three months. If the homes in the neighborhood have sold at price that is 5 percent less than the asking price, your opening bid should be placed 8 to 10 percent lower than the asking price of the seller.
Your lender will fix a home appraisal at any rate. However, this is done for the satisfaction of the bank. For your own purposes, hire a home inspector on your own as well. This home inspector could point out the potential problem areas within the house that might cost you in repairs in the long run.
Katie Jones
Broker/REALTOR®
Keller Williams Realty
Direct 910.650.9598
Email Katie.Jones01@yahoo.com
www.KatieJonesHomes.com
Jacksonville, NC real estate areas I specialize in: Carolina Plantations, Towne Point, Peyton’s Ridge Richlands & Jacksonville.
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