Purchasing And The Ten Commandments

By
Real Estate Agent with Re/Max Classic 314578

Purchasing Knowledge to Know

Just like anything else in life, before you do anything, educate yourself as much as possible about real estate and how to go about purchasing it. Knowledge will empower you and help you to be purchasingable to make informed decisions that will ultimately benefit you for many years. Check out the information here to learn about purchasing real estate. When entering into any real estate deal, it is always best to hire a lawyer. The contracts and requirements of buying real estate can be overwhelming. A real estate lawyer can be the deciding factor in making sure you get not only the best deal, but also the protection you need. Before buying a house, have a good friend view the house and tour the neighborhood because they may see things you don't.

With all the excitement and stress of finding a new home it's easy to get carried away and miss things. Having trusted eyes evaluate your home, the neighborhood and other factors personally relevant to you can avoid serious problems down the road. When you want to buy a home stop and think if you are a good handyman or know someone that is. A lot of times your dream home could be a bit run down or needs a little bit of work done to it. If you can do that stuff and have the money to do so you can end up getting a great deal on a home.

When you are in real estate negotiations, be sure to keep your approach moderate. A lot of people want to get a good deal, and begin acting aggressively; they end up doing themselves more harm than good. It's best to tell your real estate agent what you want, and let them handle the negotiations themselves. They have experience.

When you are buying a home, do not put all the savings that you have into your down payment. You should leave some of your savings in case of an emergency. You should not be surprised if something in your new house breaks down and you need funding to fix it. To make sure you buy a safe house, pay close attention to the walls on the inside and the outside. Look for any cracks or signs of dampness. This could indicate that the house is built on foundations that cannot support it or on a wet ground. If this is the case, you will need to pay for major repairs.

Check with the local tax office to find out what square footage has been recorded for the home. Any work that has been completed without permits can lead to problems in the future for you. You will be required to make any changes or improvements to bring the work up to code. Buying a home with a great view might have disadvantages, too. Usually, it costs significantly more than the rest of the houses in the neighborhood. Its resale value can also be negatively affected, as the potential buyers might not appreciate the view as much as the original buyer did.

There is also a good possibility that during the years, new structures will be erected, significantly altering the original panorama. The basic rule is to pay as little extra for the view as possible. When buying real estate directly from an owner, you must have an appraisal done to prevent paying more than the house is worth. Since the owner has a vested interest in getting as much money for his house and doesn't have the market knowledge to know how to price it properly the odds are that it is over-priced. When you are buying a house make sure to have a professional go over the contracts with you. Although you may be an intelligent person there are many clauses in contracts that would be difficult for someone other than a professional to recognize and understand. They will also be able to tell you if the property you are interested in is a good buy.

Lot of home buyers are discouraged from buying a property because they don't like its decor, the furniture or the wall color representing the seller's taste. Buyers should disregard these factors as they are easy to change. They can always repaint the wall, install new carpet and add their own furniture. They should consider features hard to or impossible to change, such as property size, floor plan or location.

Educate yourself on mortgage loan terms before you look into purchasing real estate. This can help you to save a lot of money in the long run and will provide a clear picture of what you will pay in the future. Going to open houses, is a great way to meet a real estate agent. When you attend an open house, you will get to see an agent in action. You will get to see if the real estate agent is friendly, if they are professional, and if they can answer questions that you may have. It is a great casual setting to meet a real estate agent. Look for a number of loan options to save you money when buying real estate. A shorter loan life will save you thousands of dollars over time. If you can't find one, then a bi-weekly payback will also reduce interest.

Before Closing

When making an offer on a home you want to buy, there are certain requirements you want to add to the initial offer. It would be awful to find that in the time before closing the back yard has been ruined, or the house has been trashed. Add standards such as working appliances, a non-leaking roof, un-cracked windows, plumbing which is free from leaks, a kept up yard and any trash or debris has been removed from the property.

When buying real estate, you must check out the type of plumbing, so you can be prepared for repairs down the road. A lot of the plastic pipes commonly used during the early 80's, can get very brittle and fail after all those years of use. If this plumbing is still in the house, then you will be the one stuck with the repair bill. Having taken the time to learn more about purchasing real estate through this article was a great decision. Ultimately it is you, not a real estate agent, as it is you that is going to be signing on that dotted line. Having a great deal of knowledge about real estate will give you the confidence to make necessary decisions.

 

 

 

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Topic:
Home Buying
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Michigan Oakland County
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Rainmaker
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Susan Laxson CRS
Palm Properties - La Quinta, CA
Local Knowledge & Global Network

Tom, these are good tips 'er commandments on buying a home and I especially like the tip that you gave of not putting all your savings into your down payment.  Good post!

May 13, 2016 08:57 AM #1
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Nice post , full of great advice ! Have a successful 2017 !!!!!!!!!!!

Apr 30, 2017 07:42 AM #2
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Rainmaker
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Tom Gilliam- RE/MAX Classic

Exceeding Your Expectations
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