What To Ask When Looking At Potential Homes

 Buying a house can be an intimidating and overwhelming experience. Here are some key questions to ask yourself and sellers before plopping down a down payment

What To Ask When Looking At Potential Homes

Following is a list of general questions you should always ask when considering making a real estate purchase. Keep in mind, however, you are unique.

 1. Don’t rush into things. The first question to ask should be directed at yourself. What type of home do you want? How big should it be? What amenities do you want? Are you planning for a family in the next three to five years and will the home be able to accommodate a new bundle of joy? Make a definitive list and stick to it. If you stray from it, you could end up with a house that doesn’t really fit you and suffer buyer’s remorse.

2. The next question is what area do you want to live in? Pick a few. You may find the prices to be excessive or the selection not so hot, but make sure you exhaust those areas before moving on. Again, you want to avoid buyer’s remorse.

3. Once you start looking at homes, a key question to ask is how long the house has been on the market. The amount of time will give you an idea of how flexible the owner is on price. If the house has been on the market for a month, the owner isn’t going to be very flexible. If it has been on the market for six months, flexibility will definitely exist.

4. Has the house previously been in escrow, but fell out? If so, find out why? Was it a problem with the buyer getting financing or did the buyer find out there was something wrong with the home?

5. What kind of condition is the house in and how old is it? Remember that a seller has typically done everything reasonably possible to spruce up the home. If you can see wear and tear on the house, it may be a red flag. In such a situation, you need to get a home inspection to make sure there aren’t problems in areas you can’t see such as mold, rust and water leaks.

6. If you have children or are planning on it, you must investigate the school district. Are the schools good? Are there gangs or crime in the area?

7. In addition to the home price, you should ask whether there are any additional fees such association fees.

8. What are the property taxes and what will they be when you buy? Many people are shocked to find out how much they have to kick out in property taxes. Don’t get surprised.  http://www.rhnws.com.au/

Simple Things To Do Before Buying

Do you have a spot on the floor that you think an area rug would be perfect for? But then you think of how much money those are going to cost you, several thousand dollars for a fine Oriental rug, so you reconsider. Here is your solution.

The main thing you need to do is research. First find out what type of rug you want, Once you know the rug type you want to buy start researching it. Find out the way the rug is made and what are some of its hallmarks that way you are able to tell if it is genuine. The key when shopping online is to avoid places using words like "faux genuine" and "just like" as these are not genuine rugs.

If you think you have a good seller wait for a little bit and research the seller. Contact the Better Business Bureau and see if the seller has had any complaints, and just generally surf the web for anything that would stop you from buying. If the seller's background is clean then move to the next step.

If you think you have a good, genuine dealer who is going to sell you a genuine rug you need to make sure you get a guarantee. You do not want to pay the money to a discount area rug dealer online, see the product in your house and not like it, and have no guarantee. Most sites have a 30 day guarantee where you are able to return the product but check into it so you do not have to worry that it will be a final deal when you pay.

The final thing you have to do when looking for discount area rugs is to only shop with reputable dealers. You would be surprised what type of deals you find with high end dealers of fine rugs. Just shop around the dealers stores and online and wait for when they have an end-of-season sale on classic style rugs or contemporary rugs as the store will usually try to make room for the new styles.

If you do some simple research on area rugs and especially on the area rug you are interested in, research the seller of the discount area rugs, and shop with reputable dealers whenever possible, you should have no problem getting a genuine rug to make that floor space look complete.  http://www.rhnws.com.au

Buy a New House When You Already Own One

If you sell first, you may be left rushing to find a new place to live, and you may end up with a house that isn’t right for you. But if you buy first, you run the risk of paying for two homes at the same time. The transition becomes even more difficult if you need to sell your current home to make a down payment on the next one.

Assess the market
Take a look at home prices in both your current and future neighborhoods, and figure out whether each area is hot, meaning it’s a seller’s market, or cold, a buyer’s market. In a hot market, you will find that it’s easier to sell your current home and to buy a new one. In a cold market, the opposite is true.

Selling your home first
If you sell your home before buying another, the good news is that you’ll have the money for a down payment on your next house. But where will you live?

You might be able to draw up a contract with the new homeowners to remain in your current home if you agree to cover their first month’s costs: mortgage and any applicable PMI, taxes, insurance and utilities. Be aware that if your home appreciated while you owned it, the new owner’s mortgage payment might be much higher than yours was.
You might also be able to stay with a loved one, rent a hotel room or find a short-term lease on an apartment. This means you’ll need to move twice and perhaps put many of your possessions in storage, but your boxes will still be packed and ready to go to when it’s time to move into your new house.

Buying your new home first
If you qualify for a second loan and buy a new home before selling your current one, you’ll be faced with double the mortgage payments, insurance and other costs. However, there are a couple of ways to help you make the second down payment when you don’t yet have the proceeds from the sale of the first house.

If a home equity line of credit isn’t an option, see if you can borrow a down payment from a loved one. You’ll both benefit—you can end up paying less than the going rate, and your loved one will earn more from the loan than from a savings account. Draw up a promissory note that details the terms and back it up with your new house as collateral. If you can, make the first monthly payment due only after you sell your original home.  http://www.rhnws.com.au

Things to be Noted when Buying Home

While you are in the process of viewing homes, it is a good idea to download a home buying checklist off the internet. This checklist gives you line items to review as you are touring each home and helps ensure that you don't forget which house had what. These checklists are great for the new shopper and will save you time and money. Do not spend more than you can afford to buy your ideal home. A real estate purchase is a big decision. There is nothing wrong with setting high standards and firm goals to make sure your home purchase is a satisfying one. But your financial limitations are the most ironclad variable in the home-buying process. Be open to new possibilities until you have made your final decision.

Houses come on the market every day. If you've found a house that you like, keep your eyes open for a house you may love. Working with a realtor will come in handy for this aspect of home buying as they usually have access to new properties before the general public. Having knowledge is essential when buying a home. Read as much as you can, take a college course on home buying and talk to real estate agents. If it is your first time purchasing a house, you need to make sure you have a lot of support and someone who has done this before, helping you out, to make sure your decisions are in your best interest. Remember that you get what you pay for with a foreclosed home.

Buying a foreclosed home is quite different from a typical purchase. Only one realtor will be involved, and the seller will require a pre-approval letter before agreeing to the sale. The most important thing to remember is that you get what you pay for. There probably won't be any room for negotiation regarding the price and the house comes as is. You will be responsible for any and all repairs. Buy a vacation home. Buying extra property may seem silly to some, but a vacation home is a great investment. You will not only have a great place to spend your summer vacation, but you will also have added financial security. If you ever run into financial problems, you can sell the property to lessen your burden. Purchasing a home is a big decision and a large investment.

To make sure you know all there is to know, consider a course in home buying. Many local real estate offices offer these classes as ways to educate potential clients about the process from beginning to end. One of the first things you should do before initiating the home-buying process is to check your credit score. Make sure that you don't have any outstanding debt. Find out what's on your credit report and work to tie up any loose ends before ultimately putting in for a loan with the bank. When buying your first home, expect to feel some buyer's remorse. This feeling is common and most home buyers experience some level of it. Preparing yourself in advance for buyers remorse will help to keep you positive.   http://www.rhnws.com.au