Renting is making someone else rich..You walk away with nothing. I bought a Condo ten years ago...Paid it off.. My friends at the time said I was crazy..I'm not sure I miss owning.
There are so many things to know about your first home purchase. Take it slow. Home purchase takes years to plan.
Here are 9 things you should consider first before signing -- The 9 Questions To Ask Before Buying Your First Home.
TIP: When considering a first home purchase, even years before you shop for a house, your first stop should always be the bank. Do your own budget, know what average home mortgages are running for your neighborhood and NEVER let the mortgage sales person at the bank talk you into a penny more. Required down payments can be anywhere from 3% to 20%. So use the mortgage sales person’s knowledge to help you plan your home purchase savings account.
All the information to get you started on your path to home purchase.
TIP: Check out Homepath, USDA Rural Housing Loans, your own city’s Housing Department, your county's Economic Development District, HUD and the VA. All listed sources provide assistance with home rehab loans too.
Learn the role of buyer's and seller's real estate agents and who pays for this service.
TIP: Homes sold using a real estate agent or two agents have a 6% fee deducted from the money seller gets from the property. Some sellers still prefer to sell a home FSBO, For Sale By Owner, to avoid paying the 6% fee.
Closing is the last step in buying a home. Both parties meet at a title company to sign the paperwork and exchange the agreed upon moneys.
TIP: Sign it on the dotted line BUT you need to know how much you owe at the closing table. Be in regular contact with the closing agent to confirm how much money you need to bring to closing or you may lose the house or sale. Call multiple times as this amount can change Bank drafts/certified checks are almost always required.
12 Hidden Costs of Homeownership
TIP: Make sure you can run with a lot of extra cash the first year of home ownership so you can deal with the unexpected. No fancy trips, new cars, expensive hobby equipment or country club memberships for you, yet.
With more than 35 years in the residential real estate business, it's clear that you can trust Clark Wilson Builder to deliver the right information.
TIP: Plan to do your own home maintenance and yard upkeep to cut some costs of home ownership. You might actually find you enjoy it. Yard and gardening are like an art form for some.