Home Buying: A Few Basic But Useful TipsBy: Ellisha Rader Mannering - January 31, 2014
When it comes time to buy a home, you may have a lot of questions and confusion. Buying a home is a huge decision and not something that should be taken lightly. A home is where you start your life and maybe raise your family some day. If you are ready to buy a home, there are some basic things you should know.
Many people struggle with finding the right home loan. Credit plays a major role in the type of loan you can get and the interest rate you will have. There are several other things that can determine your loan eligibility as well. If you are married, you stand a better chance at getting a home loan than someone who is single or a couple who plan to live together but are not married.
Your bank will be able to tell you what loans you qualify for as well as the different repayment terms available and interests rates. Be prepared to pay at least 20% of the cost of the home as the down payment. Some loans may offer a lower down payment price, depending on your credit and income.
Another thing home buyers struggle with is winning the bid on a home or even knowing how to make an offer on one. A real estate agent can help you understand how offers work and can keep you up to date on new homes that are listed so you can get your offer in quickly and have a better chance of buying your dream home before someone else comes in and buys it out front under you.
If you already own a home and are looking to sell it so you can buy a new home, remember to make improvements before listing your home. Cosmetic improvements can be just as important as the necessary ones, but be careful, you don’t want to put too much money into a home you are planning to sell. You will have to calculate the repair costs into your listing price.
Buying and selling a home can be frustrating and even intimidating if you aren’t sure where to start. Take your time with both processes and don’t be afriad to ask real estate agents and even your bank for help along the way. The more you know, the better prepared you will be to make a purchase or a sale.
Image via Wikimedia Commons.