10 Things You Need to Know When Buying a Home

10 Things You Need to Know When Buying a Home If you are in the market to buy a home, you know it’s easier said than done. There are a few things to keep in mind and get ready for as you begin your new home search. Here are a few: 1. Hire a real estate agent in the area The first step is to find a local agent who is familiar with the market you are interested in. This alone can be a process, so make sure you are well informed, you know what to ask and you find someone who is experienced and you can trust. 2. Know What You Are Looking for This is very important. There are a lot of options out there and you must narrow the search by making a list of what your ideal home would be like. We recommend that you jot down the requirements. What are your must-haves? And then, what are you willing to compromise on and let go of. The best way to do this is to list each item you must have in your new home by priority. Then, of course, communicate those needs to your real estate agent. 3. Consider the Costs of Home ownership Owning a home or even a condo costs more than just the mortgage payment so budget accordingly. In addition to your monthly payments, consider the utilities, homeowners insurance, and Home Owner’s Association (HOA) fees, if any. What about transportation and cost of living in your new neighborhood? And of course, always plan on some upgrades, repairs and necessary maintenance such as lawn mowing, pool cleaning and the like. 4. Location Is Important A home is only as worth as much as it’s neighborhood. So be sure that you purchase a home in a neighborhood you like to live in. Again, make a list. What kind of neighborhood would you like? If you have children, having a school nearby is probably very important to you. How far are you willing to commute to and from work? And what is the overall feel of your ideal community? Communicate these desires to your agent and spend some time in these areas to make sure this is where you can imagine yourself living. 5. Know Your Loans and Financing Options Let’s face it, every home loan advertisement looks great on paper. But what is the fine print? Make sure you know your interest rates, down payment requirements and penalties. Your local real estate agent will go over these with you, but don’t be afraid to ask if something is not clear. Also, don’t be afraid to shop around and turn down loan offers that seem troubling or confusing at best. 6. Obtain Full Home Disclosure and Inspection By law, the home seller is obligated to disclose any problems with the home or condo that you are buying. However, there may be additional costly repairs and foundation problems that the current owner is not familiar with. So, in addition to getting a report on potential problems, be sure to have your agent hire a home inspector who will come out to inspect the home. In most cases, you will have to pay for the inspection but sometimes the seller will agree to cover the costs. Don’t skip this step; you don’t want to buy a home that may potentially cost you thousands of dollars in additional repairs. 7. Get Everything in Writing Real estate jargon can be confusing. Get it all in writing and if you don’t understand something, make sure to ask your real estate agent. To buy a home, it is imperative that you collect each piece of information and the overall transaction in writing so that you are covered in case something goes wrong. 8. Take These Steps Before “Closing” Before your purchase is final, make sure that you are able to purchase home insurance. In addition, consider purchasing a home warranty, if it’s not included in the transaction. And finally, be sure the home is in the same condition as it was when you initially agreed to buy. 9. Remember Property Taxes Don’t forget that you’ll have to pay property taxes in addition to your regular mortgage payment. Make sure you work this out with your real estate agent and hire an accountant or financial adviser to assist you in understanding this obligation. Owning a home will also qualify you for certain tax deductions. It is important that you take advantage of them each year. 10. Get Excited Most importantly, get excited. You will now be a proud homeowner and this is a big accomplishment. A place to call your own! Again I would love to help you find your dream home! :) Realtor Elena Serafin Ca BRE#01938435 Office:951-536-2721 Web ElenaSerafin.com