Determining your housing needs before you conduct a search will help you save lots of time and frustration, and keep you focused on how your home should fit the way you live, with spaces and features that appeal to the entire family. Before you begin looking at homes make a list of your priorities; things like location, style, amenities, and overall size. Prioritize your needs by establishing a set of minimum requirements (your “must haves”) along with a ‘wish list.” This will move you closer to unlocking the dream of owning the perfect home.
In order to determine how much you can afford, you need to understand debt to income ratios. First, you must determine what your gross annual income is and divide that income by 12 (i.e. 12 months).
Second, you must determine your long term debt. For example: home mortgage (principal & interest), taxes & insurance (T & I), school loan, car loan, credit card debt, etc. and calculate the monthly payments.
Third, the debt to income ratio is established by dividing the monthly debt by the monthly income. The debt to income ratio should, in most cases not exceed 35%. Forth, if the debt to income ratio is 35% or less and your credit rating is decent, there is a good chance you will be able to get approved for a mortgage loan.
'Land Appreciates and Houses Depreciate' is a "golden rule” statement often quoted by investors and experts in the property market. It is not very common for real property to depreciate. This is why it is a great investment. You should carefully consider location and community when choosing a property; it can affect the property's future value greatly, especially if you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may affect your property's future value.
It is profitable to own a home than to rent. You can sell your home for a profit, if the value of your home increases but you cannot sell a rented apartment. With renting you will pay a periodic fee to stay on the property but you will never own the property. Purchasing allows you to own the property and do with it what you wish.
Market conditions are a major factor in how fast properties are sold. Though, well-prepared properties buyers have been known to purchase properties faster than the average property buyers. In an active market with a lot of sales activity, buying a property may take a little longer than normal.
Yes. Property inspections are highly recommended because they can reveal defects in the property that are not easily detected. When making a written offer for the property, simply make the property inspection a condition of the purchase. If your property inspection comes back clean, you can proceed with the sale with confidence. And if the report is negative, you can reduce your offer, make the seller pay for any repairs, or even back out of the contract altogether.
A real estate agent is more than just a sales person. A real estate agent may act on your behalf, providing you with advice and guidance when buying or selling a property. Due to the constant changing of the market, the information available on listings is not always 100% accurate. There are times when you need the most current and accurate information.
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