Tips on Buying a Home
It's hard to remember all the details when you visit a lot of properties. Here's a handy home inspection checklist, which may assist you.
Note: This list is not a substitute for an inspection conducted
by a licensed home inspection professional, but it can be used
to bring areas of concern to his or her attention.
When choosing a real estate agent, ask a prospective broker the following questions:
How
long have you been licensed?
-How long have you actively worked
in the area?
-How many home sales have you closed in the last three
months?
-Will you act as a seller's or buyer's agent?
-Are you a member of the National Association of Realtors?
-Have you earned any specialty professional real estate designations?
Get Started on the Right Track. Get a Free Home Insurance
Quote Today!
As you begin your search for the perfect home, keep in mind
these tips for getting started:
Pre-qualify
with a bank or mortgage lender to find out how much of a house you can
afford.
-Develop a checklist of characteristics you want in a home.
-Determine what type of neighborhood you want to live in.
-Determine what facilities and amenities you want in your community or
nearby.
-Let your broker know your likes and dislikes and prioritize
them for yourself and your broker.
-Eliminate houses as you search,
keeping no more than three to five possibilities at one time.
-Be
prepared to make an offer and leave a deposit when you find the
house you want.
When you find the home you are interested in, keep in mind
these questions to ask your agent or broker. Your agent's ability
to answer these questions may depend on their relationship with
you (ie: are they acting as a buyer's agent, seller's agent,
or dual agency).
How
long has this home been on the market?
-Is this the first time the home
has been listed by this seller?
-Does the home and property have
any easements attached? (public or private)
-What items in the
home are included or excluded from the sale? (washer/dryer, refrigerator,
window treatments, lighting fixtures, etc.)
-Have there been
any price reduction on the home during its listing period?
-What
is the price range of other homes that have sold in the neighborhood
-What are the demographics of the neighborhood?
-What is the average time homes have been on the market in this neighborhood
or area?
If you are considering the purchase of a condominium, you should
be aware of some special considerations. In recent years, condominiums
have become an excellent alternative for many homeowners. They
are generally less expensive than conventional single family houses,
yet they offer all the features and benefits of home ownership.
The term "condominium" describes
a type of joint ownership. Each unit is individually owned while
the facilities and common space are owned collectively by all
the unit owners and/or association. The condominium unit owners
usually pay a monthly maintenance fee, which covers the management
of the complex and upkeep of the common property areas.
Selecting
a condominium is more complex than buying a single-family house
because it also involves joining an association consisting
of other owners and managers. As a result, you and your mortgage
lender will need to investigate not only the specific unit
in which you are interested, but also the entire complex from a
physical and financial standpoint.
If you own a condominium, your condo association probably has a Master Policy
that insures all of the property and common areas that are collectively
owned by the unit owners. These policies usually cover the
actual structure of your home and therefore you do not need to
purchase this coverage separately. However, the association's policy
does not cover your personal property or your legal responsibility,
and may not cover improvements or custom work in your unit.
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