Miriam Keri's Blog
The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:
1. Closing Costs
There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.
Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.
2. Property Taxes
Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.
Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.
Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.
To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.
It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.
Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.
For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.
For those who want to enjoy a quick, seamless homebuying experience, it helps to prepare as much as possible. In fact, those who plan ahead may be better equipped than others to avoid various challenges throughout the homebuying cycle.
From struggling to obtain home financing after a seller accepts your offer to purchase to struggling to find the right home in one of your preferred cities and towns, myriad issues may make it tough for you to achieve your desired results on the homebuying journey. Fortunately, we're here to help you minimize risk as you pursue your dream residence.
Now, let's take a look at three tips to help you avoid a homebuying fiasco.
1. Establish Homebuying Criteria
If you enter the housing market with criteria in hand, you can narrow your house search. As a result, you may be able to accelerate your journey from homebuyer to homeowner.
Think about where you want to live. Then, you can hone your home search and focus exclusively on houses in specific cities and towns.
It also may be beneficial to establish a list of home must-haves and wants. This list can help you determine exactly what you want to find in your dream house so you can map out your home search accordingly.
2. Get Pre-Approved for a Mortgage
There is no need to wait to get a mortgage. Thankfully, lenders are available that can help you get approved for a mortgage before you kick off your home search.
Meet with a variety of banks and credit unions – you'll be glad you did. This will allow you to learn about the ins and outs of different mortgage options.
Furthermore, don't hesitate to ask questions about all of the mortgage options at your disposal. Because if you understand exactly how a mortgage works, you can make an informed mortgage decision.
3. Collaborate with a Real Estate Agent
When it comes to avoiding problems during the homebuying journey, it generally is a good idea to hire a real estate agent. This housing market professional will offer comprehensive support at each stage of the homebuying journey. By doing so, a real estate agent will ensure you can quickly and effortlessly navigate the housing market.
For example, if you want to find a house in a small town, a real estate agent will help you explore residences that match your expectations. He or she will set up home showings and keep you informed about open house events. Plus, if you identify your dream house, a real estate agent will help you submit a competitive offer to purchase.
Let's not forget about the housing market expertise that a real estate agent possesses, either. If you ever have concerns or questions as you pursue your dream house, a real estate agent is happy to address them at any time.
Want to discover your dream residence? Use the aforementioned tips, and you can reduce the risk of encountering problems as you search for your ideal residence.
For those who want to simplify the homebuying process, crafting a budget is ideal. Because if you tailor your house search to your finances, you can eliminate the risk of spending beyond your means to acquire your dream residence.
Now, let's take a look at three tips to help you budget for the homebuying journey.
1. Analyze Your Financial Situation
Request a copy of your credit report – you'll be glad you did. You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Once you have your credit report, you can assess your credit score and take steps to improve it as needed.
Getting your credit report can help you identify outstanding debt and other financial issues that may make it tough to acquire a house. If you can correct these issues today, you can eliminate the risk that they could impact your ability to buy your dream residence in the near future.
2. Consider Your Homebuying Expenses
The price of a home is one of many financial considerations that a buyer will need to evaluate during the property buying journey. Fortunately, if you map out your homebuying expenses, you can ensure that you'll have the finances available to cover these costs as you pursue your dream home.
For example, a property inspection may be used to assess a house's condition before you finalize a home purchase. This inspection will require you to hire a professional home inspector, so you will need to make sure you have the money available to cover the cost of this homebuying expense.
You should consider home closing costs as well. And if you start saving for home closing fees and other homebuying expenses, you won't have to worry about scrambling to get the money to cover these costs as you navigate the property buying journey.
3. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage is a must, regardless of your homebuying goals. If you meet with a variety of banks and credit unions, you can analyze your home financing options and select a mortgage that suits you perfectly.
Banks and credit unions are happy to teach you about different types of mortgages and how each type of mortgage works. Plus, if you have any mortgage questions, banks and credit unions are ready to respond to your queries right away.
As you prepare to pursue your dream house, you also may want to hire a real estate agent. In addition to helping you streamline your search for your ideal residence, a real estate agent can put you in touch with the top mortgage professionals in your area, help you plan ahead for various homebuying expenses and much more.
If you want to conduct a successful home search, it may be a good idea to prepare a homebuying budget. Thanks to the aforementioned tips, you can craft a homebuying budget so you can accelerate the process of acquiring your dream house.
As you prepare to embark on the homebuying process, you may encounter a variety of homebuying myths. And if you believe these myths, the risk increases that you may be forced to deal with many problems along the homebuying journey.
Now, let's take a look at three common homebuying myths, along with the problems associated with these myths.
1. Buying a house is a quick, stress-free process.
The homebuying process may prove to be long and arduous, particularly for a first-time homebuyer. Fortunately, real estate agents are available to help you simplify the process of acquiring a top-notch residence at a budget-friendly price.
A real estate agent understands the challenges associated with buying a house. As such, he or she can help you identify and address these problems before they escalate.
Typically, a real estate agent will learn about what you want to find in your dream house and help you plan accordingly. With this approach, a real estate agent will ensure that you can enjoy a fast, worry-free homebuying experience.
2. Getting a mortgage won't take long at all.
There are many factors that will dictate your ability to acquire a mortgage that matches or exceeds your expectations. For instance, your credit score, income and outstanding debt will impact a lender's decision to provide you with a mortgage. And if you have experienced financial problems in the past, they may impact your ability to acquire a mortgage today.
It generally helps to get pre-approved for a mortgage before you enter the housing market. Because if you have a mortgage in hand, you can narrow your house search.
Also, it may be beneficial to shop around for a mortgage from several banks and credit unions. If you explore all of the mortgage options at your disposal, you can select a mortgage that suits your finances perfectly.
3. The first home that you see in-person likely will be the house that you'll end up purchasing.
The homebuying process offers no guarantees. And if you expect to buy the first home that you view in-person, you ultimately may be disappointed with the final results of your home search.
Oftentimes, it is a great idea to check out a wide range of houses. By conducting an in-depth home search, you can select a house that fulfills all of your homebuying demands.
As you search for a home, you may want to work with a real estate agent too. This housing market professional can set up home showings and keep you up to date about open house events.
Furthermore, a real estate agent is happy to provide homebuying recommendations and suggestions. He or she will do whatever it takes to help you find a terrific residence, as well as negotiate with a seller's agent on your behalf to ensure you won't have to pay too much to acquire your ideal house.
The aforementioned myths can be harmful to any homebuyer, at any time. If you hire a real estate agent, however, you can learn the ins and outs of the housing market and avoid potential hurdles throughout the homebuying journey.
For those who want to conduct a successful home search, it is important to plan ahead as much as you can. Fortunately, there are lots of things you can do to get ready to pursue your dream home and speed up your house search.
Now, let's take a look at three tips to help you reduce the time it takes to discover your dream house.
1. Craft Homebuying Criteria
Homebuying criteria allows you to narrow your house search. Thus, if you make a list of home must-haves and wants today, you may be better equipped than ever before to streamline your quest to find your dream residence.
You also should consider where you want to reside. Because if you can hone your home search to your preferred cities and towns, you should have no trouble discovering your ideal residence in no time at all.
2. Prepare a Budget
A homebuying budget is essential, especially for a buyer who wants to accelerate the property buying journey. Thankfully, banks and credit unions are available that can help you put together a property buying budget.
Set up meetings with banks and credit unions in your city or town. Then, you can review a wide range of mortgage options and receive expert responses to your home financing concerns and questions.
It often helps to consider costs you may encounter during the homebuying journey too. From house closing costs to home inspection fees, you'll need to be able to cover various expenses as you try to acquire your dream residence. But if you start planning for assorted homebuying costs today, you can ensure that you'll have the funds available to cover these expenses.
3. Hire a Real Estate Agent
If you are unsure about how to discover your dream home as quickly as possible, there is no need to worry. Real estate agents are available in cities and towns nationwide, and these housing market professionals will do whatever it takes to help you accelerate your home search.
A real estate agent is a homebuying professional who is happy to assist you in any way possible. He or she will craft a personalized homebuying strategy for you and help you narrow your house search. Plus, a real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit a competitive offer to purchase your dream residence.
Let's not forget about the assistance that a real estate agent will offer before you finalize your home purchase, either. A real estate agent can provide plenty of recommendations and suggestions to help you prepare for your home closing. Furthermore, he or she will go above and beyond the call of duty to help you minimize stress in the days leading up to your house closing.
Ready to acquire your ideal house? Use the aforementioned tips, and you can boost the likelihood of enjoying a fast, worry-free homebuying experience.