Hello friends Fernando here once again hoping to help you purchase that home of your dreams without feeling #clueless... Well they say buying your first home is the biggest expense you will ever make, I'm hoping to help you out in making it a little less stress full. I will give you advice as well as tips and things to look for while looking for that special soon to be sweet home.
Before you go out and start looking for a property, I first advice you to take a good look at your finances and how you plan on paying for the property. I suggest you go to a financial institution and get Pre-Qualified, there they will let you know what you can afford according to your financial status. They will evaluate how much money comes in to your home and how much goes out which is how much you and say your spouse make a month and how much you owe (bills) out of what ever comes in, Gross - (minus) Expenses. The next thing to consider is what amenities or attributes you are looking for.How much living square footage do you need and the total square feet of all the property. For example how much living space does your family need, how many rooms do you need, how many bathrooms, 1 or 2 car garage, a big yard or none at all stuff of that nature. Also be aware of the surroundings like the neighborhood, is it close to a freeway, close to a school, how about shopping strips, public transportation.Trust me if you don't have cash to pay for your new house and smart people wont pay cash either you want to go get Pre-Qualified. Reason being is that you don't want to fall in love with a property and come to find out you don't qualify and some one else beats you to the punch not a good feeling. If you get Pre-Qualified you have a better idea of which homes to consider or look at and the process is done much faster.
Things to consider when evaluating your property of choice.
*Physical Attributes (single or two story) *Time House on Market
*Existing Financing (how much is owed on it) *How Long Seller Owned House
*Asking Price *Why is Owner Selling
*Sellers-Assisted Financing (carry back available)
What to Look Out for on the Inside:
*Floors *Walls *Windows (open and close them) *Light Fixtures *Trim *Breaker Boxes *Type of Heat *Cupboards *Counter tops *Flush Toilets *Water Pressure (turn on all faucets in the house make sure pressure is not weak) *Storage Areas *Carpeting *Wallpaper *Quick Fixes
*Water Heater *Stair Conditions *Bathtub/Vanities *Door Conditions *Water Damage and or Leaks *Closets *Sinks *Cracks on Walls or Floors *Fire Place *Plumbing(water drains) *Insects(ants, roaches, mice, termites, etc. Ask if any Appliances are included and check to see if they work.
What to Look Out for on the Outside:
*Roof *Windows *Doors *Trim *Garage *Chimney *Yard *Well *Septic Tank (typical if out in the country side) *Sprinkler System *Driveway *Porch *Fencing *Steps *Light Fixtures *Landscaping *Huge Trees close to home can become a problem *Cracks on Foundation Inside and Outside. *Swimming Pools (if pool does'nt have a gate around it your insurance might be high) *If it has a garage door open and close it, making sure it's working properly.
Other factors to keep in mind:
*Liens (Ask if there are any liens you should be aware of)
*Back Payments (Ask if there are up to date on payments)
*Back Taxes (Ask if any back taxes are owed)
*Closing Cost (Ask who is to pay closing cost most do a half and half)
*Estimated Costs to Sell
*Real Estate Taxes (Ask if their up to date on property taxes) <==== A Must
Also a few things to consider would be the neighborhood, what are the rent rates, is transportation available (bus routes, train routes etc), how far away are the schools for your children, are there more renters than owner ocuppied, were are the freeways, are there airports near by (noise can become a problem), how about shopping?
I Hope I was helpful GOODLUCK!!!
Hello my friends hope you find my content use full and handy as well important. My focus is entrepreneurship basics but from time to time I will throw in some do it yourself home care repair information,to product sampling and some social media goodies. So I really hope you find my info handy and please leave me your comments so I can better help us all. You can also send me an email with any question. thanx for visiting please come by again but first read my post:')