Think, Plan and Organize

Home Buying Tips

1. Before you buy a house, call around and see if a local community agency offers a course on home ownership. If so, take it; you won’t regret it.

2. Don’t allow yourself to be pressured by the seller or the real estate agent. Take your time. Make a list of the positive reasons for buying the house. Make a list of the negative reasons for buying the house. This is one of the most important decisions you will ever make. Don’t make it too quickly.

3. An appraisal report tells you the market value of a property. Get your own certified appraiser to prepare an appraisal report for you. You should be able to get an appraisal report for about $375.00 and it’s worth it. Don’t simply accept the appraisal provided the lender who gives you a mortgage.
If you can’t afford an appraisal, go to the County Clerk’s Office and research what homes have been selling for in the neighborhood. Or call a real estate agent and ask what homes have been selling for in the neighborhood.

4. Don’t assume that the asking price is a good price.
Get a home inspection. Find out ahead of time if the home needs repairs. Don’t find out that your roof leaks only after you have moved into the house. A home inspection may cost $350.00 but it’s worth it.
If you can’t afford a home inspection, find a friend who has some construction knowledge to tour the house with you.

5. Don’t simply accept the representations of the seller or real estate agent. Do your own homework. No one will protect your interests like you will.
If the seller is holding the mortgage, make sure the interest rate is reasonable compared to the rate that the larger banks are charging.

6. Don’t be afraid to ask questions. Buying a home isn’t an every day experience. Bring a friend along.

7. Let your Real Estate agent do the work you hired him/her for. Experience is a most valuable asset when contemplating large decisions.

Craig