Investing in a house is one of the life’s milestone. This is a lifetime decision that’s why we should not to take this lightly like other important decisions we make such as marriage, changing a job and having children. Hence, a planned and well-informed decision is extremely important to make when purchasing a home. If this is your first time to purchase a home, here are the questions to consider that will help you make your home buying a successful one.
How much can I afford to pay for a home?
Knowing how much you can afford is important. By doing this you’ll easily determine the type of houses to search for as well as your limit. For you to find out how much can you really afford, first know the amount you set aside for down payment, determine the potential amount you can get from your loan and determine your family monthly income and expenses. To get a close estimate you can use a mortgage calculator that’s available to use for free in many real estate websites. Usually, buyers whose earnings are on average is typically capable of buying a house that’s thrice the total amount of their yearly income. However, a house with a price four times the total yearly income of a buyer is what he or she can afford to purchase if he can at least make a 20 percent down payment. If you are married and your spouse has a job, the price and type of the house will significantly increase.
Do I have a good credit rating?
If you are planning to purchase a home later on then you should start to strengthen your credit rating now. The approval of your loan application will likely be affected if you have a bad credit score. Also, the lender will only approve your loan if you will pay a higher down payment. But if your credit score is an outstanding one, the five percent down payment of the home’s actual value is only what you are needed to pay. Hence, to improve your credit ranking you must first pay your credit card bills and settle delinquent credits before you apply for a loan. You can check your credit report through consumer rating agency such as Equifax and Experian.
What type of house I will have to choose?
This is one of the most important steps when buying a home. You must select a home that will meet your home requirements and needs of your family so they really will enjoy every moment living in it. In choosing a home, you need to considered several things such as the facilities (e.g. near to schools, church, hospitals and supermarkets), the availability of transportation and amenities (e.g. near to fitness center, entertainment center and children’s playground). If you are purchasing a secondhand home, carefully check the home’s plumbing, sewer and electrical system. Do not rush when purchasing a home, be patient and look for for as many houses as possible and select the best one.
Buying a home in Roy Utah Real Estate is indeed an enormous investment, so what you want is to make sure that your home buying process will run as smooth as possible. Try to follow the tips that I have here in my article and soon you’ll find the perfect home you wish to live together with your family. Visit my site: Roy Ut Homes for Sale for more home buying and investment tips.
How much can I afford to pay for a home?
Knowing how much you can afford is important. By doing this you’ll easily determine the type of houses to search for as well as your limit. For you to find out how much can you really afford, first know the amount you set aside for down payment, determine the potential amount you can get from your loan and determine your family monthly income and expenses. To get a close estimate you can use a mortgage calculator that’s available to use for free in many real estate websites. Usually, buyers whose earnings are on average is typically capable of buying a house that’s thrice the total amount of their yearly income. However, a house with a price four times the total yearly income of a buyer is what he or she can afford to purchase if he can at least make a 20 percent down payment. If you are married and your spouse has a job, the price and type of the house will significantly increase.
Do I have a good credit rating?
If you are planning to purchase a home later on then you should start to strengthen your credit rating now. The approval of your loan application will likely be affected if you have a bad credit score. Also, the lender will only approve your loan if you will pay a higher down payment. But if your credit score is an outstanding one, the five percent down payment of the home’s actual value is only what you are needed to pay. Hence, to improve your credit ranking you must first pay your credit card bills and settle delinquent credits before you apply for a loan. You can check your credit report through consumer rating agency such as Equifax and Experian.
What type of house I will have to choose?
This is one of the most important steps when buying a home. You must select a home that will meet your home requirements and needs of your family so they really will enjoy every moment living in it. In choosing a home, you need to considered several things such as the facilities (e.g. near to schools, church, hospitals and supermarkets), the availability of transportation and amenities (e.g. near to fitness center, entertainment center and children’s playground). If you are purchasing a secondhand home, carefully check the home’s plumbing, sewer and electrical system. Do not rush when purchasing a home, be patient and look for for as many houses as possible and select the best one.
Buying a home in Roy Utah Real Estate is indeed an enormous investment, so what you want is to make sure that your home buying process will run as smooth as possible. Try to follow the tips that I have here in my article and soon you’ll find the perfect home you wish to live together with your family. Visit my site: Roy Ut Homes for Sale for more home buying and investment tips.
Filed under News by on Apr 9th, 2012. 
When you are looking to buy a property, you want the best deal. Who wants to pay more than they have to? When home searching, it’s vital to understand which type of seller you are negotiating with. Is this a Motivated Seller or is this a Non-Motivated Seller?
The Motivated Seller Generally sellers are motivated. Many sellers are in this scenario: They are underwater on their house, so unless they continue to make home payments on it for the next seven years they will continue to lose equity. Interest rates may have been very high when they first bought, so unless they’ve got a refi, they want to go get into a home where they are not spending their money a hefty mortgage.
Quick ways to find a motivated home seller
The pluses and minuses of a motivated home seller. Motivated sellers are generally a great things for buyers. When you work with a motivated seller, they pay closing costs for you, and are usually willing to negotiate their price. Make sure you consider that when writing up your offer. A motivated seller also leaves good things behind. Furniture may entice home shoppers, and you’ll probably keep the fridge as well. One disadvantage of a motivated seller may be the appearance of the property.
The Unmotivated Seller
When you deal with an unmotivated seller, you may want to just start searching for another home now. Get ready to pay to much, to have deadlines fall behind, or to have negotiating offers rejected. The sellers hope to rope in a naive buyer – somebody who is going to pay far more than what the market says the home is worth.
How you can tell if the seller is unmotivated.
The home is occupied and it is already giving them money.
The home owners have already rejected previous offers.
The home has been on the real estate market for more than five months and the price has never come down.
There is nothing on the exterior of the home indicating the house is for sale.
Listed far above what the market value is
You may ask yourself a few times ‘do they really want to sell this home?’
The pros and cons of unmotivated sellers.
With an unmotivated seller there are very few good things. The one big one that stands out is that it will make you question your desire to purchase this property, and you may leave this one and find an much more enticing place. Unmotivated sellers are not willing to work with you.
One of the most vital places to put these tips to action is DC Houses. If you like this blog, learn more at Real Estate Blog
The Motivated Seller Generally sellers are motivated. Many sellers are in this scenario: They are underwater on their house, so unless they continue to make home payments on it for the next seven years they will continue to lose equity. Interest rates may have been very high when they first bought, so unless they’ve got a refi, they want to go get into a home where they are not spending their money a hefty mortgage.
Quick ways to find a motivated home seller
- These homes are priced low.
- Homes which are typically on the market for more than 180 days increases the anxiety of the seller.
- Less offers are made during the winter, so sellers are more motivated during the cold seasons.
The pluses and minuses of a motivated home seller. Motivated sellers are generally a great things for buyers. When you work with a motivated seller, they pay closing costs for you, and are usually willing to negotiate their price. Make sure you consider that when writing up your offer. A motivated seller also leaves good things behind. Furniture may entice home shoppers, and you’ll probably keep the fridge as well. One disadvantage of a motivated seller may be the appearance of the property.
The Unmotivated Seller
When you deal with an unmotivated seller, you may want to just start searching for another home now. Get ready to pay to much, to have deadlines fall behind, or to have negotiating offers rejected. The sellers hope to rope in a naive buyer – somebody who is going to pay far more than what the market says the home is worth.
How you can tell if the seller is unmotivated.
The home is occupied and it is already giving them money.
The home owners have already rejected previous offers.
The home has been on the real estate market for more than five months and the price has never come down.
There is nothing on the exterior of the home indicating the house is for sale.
Listed far above what the market value is
You may ask yourself a few times ‘do they really want to sell this home?’
The pros and cons of unmotivated sellers.
With an unmotivated seller there are very few good things. The one big one that stands out is that it will make you question your desire to purchase this property, and you may leave this one and find an much more enticing place. Unmotivated sellers are not willing to work with you.
One of the most vital places to put these tips to action is DC Houses. If you like this blog, learn more at Real Estate Blog
Filed under News by on Mar 11th, 2012.