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Home Buying Tips
I had been searching the housing market to find a new home for me and my family for several weeks. What I was looking for in my new home was very simple -- I wanted a house located just outside of LA that offered a better commute location, good neighborhood and good school district for better educational opportunities for my children. I wanted a safe neighborhood and a safe school, outside of the high-traffic congested areas (which in LA is hard to avoid).
Incurring such a large investment along with knowing almost nothing about the laws, taxes requirements, etc. was a bit stressful. As a first time home buyer I wasn’t very educated in the home buying or home loan process. So I decided to get in contact with a close friend of mine, Julie, who had been in the real estate industry for a long time. In the past she has been a great source of information on the state of the real estate market. Once we got in touch she was able to provide some helpful information.
One of her first recommendations before jumping into the process was to do a little homework of my own and prepare a homebuyers checklist that included the following items:
- Type of Home
- Home Location
- Credit/How much can I afford?
- Finding a good real estate agent
So in preparation for this monumental task in my life here are the steps I followed very carefully:
Type of Home
First thing, I had to identify my needs. I had to ask myself the following questions:
* What type of home am I looking for?
* How many rooms do I need?
* Which location will best suit my family’s needs?
* How long was I going to live there?
Once I was able to identify the key factors in consideration I was able to narrow down my options. Buying a home can be overwhelming, especially for a first time buyer. Answering these questions and breaking down the process into smaller steps was a good step towards making the home buying process more manageable.
Real Estate Resources
Use A Professional that Knows the Market.
The most important aspect of purchasing a home is having an expert on your side. The average home owner may purchase two or three homes in their lifetime. Real estate professionals know how to navigate through the potential pitfalls of purchasing a home. They can help you avoid costly mistakes such as: choosing the wrong lender, the wrong type of home, failing to get a thorough home inspection and problems with the title. Any of these problems can cause you a lot of money and grief.
Do not buy a home without a real estate agent to represent your best interests. The seller pays your real estate agent's fees. Buying a home through an agent that represents your best interests costs you nothing and can save you thousands.
Here are some of the most common mistakes buyers make, which often costs thousands of dollars, large investments of time and loads of grief:
1. Plan Before You Purchase.
Purchasing a home is an emotional experience. Make sure to sit down with your real estate agent and map out a strategy. Don't let just one aspect of the home drive your decision. Try to answer the following questions.
* Where would you like to live? How far do I want to commute?
* How much home can I afford? Get pre-approved!
* What type of home do you want?
Come out of this exercise comfortable with your area and your mortgage.
Ten Deadly Home Buying Mistakes
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