Are you ready to Buy? 5 things buyers should know.
Who pays who?
You may not know this, but in most real estate
transactions, the agent representing the buyer
is typically paid by the seller.
Location, location, location
Where a house is situated can have a real impact
on market price – so a less than adequate home in a higher end neighborhood can sell for
more than an ideal home in a less-than-perfect location. One thing to look for is how a
neighborhood may be changing. Inner-city areas, for instance can seemingly explode as
buyers see the potential for improvement in otherwise neglected areas. Schools, near by
amenities, public transportation, and area growth are a few factors that play a major
role when deciding on location.
Always get everything in writing
No part of your purchase agreement should be
assumed. If it is not stipulated in writing, it’s not included, so specify your
expectations regarding appliances, fixtures and anything else. What does that mean?
see something you like, ask for it. Maybe the sellers were wondering how they were ever
going to get that piano back up the stairs again. You may also want to be sure that all
three of those barbecues are gone when you move in.
Keep your eyes wide open
The cost of owning a home includes more than
just the purchase price. Reserve extra cash for moving expenses, utility
installation, renovations or improvements, home inspection, and closing costs such
transfer tax, title and escrow fees. There is a tendency for new
homeowners to push at the edges of their financial comfort zone. Just remember, it is
often harder to live with the pressures of long-term financial commitment than people
realize when they’re caught up in a negotiation. Know your limits before you embark on
This is a contract
It’s important not to be caught off guard by
the details of your mortgage. Remember, it is a long-term agreement with long-term
ramifications. There are also opportunities to save money over the life of the
mortgage by making increased payments where allowed. So don’t just see the payment
schedule. Know your mortgage terms – it could save you thousands.
Which El Dorado Hills neighborhood should you live