It is important to know what is in store for you, the highs and the lows, especially if you are considering purchasing a new residence. In order to help you prepare for the upcoming changes, here are a couple of tips you should consider before hiring a professional real estate agents.
1. Do your part – Research
Buyers have more advantages when the market is performing low, but it is still better to conduct a bit of research before making any hasty decisions. As a prospective buyer, you should try to keep up with what is going on in the market. The next step is to find a professional realtor who can guide you through the entire process with the best insights. Make sure you learn the real estate terminologies; these terms will pop up every now and then and it wouldn’t hurt to know the basics, like what is a mortgage, how does a lease work, etc.
2. Think and plan 5-7 years ahead
Since you have invested a whole lot of money in obtaining the house, you should consider staying at least 5-7 years before you decide to sell it and move out. If you have a profession or a lifestyle, which encourages you to move every few months, then buying a residence is not the perfect solution for you. You should consider renting a place instead.
3. Do you know about the Costs?
Minimum down payments range from 3.5% or even 10-20% at times, on FHA loans. This means, that you will be paying somewhere in between $7,000-$40,000 on a $200,000 loan. Therefore, you need to be prepared to arrange the money before the month is out. Since home improvements and renovation costs are excluded from this amount, you may want to consider starting a savings account.
4. Know the Vital Role of your Credit Score
Your credit score can be either the hero to your dream home story, or the unwilling villain. Everything actually depends on how you use cash and how soon you repay your loans. If you are able to pay back on time, the better your score will be. If you have a poor credit score, lenders will think twice, even thrice before approving your loan. The lower the score is, more chances of risk included in granting you the loan.
5. Is the Real Estate Agent a Real Estate Professional?
Do not feel shy in running a small background check. After all, you will be dependent on the realtor since they will be helping you throughout the process of buying a new home.
For Professional Assistance from a Licensed Realtor Contact Desiree Marshall Today! She can help you Purchase or Sell a Home in Cave Creek, Scottsdale, Carefree, North Phoenix and the Surrounding Areas.