Real Estate Tips

Most people peruse the real estate market for a while before they bite down and decide to invest in a home. However, whether you’re in a rush or you think you’ve found the ideal place, it’s possible you may be ready to put in an offer on the first visit. If you’re trying to determine how you can get the home you’re looking for the first time around, here are a few things to be aware of when going in.

Are There Any Maintenance Issues?

If you’re planning on putting in an offer right away, it’s imperative to take a look around at any maintenance issues that jump out. You may not be able to notice all of the things that might be in need of fixing, but watch out for things like peeling paint, windows drafts and small fix-ups that haven’t been completed. This will give you a sense of what the overall home maintenance is like and may be a good sign of whether the home is a solid bet.

What Are You Willing To Pay?

Many people have an idea of what they want to spend, but it often flies out the window as soon as they see their dream home. It’s important, however, to keep in mind what kind of offer you want to put down and not stray too far from it. This will ensure that you pay a reasonable price for your home and won’t be stretching your monthly budget. It’s just important to be ready to negotiate!

What Do You Really Want?

It’s easy to get swept away by the excitement of investing in a home, but if you’re planning to buy you’ll need to know exactly what you’re looking for so you can avoid buyer’s remorse. Instead of making a split decision, write down a list of the things that you absolutely must have and the things you can do without. If you find a great place, you might be willing to let go of them in the moment, but review the list before making an offer to ensure it’s the right choice.

Are you about to become a first-time home buyer? If so, there’s a lot to get excited about. You’ll soon be a home owner, able to customize and improve your living space as you see fit.

Of course, buying a home is an investment unlike any other. To get the best deal on your home, you’ll need to be diligent. Let’s have a look at some of the hidden costs you may uncover when buying your first home.

#1: The Home Inspection (And What It Finds)

A major step before buying any home is the inspection. A licensed inspector will go over the home from top to bottom, looking for current or future issues. The inspection itself isn’t very costly. But any unresolved issues that come up may lead to expensive problems later.

If possible, try to ensure that the seller pays for any necessary repairs. When you take possession of the home, it should be in top condition.

#2: Taxes And Fees You’ve Never Even Heard Of

You already know about the major taxes, such as sales taxes that apply to a home’s sale price. Or property taxes, charged by local governments each year and based on your home’s assessed value. But depending on where you live, there may be a whole host of other taxes and fees involved. Many of which you’ve never even heard of!

For example, you may be subject to a Land Transfer Tax or Property Purchase Tax. These are taxes charged when a property changes hands. If you’re taking out a mortgage loan, the lender may require you to pay land survey or appraisal fees. These costs help the lender to ensure the risk involved with the mortgage is appropriate.

#3: Insurance, Insurance And More Insurance

Finally, don’t forget the cost of insurance. On top of regular home insurance, you may need mortgage insurance, title insurance, extra life insurance and more. It’s worth booking some time with an insurance professional to find out what kind of coverage you will need.

These are three of the possible costs involved in closing the purchase of a new home. For more information about closing costs, contact your trusted mortgage professional. We have the data and insight to help you make the best decision.