Remove the Fear from Home Buying
Especially if you're new to the home buying
experience, it can seem like an intimidating
process, fraught with frustration and full of
potential pitfalls. It can be a scary
proposition to buy a home, but here are some
ideas you can use to take the fear and risk out
of the home buying process.
Your first step is to remove any doubt as to
whether you can qualify for the home of your
dreams by getting an approval from your
financial institution before you even begin
looking. Believe me, after you've fallen in love
with a home is NOT the time to find out that you
can't qualify for the loan it will take to get
into that home. Knowing how much home you can
buy will take a huge amount of uncertainty out
of the process. It will let you know what price
range to shop in, and can save heartache later
on, once you've located the home you've been
looking for.
Visit your new home at least three times
before making your final decision. Each time you
visit, you'll notice different things, including
flaws that you didn't notice when you first fell
in love with the home. You'll be amazed that the
things you missed on your first visit, and on
your second!
When you do find a home you love, buy an
owners title policy. This type of policy is
different from a standard title policy, which
covers only your loan amount. An owners title
policy is relatively inexpensive and also
protects your equity in the home.
If your new home includes any land, have the
property surveyed so that you'll know exactly
where your boundaries are. It's not good enough
to have the owner point out which trees mark the
boundaries. Often those boundaries have only
been agreed upon by various neighbors for many
years, and may have no relevance to your actual
property lines. If that's the case, it's best to
find out before you take possession of the
property. Remember, agents can help you with the
various sales conventions of the area, but not
with legal questions.
If the home is in a subdivision, read the
developments covenants, conditions, and
restrictions (CCRs) carefully. These will spell
out specifically what you can and can't do with
your property. The same is true is you're buying
a condominium. Find out what your legal rights
are and what your association fees entitle you
to.
Make certain that the sellers move out
according to schedule. This is especially true
if you're buying the home directly from the
owner. If you're using a real estate agent in
the transaction, you can probably ask them to
help if it seems as if you might have any
difficulty in that regard.
Overall, buying a new home should be an
exciting and fun experience. If you pay
attention to the details, you can make sure your
next purchase is rewarding and trouble free.
Copyright © 2006 Jeanette J. Fisher
FREE report for home buyers: "Home Buyers'
Biggest Mistake," visit the
Real Estate Credit Help Center. Author
Jeanette Fisher teaches first-time home
buyers and beginning real estate investors the
ins and outs of real estate investing. Free real
estate investing information:
http://doghousetodollhouse.com
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