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New Home Buying Tips
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Buying a new home can be a
daunting task, even for someone who has owned several homes. If
you recently purchased your first home, you probably found that
is hard to find good advice that is truly useful. You had to
learn a lot on our own, but at least now you probably feel
comfortable and knowledgeable about the whole process.
My wife and I recently purchased a
new home in Tenn.
Here are some helpful hints we
picked up along the way:
Almost every state and local
government has a website where you can research real estate
information. The data on home sales, taxes, and neighborhoods is
invaluable when you are shopping for a home. We were able to find
out the most recent sale prices in the neighborhood we selected,
and we didn't have to rely on a real estate agent to get the data
for us. Doing the research yourself will make you more
knowledgeable about the market, which is key to making a good
purchase.
Try to buy a home in a price range
that allows you to put down 20%. If you put down less than this,
you will have to pay PMI (private mortgage insurance) to protect
the lender in case you default on the loan. I know that 20% is a
lot, but it's not unrealistic. You may not be able to do it on
your first home, but hopefully you can on your second home. The
profits from the sale of my condo enabled my husband and me to
have more than enough for the 20% down payment on our home. But
we didn't put it all down on the home - we saved some of the
profits for the unexpected expenses that come with buying a home.
We suggest that you do the same.
Since most people just aren't
interested in buying a home when they are trying to deal with the
holidays, you can pretty much be one of the few buyers out there.
We bought our home right before Christmas, and it was definitely
a buyers market. We had our pick of homes and were able to
underbid on the asking price, even though we live in one of the
hottest real estate markets in the country.
People tend to go with large,
well-known mortgage companies, since that's all they know. But
the smaller, regional companies provide excellent customer
service, and can often give you better rates than the big
companies. Since they don't advertise and instead rely on
word-of-mouth, they have to be good in order to get your service.
We started off with a big-name company, but in the end, we went
with a regional company because they had better rates and better
customer service.
I think most people know this fact
already, but it is really important in areas with a hot real
estate market. It can be easy to get caught up in bidding wars,
and to want to get a house at all costs. Some friends of ours
wanted a house so badly that not only did they overbid, but they
also waived the home inspection. They got the house - and right
along with it they got several thousand dollars worth of damage
that would have been found in an inspection.
As a final note, try to remember
that buying a home doesn't have to be scary. It's very exciting
to own your own home, so think of all the good things that will
come once you have made it through the home-buying process. If
you follow the advice above, then you should be well-equipped to
make it through unscathed.
Yeah, I know this is a shameless
plug for our web site, but seriously, whatever web site you do
use, get online and shop around for your home insurance. You can
get multiple home insurance
quotes right here at the Free Home Owners
Insurance Information Center or any of a dozen or so other
reputable companies online. Go to a search engine, like Yahoo!
and type in 'home insurance quotes.' This is the best way because
if you get 5-10 good quotes you can decide for yourself who is
the best.
You may need it sooner than we
hope you do.
Article-Related Resources:
A Proven Approach to Reduce Your Chances of Home Burglary
Learn How to Buy House With No Credit Check
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