spent years saving and preparing to buy a property, or are unsure
if you can afford it, the questions surrounding a property purchase
can feel endless.
You can find the answers
- and peace of mind - by working with RE/MAX, the industry leader
in experience and service.
Here are some
tips to consider when buying either a home or property.
Hire a real estate professional.
The first step is to select a professional to help you find
your dream property and fine-tune your financial expectations.
Working with a buyer's agent is worth consideration since he
or she is legally responsible for representing the buyer's interest
in a real estate transaction.
Shop for mortgage rates and terms.
A difference of even half a percentage point can mean a huge
savings over the life of a loan. For example, the difference
in the monthly payment on a $100,000 mortgage at 8 percent vs.
7.5 percent is about $35 per month. Over 30 years, that's $12,600.
Prequalify for a loan.
Your third step should be to get prequalified, which determines
how much you can afford. It allows you to move swiftly when
you find the right property, especially when there are other
interested buyers. It also indicates to the seller that you
are serious and really can afford to buy the property.
Define what you want.
The next step is to create a realistic idea of the property
you'd like to buy. What features are most important to you?
Make two lists: one of the items you can't live without and
one of the features you would enjoy. Refine the lists as you
look. It is also helpful to search online to see what is currently
available on the market. Your real estate professional can then
show you properties that meet your expectations.
Now you're ready to visit properties. Ask your RE/MAX Associate
to arrange showings, and keep track of the properties you've
Know the features that help or hurt
Road frontage and access to lakes & ponds, how much timber
or income producing crops or CRP is on it. What type of hunting
and how good it is.
Rate the properties you tour.
After touring each property, write down what you liked and didn't
like. This will help narrow the field down.
Make an offer.
Once you've pinpointed your dream property, it's time to get
serious about the financial and contractual side of the purchase.
Your RE/MAX Associate will be a strong advantage since you and
the seller have different goals.
Arrange for a home inspection if
buying a home.
After your offer is accepted, set up a home inspection. It's
common to find problems, including leaky roofs, cracked walls,
insect infestations and foundation problems. Your real estate
professional can help find a reputable inspector, and will negotiate
to get you the most for your money once the inspector's report
is final. If you negotiate repairs as part of the purchase,
ask for a "walk through" before finalizing the paperwork.
Ask your real estate expert about home protection plans, which
may save you money in the near future.
Before your closing date, make sure you've made all necessary
deposits and completed the paperwork - including mortgage, title,
homeowners insurance and any other paperwork required by local
or state governments.
Prepare for life in your new home.
Before rolling out the welcome mat, consider some moving basics:
arranging for an alarm company, turning on electricity, water
and gas, cleaning or replacing the carpet, and notifying your
local post office of your new address. The best time for renovations
is often before you move in.
519 East Oak Street Suite A
Warrenton, MO 63383