Three Important Tips for Buying a New Home

Posted by on May 6, 2016 in Realty Tips |

If you are looking to buy a new home your first question is likely to be “what can I afford?” and given that we’ve all heard of horror stories about sub-prime mortgages and predatory lenders, we all want to be extra careful when it comes to borrowing.

How to know how much you can actually afford for buying a house?

It is not that hard, you really just want to spend the third of your income, your gross income that is. That’s before taxes on housing. But it is not just the mortgage you have to worry about. It is also insurance, the cost of maintenance and the cost of taxes. And that can be a very big bill at that awaits you at the end of the day, so you need to sit down and do the calculations to make sure you got the numbers right.young+couple+calculating+mortgage

So after realizing that your numbers are fine and you have more than 20 percent your next step is putting that money down. This will put you in a great position as the house lenders will take you seriously they will give you the best terms, provided that you have a good credit score. So it makes sense to put down 20 percent but not more.

Why not put more than 20% down?

homebuying_tipsIf you are buying a new house, maybe you are doing it for the first time, you’re going to find out that you actually have other costs that you didn’t expect. A lot of unexpected things can happen even in the first month, like the furnace going down or needing to repair the roof. So you really need to have some money on the side after you buy a new house, in case you want to repair or improve some parts of the kitchen, or any other area.

How to research the market?

You can do this online, and you will get the same results as if you would pay a real estate agent to do so. There you can choose your location and check the prices for yourself. To be more thorough you can check and compare the prices of the already sold realties with the ones that are just on the market to see the rate of climb in the price.

How do you find an area that fits your price and your needs?

Well, a lot of people have one area or neighborhood in mind before they decide to buy a house.

But if you don’t or if you are a little more flexible, you can search for a virtual map of that area online, and see are there services around. This means if there are grocery shops around or malls, or dry cleaning services. Basically, everything that you need to be in the vicinity of your home. Remember that one day you may want to sell this house and buyers will be more interested if they don’t have to walk or drive 6 miles to the closest grocery store.

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Best Advice for Realty business

Posted by on Apr 6, 2016 in Realty Tips |

Are you having difficulties deciding whether you should sell your house and buy a smaller one just to save some money?

top-10-things-to-do-before-you-buy-a-house-670x442When talking about buying, selling or even investing in a real estate there are a couple of things to have in mind. First of all, you need to know the market and the right moves to ensure that your new investment is lucrative. Many people rush into buying houses that they think are affordable at the time, but there are still taxes and mortgages that go along this new investment of yours. There are some great advice you can find online, regarding real estate. Brentwood, Santa Monica realty website has some great tips specifically on this topic, you can navigate to and find all about it. Being prepared in realty business is essential, the greatest would be to start bargaining with the owner of the realty that you’re interested in without checking for an appraisal from your bank or mortgage broker.

How do you get property appraisal on your home?

The appraisal can be done for many reasons. Such as refinancing your home, the purchase of a property, of even to be used as the marketing of a property.

The best thing for you to do is to visit your local bank and ask them if they can do an appraisal for you. If you are doing a refinance on your home, then own lender’s going to want to do the appraisal for you. So you’re just going to contact them. But If you are actually looking to purchase a home and you want to have the appraisal done when you‘re actually purchasing the home, you can just contact your mortgage broker and they’ll send an appraisal out for you.original

This will give you a piece of mind to know that you’re not overpaying for the home. What the appraiser’s going to do is that he will get the comparable prices in the neighborhood. They are going to take the active comps, as well as sold comps. Usually three, in most cases, and they will want to have around twenty percent value of the subject property. Meaning that if it is a thousand square foot homes, they’re not going to take homes more than twelve hundred square feet and they’re not going to take home that is less than eight hundred square feet. As well as they usually want to stay within a two-mile radius of the subject property.real-estate-standards

Bedrooms aren’t that important, because it is more calculated in the square footage. But what’s most important for you to know, is that it’ll give you piece of mind in knowing that you are not paying more for that house than you should. So if the owner is asking more than what the appraisal is, the chances are you’re going to want to walk away from that deal. Again, don’t forget to contact your local mortgage broker before venturing on, as they will be able to give you more information on a good appraisal.

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