4 Tips on How to Purchase Real Estate


Purchasing real estate can be both an exciting and an overwhelming process.  But there are some things you can do to make the process less stressful.

 

First, get pre-approved for your home loan.  When a bank pre-approves you for a mortgage, the bank has reviewed your entire financial history and information and has determined what it will lend to you based on what it believes you can afford.  This will drastically cut your time because you will avoid looking at homes you cannot afford between your down payment and pre-approved mortgage amount.

 

Also, if this is your first home purchase and had previously been renting, be prepared for the “sleeper” costs associated with owning a home.  When renting, you pay your rent and that is all for the month.  However, when you own a home, your mortgage is not the only expense you will pay.  You will also be paying property taxes and utilities, along with repairs and maintenance.  Make sure to factor these costs into your budget when looking at homes.

 

Next, if you are ready to look for a home for the purposes of buying, start looking regardless of the timing.  Trying to anticipate the patterns of the real estate market is impossible.  If you are ready to buy, it is the time to buy. Utilizing Such resources as Huntington Real Estate by Signature Premier for DST Investments that  will help almost anyone in their real estate investment strategy.

If you find a home that you love, there is a chance that other people love it as well, which could lead to a bidding war.  Even if you are the only current prospective buyer, odds are that you will have to negotiate with the current owners.  Your opening bid should be based on what you can afford and what the property is worth.  While you may want to start low, make a bid that is fair and reasonable to avoid offending the seller.  Deciding on your opening bid requires work: look at what other comparable homes in the neighborhood have sold for and an average price per square foot.

 

Lastly, speaking of the neighborhood, you should get a feel for the neighborhood at all hours of the day to see the environment of the neighborhood.  Find out where the local restaurants, shops, supermarkets and gas stations are, and if they fit your needs.  If the neighborhood is not near the one in which you currently reside, do your morning and evening commute there prior to purchasing.  Also, whether or not you have, or ever plan to, have children, research the quality of the school district as that largely affects resale value. Visit for more information about Signature premier long island real estate.