First Time Home Buyer Tips

Grace Ball   August 26, 2015   Comments Off on First Time Home Buyer Tips

Great Tips for a New Jersey First Time Home Buyer

Buying a new home is a crucial decision and if you are a New Jersey first time home buyer, then the following tips should help guide you. One of the few tests that you can do online to check whether you are financial ready is the affordability calculator and mortgage calculator. This will allow you to gauge where you stand financial with regards to the most suitable mortgage option.

Owning a house is a huge responsibility that offers great rewards. To achieve that, you must undertake proper planning and budgeting ahead for expenses. Also include the following costs in your monthly budget including; property taxes, home insurance, membership fees and property maintenance. Some of these fees are usually included in your mortgage payments while some are not, hence you should ask for more information regarding how these fees will be paid.first time home buyers

It is obvious that a buyer’s credit history also affects the home buying process as it influences whether or not you can get a good mortgage deal. Lenders are usually concerned about this particular detail as it shows them how well you repaid the money had borrowed. In general, lenders believe in giving mortgage products to people with higher scores since they have a higher chance of repaying the loan.

You will also need to pay a certain amount of money up-front to show your interest in the house so that you can get a mortgage. Actually, the initial money you pay for a down payment will also determine which mortgage you get and also your interest rates. A New Jersey first time home buyer who can contribute his own funds towards purchasing a home is considered a much better general credit risk.

You have probably started making a wish list containing all your expectations for the new home. Whether it is a good neighborhood, interior layout or number of bathrooms and bedrooms, there are a lot of things to consider. You should compile a list of all your requirements and then compare prospective houses to the list.

Arguably one of the most crucial features that first home buyers should consider is the location of your home in New Jersey. This is important since it influences the distance you will commute daily to work and also your proximity to shopping malls, churches, and other recreation areas. You should also check the quality of local public schools within that location.

The next step is now to find the most suitable home, and you can choose to do this yourself, but getting help from seasoned professionals could be quite beneficial. First identify the town that suits your requirements and then look for houses in those specific towns that are affordable and are within your budget. Some of the resources that you can use to find your house include websites, newspapers, and looking at “for sale” signage in targeted locations and also talking to acquaintances.

When you attend any open house, you should be very well prepared since this is an essential sales tool used by homeowners to market and try to sell their homes. Hence, you should bring your map and notepad to mark down all the locations you visit, noting down any special features. You should also pace yourself and avoid visiting too many open houses at once since you are likely to become biased and thus miss out on important details.

If you plan to checkout many houses, ensure you take breaks in between. For instance, you can view 3 houses before taking a break for lunch and then 3 more afterwards before taking another break and then seeing the final 3 houses in that day. Bring your camera with you and take pictures of any houses that catch your attention and also ask all the questions you can think of. Keep in mind that no question is foolish when it comes to buying a home.

Sometimes it is recommended for a New Jersey first time home buyer to take part in homebuyer counseling before making the final decision. Even though most loans are quite straightforward, going through counseling prepares you for the entire buying process including getting the best home, selecting a neighborhood, various mortgage terms and types and also real estate jargon.

Once you have found a suitable home, then it is time to make an offer. Experts recommend retaining an attorney for this particular step to help you negotiation terms, draft the purchase agreement and help you get the most suitable mortgage. Ensure you include contingencies and provisions in your offer to protect yourself from unscrupulous sellers.

Doing a home inspection before making a decision is vital for ensuring you get value for your money. Even though, you can inspect the house yourself, having professionals inspect and asses the house will assist you in finding out whether you are getting a good deal or being ripped off. The professional inspector will thoroughly assess the quality of the house and tell you of any necessary repairs or potential problems. This inspection service is usually affordable and will also save you money by preventing you from buying faulty properties.

As you now apply for your mortgage, you should do a title search to verify whether the seller is the true owner of the property in question. This search will also tell if there are any existing claims on your soon to be home. If you find any claims, your seller must pay them before you can close the deal. Additionally, you also need to buy title insurance and homeowners insurance before closing. Other important tests during this period include a survey, flood search, septic certification, well testing and termite inspection.

Finally, you can make the closing costs and then sign your mortgage. The seller will now hand over the title deed, and this transaction is going to be recorded in the local County Clerk Office. Once you have completed the short closing process, you are officially the new owner, and you can move in to your new home at your earliest convenience.

How To Find The Best Real Estate In Grand Rapids

Grace Ball   July 10, 2015   Comments Off on How To Find The Best Real Estate In Grand Rapids

Buying Real Estate

Real estate is a tough market and requires a huge investment. This is why the industry continues to grow because you always need someone to help you out with buying and selling. Real estate agents make a huge commission working with clients and this is why it’s so lucrative.

However, you have to be careful where you buy and sell since some areas have been proven to be more lucrative then others. Some will say it’s a waiting game while others will encourage you to buy right away to get the most return.

We believe it can be both, but one thing is for sure you need to know what other factors matter. Let’s look at ways to find the best real estate in Grand Rapids.

Location

Just like any other city, it’s important you have the right location. Some will say downtown is the best, but if you are buying it as an investment then you might want to stay away. The prices have already increased and the likelihood of you making a profit is slim.

In the next section you’ll learn how we can find just the right location, but in the meantime it’s very important you understand that location plays a crucial role in finding the best real estate within Grand Rapids.

Hiring An Agent

Many hate hiring a agent because they simply don’t want to pay the commission, but I’m here to tell you it’s going to be way more of a loss going at it on your own. Reputable real estate agents will always provide you with the best advice because they want to continue working with you in the future and want referral business.

They also know what areas are hot for investing because they have been in the industry for a long time. If you want to make sure you find the best real estate then we encourage you to find the right real estate agent.

The benefits definitely outweigh the negatives of not hiring an agent.

Keep Your Options Open

Purchasing real-estate especially in Grand Rapids means to keep your options open. Why? Things are changing and there are some great opportunities which are popping up. You have to know when the time is right to purchase or when you should be waiting it out.

We’ve always noticed sometimes holding off on your first instinct might be a great way to save on a bad investment. However, this really depends on what you are looking to do and what type of return you expect to gain.