Buying Home

A Guide To Buying A Home

Posted by on Feb 11, 2016 in Buying Home, Buying Home Tips | Comments Off on A Guide To Buying A Home

A Guide To Buying A Home

Buying a home is the biggest step in the life of every individual or family. It is not something you do often, and most people do it only once in a lifetime, so it is very important to do it properly from the first step to the last. Naturally, buying a home is not an easy task, it requires a lot of planning, thinking, time and money, and in this article we will give you a few tips on how to make sure that you will successfully buy a home that will meet your criteria and fit in your budget.

1. Determine what you can afford – naturally, you need to stay within the boundaries of your budget, and if you are about to apply for a mortgage, a general rule is that the home value does not exceed two to three times of your annual income. When it comes to the monthly mortgage installment, it should not exceed 28% of your monthly paycheck, considering that you do not have any additional large expenses.

2. Find the appropriate mortgage and apply for pre-approval – once you have determined your budget, it is time to search for a mortgage deal that will be the best for you. Make sure to shop around and explore as many options as possible, in order to choose the one that will fit into all your criteria. Once you find a reliable mortgage provider and a suitable mortgage, it is advisable to apply for pre-approval, because it will prove to the seller that you are eligible of buying a house.

3. Decide what your home must have – before you start looking for a home, it is important to determine the criteria based on which you will search for the new home. You should determine the features you want your home to have, as well as those it would be nice to have, but which are not mandatory. Naturally, try to fit in the criteria into the budget and do not be unrealistic.

4. Find a reliable real estate agent – if you are a first-time home buyer, you may need to hire a realtor, in order to get the necessary help in finding the ideal home. Find a real estate agent with a license and good recommendations. He or she also needs to know the area well enough and to be able to answer all your questions.

5. Research the insurance – depending on the area where you are looking to buy a home, you will need to research the insurance opportunities and requirements. Basic homeowner’s insurance covers fire, theft, storm damage and liability if someone gets hurt on your property. However, you can add other types of insurance as well, so make sure to explore the options.

6. Make an offer – making an offer can be tricky, because you do not want to overprice the house, but you also do not want to low-ball the offer and potentially lose the house to some other buyer. Base your offer on the prices of other homes in the area and consider how long the house has been on the market before you state your offer.

7. Review the contract and submit the mortgage application – the final step is reviewing all the contract details and understanding every clause. After you have done so, you are ready to sign the contract and apply for the mortgage.

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Basic Tips On Buying Your First Home In Brentwood

Posted by on Feb 11, 2016 in Brentwood, Buying First Home, Buying Home | Comments Off on Basic Tips On Buying Your First Home In Brentwood

Basic Tips On Buying Your First Home In Brentwood

Living in Los Angeles, California is a dream of many people, due to the Mediterranean climate of this city, its popularity and all the opportunities it provides. One of the most affluent neighborhoods in this city is Brentwood, located in the Westside of Los Angeles. It hosted a part of the pentathlon in the Summer Olympics of 1932, but many people know it as a site of O.J. Simpson murder case from 1994. Today, it is a popular and one of the most prestigious neighborhoods in L.A., a home to many notable people such as Gisele Bündchen, Arnold Schwarzenegger and Tom Brady. If you are thinking of buying a home in Brentwood, we will give you some advice, in order to choose the best home for you and close the best deal.

First of all, before you start looking for a home, determine your budget. If you plan to take a mortgage, its monthly installment should not be higher than around 30% of your monthly income, and the value of the home is generally recommended to be two to three times your yearly income. Once you have determined the budget, you will have the financial frame within which you will conduct the search.

Once you have determined the budget, you should start searching for an appropriate mortgage deal. There are plenty of possibilities and different mortgage types, and depending on your income and other factors, you should choose a reliable financial institution which offers the suitable mortgage deal for your needs. It is advisable that you get preapproval of the mortgage, because this way you can show the seller that you are qualified and eligible to buy a house.

Once you have applied for pre-approval of the mortgage and you have determined the budget, it is time to search for a home. If you are a first-time home buyer, and especially if you are not familiar with the area, it is advisable to hire a real estate agent. In order to hire the best agent in Brentwood, make sure to seek advice from people who had the experience with buying a home in this area. Focus on the agents with good reputation and recommendations, who have a license, know the area well and who are ready to focus on your needs and answer all the questions you may have.

In addition to the budget for buying a home, make sure to determine the features you want your house to have, in order to narrow down the choice and make it easier for you and the agent to search. When you find a home you like, make sure to inspect it thoroughly, in order not to buy a house with damages you will need to repair later. If you find a house you are completely satisfied with, it is time to make an offer. Your realtor agent will help you form the offer based on the other house prices in the area and the current market conditions.

Lastly, when you make the price and the seller accepts it, you should revise the contract, sign all the necessary papers and apply for the mortgage. This is the final step of buying the home, and the time to start thinking about the house moving company.

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