When you’re ready to buy your dream home, it’s often ideal to work with a buyer’s real estate agent. Often called “buyer’s agents,” they are among the industry’s top professionals who will assist you in making one of your life’s biggest purchases.
Home shopping immediately comes to mind once you’ve got a preapproval from a mortgage lender. An open house gives you an opportunity to set your feet, observe and get the feel of a property that you’re considering buying. As a first-time homebuyer, you’ll find yourself overwhelmed with information as you attend several open houses. Since you’re making one of the biggest investments in your life, it’s important that you end up with a home that suits your personal preferences and your finances.
Many millennial homeowners in the U.S. are feeling “house rich, cash poor” according to a recent study. After fulfilling their homeownership dreams, some millennials have become uncomfortable with their finances. In this situation that even wealthy millennials are affected by the continuous skyrocketing home prices, it’s important that you figure out if you’re ready to enter the housing market ahead of time so you can enjoy your investment.
When buying a home, you probably already know the importance of getting an inspection. A home inspection lets you know if the property that you’re about to buy has any major defects or potential problems that could result in costly repairs later on. It’s an important process that you should not skip when buying a home. However, you should be aware that inspectors could sometimes fail to detect major damages. As an inexperienced homebuyer, there are actions you can take to ensure that the inspector you’re hiring comes up with the right results.
As part of the youngest credit-eligible generation, you may find yourself overwhelmed with information if you plan to take out a mortgage. You probably have been scouring the internet for a while, have consulted your friends or family members about homeownership, but you end up even more confused. If you’re one of the Gen Z members who are motivated to fulfill their homeownership dreams, here are some of the hard facts about homeownership that you should know:
Like everyone else, the federal Fair Housing Act protects you from any form of discrimination related to housing. The law provides equal opportunity for everyone to buy or rent a home, take out a mortgage, find housing assistance, or be part of any housing-related activities.
When buying a home, people will try to do everything to lower down their overall cost of owning their dream home. Homebuyers will shop for a mortgage, closing company, and inspection companies to possibly get the best offers. As a homebuyer, you may find it tempting to skip home inspections as most lenders often don’t require it. Because it’s buried under the ground, you may not care to find out the sewer’s condition especially if you’re delighted with the home’s aesthetics. However, if you are considering buying a relatively old home, getting a sewer inspection could save you from spending thousands of dollars in home repairs.
The U.S. Department of Housing and Urban Development (HUD) has a unique housing program for homebuyers engaged in certain jobs that can contribute to strengthening communities in the country. The HUD’s Good Neighbor Next Door or GNND is a sales program of the HUD that offers a 50% discount to eligible homebuyers planning to buy a HUD-owned single-family home.
One of the worst things that inexperienced homebuyers can do is to send their down payment to crooks, instead of sending it to their title company. Once the down payment has been transferred, it’s already too late for unsuspecting homebuyers to realize that they’ve become scam victims. As a first-time homebuyer, it’s critical that you ensure your down payment goes directly to your title company.
The U.S. Department of Housing and Urban Development (HUD) announced last October a $112 million funding to expand the supply of permanent affordable housing for low-income persons with disabilities (PWDs). PWDs need to have a safe home that suits their needs. As a PWD, you may find it a challenge to buy your first home. Homebuying is often an overwhelming process for first-timers, but here are some helpful tips to guide you through a smooth homebuying journey if you’re ready to enter the real estate market.