Before you hand over that fat wad of cash, follow these tips from mortgage brokers, Hunter Galloway.
- Work out your property criteria.
- Research your suburb and surrounding areas.
- Research the rental income per week.
- Calculate the potential rental income.
- Research similar property sales.
- Determine the value of the property.
- 1 What should I research before buying a house?
- 2 What are the top 5 things to look for when buying a house?
- 3 What should you not say when buying a house?
- 4 What should you not do before buying a house?
- 5 What are the most important things to look for when buying a house?
- 6 What are the most important things to consider when buying a house?
- 7 How do you protect yourself when buying a house?
- 8 Do real estate agents lie about offers?
- 9 How should I act at a house viewing?
- 10 How much money should you have saved up before buying a house?
- 11 What if I can’t afford closing costs?
- 12 How do you avoid closing costs when buying a house?
- 13 Do I have to pay off all my debt before buying a house?
What should I research before buying a house?
4 Not-So-Obvious Things to Research Before Buying a Home
- Traditional Neighborhood Development (TND) Let’s say you’ve scoped out your first-choice home and find the property, including its surrounding neighborhood, to be exactly what you’ve wanted.
- Remodeling Restrictions.
- Neighborhood Amenities.
- Crime Rates.
What are the top 5 things to look for when buying a house?
Buying A House? Look For These 10 Things
- House Size.
- The Ideal Yard.
- The House’s Exterior.
- Living Room.
- Heating And Cooling Systems.
What should you not say when buying a house?
Ross says there are three things you never need to disclose with your real estate agent:
- Your income. “Agents only need to know how much you are qualified to borrow.
- How much you have in the bank. “This is for your lender to know, not your real estate agent,” he adds.
- Your personal and professional relationships.
What should you not do before buying a house?
Recap: What not to do before buying a house
- Take out a car loan or finance other big items.
- Max out your credit cards.
- Quit or change jobs to a new field.
- Assume you need 20% down.
- Go house hunting before getting pre-approved.
- Use the first mortgage lender you talk to.
- Make big financial changes prior to closing.
What are the most important things to look for when buying a house?
Consider these factors.
- The Location. They say that the three most important things to think about when buying are home are location, location, location.
- The Site. Beyond location, look at the site of the home.
- The Home’s Curb Appeal.
- The Size and the Floor Plan.
- The Bedrooms and Bathrooms.
- The Windows and Lighting.
What are the most important things to consider when buying a house?
Here’re 10 important features to consider when buying a house.
- Location of the house.
- The size of the lot.
- Number of bedrooms.
- Number of bathrooms.
- The Kitchen layout.
- The age, style and condition of home appliances.
- Age of the house.
- The price.
How do you protect yourself when buying a house?
To truly protect yourself legally, you can put together a cohabitation agreement, which is sort of like a prenup. “Cohabitation agreements usually include how property will be divided in the event of a separation,” said attorney David Reischer, CEO of LegalAdvice.com.
Do real estate agents lie about offers?
Although they shouldn’t, estate agents can and do lie about offers to make it look to you as a seller that they’re creating lots of interest in your property. An estate agent may also lie about offers so they can push you in the direction of a specific REAL offer, so they can get their hands on their commission ASAP.
How should I act at a house viewing?
House viewing tips
- Drive by. First impressions shouldn’t be underestimated.
- Be prepared. Make a list of all the things that are important to you and any questions you want to ask before the house viewing.
- Take a friend. Never go to a viewing alone.
- Check the outside of the property.
- Be thorough.
How much money should you have saved up before buying a house?
If you’re getting a mortgage, a smart way to buy a house is to save up at least 25% of its sale price in cash to cover a down payment, closing costs and moving fees. So if you buy a home for $250,000, you might pay more than $60,000 to cover all of the different buying expenses.
What if I can’t afford closing costs?
One of the most common ways to pay for closing costs is to apply for a grant with a HUD-approved state or local housing agency or commission. These agencies set aside a certain amount of funds for closing cost grants for low-to-moderate income borrowers.
How do you avoid closing costs when buying a house?
How to avoid closing costs
- Look for a loyalty program. Some banks offer help with their closing costs for buyers if they use the bank to finance their purchase.
- Close at the end the month.
- Get the seller to pay.
- Wrap the closing costs into the loan.
- Join the army.
- Join a union.
- Apply for an FHA loan.
Do I have to pay off all my debt before buying a house?
Does that mean you should pay off all credit card debt before buying a house? Nope. Debt isn’t the devil when it comes to your credit score. Borrowers who show that they can responsibly manage some debt and make timely payments can expect to maintain a good score.