Things You Should Know About Buying A Property

First time home buyers are often at a loss of what their very first steps should be. In this

article, we are supplying you with a few essential tips about taking those first steps. Home

buying can be such a daunting task, most new buyers need all of the help they can get.

Find the right type of home. Expert investors recommend that first time investors interested in

purchasing properties for rehab consider three bedroom, single family homes with 2

bathrooms. The reason is that this type of home is the most commonly sought among buyers

in all markets. This type of demand makes the home valuable, and it also means that it will

re-sell faster than a smaller or larger property.

Even if you and the seller agree on a price, there could be an issue with the price once an

appraisal is done. Depending on the market, short sales and foreclosures can drastically

bring down the price of a property if no other comparable sales have taken place. A

mortgage company will not loan you the money for an amount that is lower then the

appraisal, so something will have to be done to make adjustments.

Many realtors recommend getting a loan pre-approval. Loan pre-approvals give you valuable

information about loan types and programs, as well as telling you what value of a home you

can buy. This way, when you are ready to make an offer, you will be armed and ready to go

ahead with your purchase.

Don't buy a piece of real estate as a rental property based solely on the tax advantages. The

tax code is constantly in flux, and a tax benefit this year could be a tax burden five years from

now. Choose an investment property based on asking price, financing terms, and rental

rates, not tax advantages.

Carefully consider a buying strategy before making an offer on a property. If the house is on

the market at a great price there may be many potential buyers putting in offers. This may

mean that you only have one chance to make an offer that the seller will accept.

When buying real estate one tip to remember is to buy what you can afford. You need to

decide what is in your budget and stick to it. It can be very easy to over extend yourself when

looking at real estate and get yourself into a whole lot of trouble with a payment that you

cannot manage.

If there was an addition done to the home, make sure it was done legally and with a permit. If

it wasn't, you may be required by law to pay fines on this or bring the home up to code, even

if it was done before you bought it. An appraiser can usually help spot illegal additions.

The article above provided you with some great ideas to keep in mind for your next real

estate purchase. It is an important investment and will be with you for quite a few years.

Make sure that you make the right decision and ask all of the right questions from your

representative.

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