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Are You Ready to Own Real Estate?

April 2nd, 2009 categories: For Buyers, West Chester Ohio

 

The question use to be…should you buy a home in West Chester?  Oakley?  Mason? Fairfield?

But today’s foreclosures and economic uncertainty is forcing many potential home buyers “look before they leap” into home ownership.

Introspection and asking questions before purchasing real estate has always been the best approach.  At the very least, as a  buyer you should be comfortable with:

1. Loans types and which mortgage fits your long term needs.  Before you even begin to shop for a house or condo- get your loan approved (pending contract and appraisal).  The lender should take the time to discuss all the mortgage options/ closing costs with you….and help you select the best option.  Today many borrowers are using FHA mortgage products.
2. Cost of owning a home- read up and understand about the actual costs of owning a home.  Many buyers only budget for mortgage, insurance and taxes and forget about the cost of upkeep and ever changing property tax amount.
3. Think about what type of home you want- newly built or resale.  Both types of homes have pros and cons.
4. Location.  Where are you living with respect to work, schools, shopping, major highways, parks?  What’s important to you?
5. Using a realtor,  purchasing a FSBO (For Sale By Owner) or going after a bank owned (and listed) foreclosure.  Just make sure you have your bases covered- and if decide to go out on your own (without a realtor) make sure you understand the contracts or hire an attorney to review and advise.
6. Purchase contracts are legal documents-and even though buyers review, initial and sign the contract- some still don’t understand they have committed to purchase a home or condo.  If you are unaware of all the elements of a real estate purchase contract- request a blank copy for review.  Mark it up and ask your agent (or attorney) about things you don’t understand.  

All these steps seem pretty basic- but after watching hours of HGTV, many buyers are more concerned with how well the house is staged rather than focusing on the basics of affordability and condition.

Need help with your questions call or email.  Better yet- subscribe to stay current the real estate market.

Posted by Kathy Koops | Discussion: Comments Off

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