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Staten Island Real Estate - Home Buying Process

by Residential Division at V.I.P. Real Estate

Buying a house is one of the most important decisions that you will make in your whole life. You should prepare a checklist when you begin your house search. It doesn't matter how much time that you have placed in getting yourself ready for house buying, the questions directly related to home buying might still be missing from your thought process. The following are some general tips that would usually be found in the typical procss of buying a home.

1) Employ a real estate expert, of course! An initial step would be to choose a real estate expert. We're not just saying that because we are Realtors, but because it's the best way to begin your search. With the advent of electronic house searching web sites, the process did not become easier, but more complicted. Why, because much of the information is not updated,and homes are no longer available, or the listing information is not accurate, and this can cause a lot of grief. Your real estate specialist can provide the latest information available, and will assist you with all the necessary and important steps in the buying process. You might also consider working with a Exclusive Buyer's Agent to find your dream home, since they will represent the interest of the buyer in a real estate deal.

2) Shop around for mortgage rates and terms. If you shop around wisely for mortgage rates, you can get a rate that can really help you save a substantial amount throughout the length of the loan. Any variation in the rate, even 0.5% can be significant over time.

3) Prequalify for a loan. In the beginning stages of home buying, you want to become prequalified for a mortgage loan. This will tell you the amount that you can afford to pay for a home. It gives you the flexibility to search for the right priced home with you real estate agent. The seller will also realize that you are sincere in purchasing the property and can afford it.

4) Scope out what you need. The next step in buying a home is to create a realistic description of the house and property that you wish to buy. What are the necessities that are most important to you? Prepare more than one list: one for the essentials you must have, and one for the like-to-have's in a home. Update your lists as you go house-hunting. Also, let your agent know how your lists may have changed.

5) Visit properties. Now you are prepared to visit properties. Make sure that you get a detailed record of the properties you come across from your agent to keep. As you walk through a house, take notes if time allows. Every time you go out to see additional houses, rectify your notes to compare, and get rid of any property that does not come close to meeting your requirements.

6) Rank the houses you visit. Subsequent to visiting every house, jot down what you appreciated and what you did not. Prepare a ranking arrangement that clearly defines the home buying search.

7) Understand the aspects that may assist or hinder a resale. In some instances things like a in ground swimming pool can either add, or really take away some of a homes value, especially when it takes away much of the usable yard. In houses with garages, the future value and home buying/selling potentials might be better than one without a garage. Your real estate expert can indicate to you any aspects that hinder or assist resale value, which is something, you should keep in mind when choosing a home. Especially if you future says that you only plan to stay in a house for maybe up to seven years, before moving again.

8 ) Time to make an offer. As soon as you have identified your dream home, the financial and legal aspect of home buying comes into play. Since the objectives of the home buyer and home seller are not the same, you agent is there to smoothen out the process.

REMEMBER: This is the time for you to ensure that you have done all essential things necessary to proceed with the buying process. House and termite inspections, any necessary bank deposits or other items required by the morgage company, and also the formalities such as a title search, homeowner’s insurance and other items necessary to purchase a home. Your mortage professional, attorney and your real estate agent, will assist you with all these things.

9) Get ready for life in your new house. Before getting into the house, take into account some essentials: electricity, fire alarms, gas and water too. You should also inform your local post office about your address changes and forwarding.


REMEMBER: Your Buyer's Representative will be there for you throughout the entire process. click here for more info


Buyer Specialists

The Real Estate Team
V.I.P. Real Estate, Inc.


 
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Home Buying Process in Staten Island, NY V.I.P. Real Estate will work for you, the buyer when your purchasing a home.

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