Gay Real Estate Sales : Bringing together real estate buyers and sellers that would be more comfortable working with a gay, lesbian or gay friendly real estate agent.
For most people, buying a home is not only an emotional decision, but a financial one as well. Unlike renting, buying a home is an investment that can appreciate over time, giving you more financial security later on in life. It will probably be the most rewarding purchase you'll ever make.
But the satisfaction of making that big purchase can sometimes be spoiled by the confusion and hassle that comes along with it. Read through for some helpful tips to make things easier:
Develop a shopping list of features you are willing to compromise on and ones you aren't. To properly prepare, you must examine your lifestyle and budgeting priorities. Deciding between a condo or house could have just as much to do with personal preference as it does with expense. Once you have figured out exactly what you want in a new home, your next step is to ensure that you are financially qualified to make such a n important purchase.
It's absolutely critical to find out what kind of mortgage you can afford, even before you start looking.
Too often, arranging a mortgage is left to the very end, forcing borrowers to scramble for financing. It's important to understand what the options are with such a wide range of mortgage products in the housing market right now. You really need to understand where you fit in financially. The first question to ask yourself is how much of a down payment can you afford. Depending on the interest rate , you may be able to spend a lot more (or less) than you imagined.. Remember, there are extra costs that come in to play as you go through the entire purchase. While a conventional mortgage down payment is 20 per cent of the value of the home, there are mortgage options to choose from especially for a first time home buyer.
After you've considered how much you can afford for a down payment, the next step is contacting a bank or mortgage broker about getting qualified. Based on personal information you provide such as your income, debt and assets, you can receive a pre-approved mortgage, including an interest rate commitment for a set length of time.
Once you receive a pre-approved mortgage, you can confidently negotiate the purchase of your new home. This pre-approval lets you know before you go house hunting how much you can afford to buy based on how much you can afford to borrow.
While employing a real estate agent won't cost you anything (he or she gets paid by the seller), you may be asked to sign an exclusivity agreement with the agent. Get an agent that you can get along with and who will work with you. You don't have to agree to anything for a while, just look around if necessary, and don’t forget, they are going to work for you.
Before making an offer, do your research. Find out how long the property has been on the market. If it's a new development, find out how much others have been selling for.
In many cases, a deposit is made and you may be advised to sign a "conditional" offer. When buyers and sellers strike a deal, loose ends often need tidying up, such as financing or selling your existing home. You should never make the offer final without a proper home inspection, conducted by a licensed engineer to look for any major problems with the house that could end up costing you down the road.
Once these conditions are met, you should be prepared to make the offer "firm and binding." If not, the deal is off and you get your deposit back.
If you are a first-time home buyer, closing costs are often an unwelcome surprise. Along with the basic purchase price, there are a lot of additional expenses before you take possession of your new home: legal fees, land transfer tax, title insurance, disbursements, adjustments and insurance policies to name a few. The time to check out these charges is before the offer is signed, not afterwards.....
Finally, if you have all the points covered that are mentioned here, your transition to a new home owner should run smoothly... congratulations on your new home!
* This is a general guideline for home buyers, please check with your local authorities for exact or specific information.
Helpful Stuff!