Location of the House
Buyers want to find a location that allows easy access to the places they frequent the most (work, school, shopping, recreation, place of worship, friends and family). Look for easy access to the main roads and check traffic flow. Checking this out before a purchase can help save you from hassles getting out of the neighborhood and onto the main thoroughfare or from an unreasonably long commute. The location of the home within the neighborhood is also important to many people. Some people prefer a lot near the main entry, while others like to be away from traffic and further into the development. If there is a park, pool or recreation area, some owners would choose the closest available lot. Cul-de-sacs are favored by some, and some people like living on the main boulevard.
Determine Your Overall Budget
To make relocating and buying a house easier, you should always determine your overall budget first. Start by figuring out how much money you have to work with for both the move and the home purchase. Then, research the cost of packing supplies, moving services needed and home prices in the new city. If you plan to use a full service moving company, be prepared to pay several thousand dollars for an interstate move. If purchasing a home, assess your savings and monthly income to figure out how much you can reasonably spend on a home. In addition to a down payment and monthly mortgage payments, you will need to cover closing costs, realtor fees, homeowner’s insurance, property taxes, and utilities.
Cost of Selling a House
Several costs are incurred when buying/selling real estate, and they can add up to as much as 10% of the sale price overall. The cost of selling a house is something that seriously needs to be taken into consideration. Buyer’s agents generally include any costs they want the seller to pay in the purchase contract, so sellers are forewarned. But they should clarify with their own agents which fees are customary and which are not. You won’t pay for the new buyer’s insurance, title registration, or taxes if you sell your car, but selling a home is different.
Get Prequalified and Preapproved for Credit
Before you start looking for a home, you will need to know how much you can actually spend. The best way to do that is to get prequalified for a mortgage. To get prequalified, you just need to provide some financial information to your mortgage bankers, such as your income and the amount of savings and investments you have. Your lender will review this information and tell you how much we can lend you. This will tell you the price range of the homes you should be looking at. Later, you can get pre-approved for credit, which involves providing your financial documents (W-2 statements, paycheck stubs, bank account statements, etc.) so your lender can verify your financial status and credit.
Purchase Price
Before even looking, you should determine your price range and get pre-approved for a loan. Buying a single-family home is a huge investment, and there’s always more to it than just the purchase price. Think about how all costs will affect your finances and stick to your decision on price range and mortgage payment.
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