Buying real estate can be a daunting prospect, especially if you don't have the right information and expectations. Oakstrand Realty is here to help guide you through the home buying process and ensure it is a smooth and successful experience.
When considering a real estate purchase, be wary of mortgages with balloon payments. Balloon payments are unusually large payments required at the end of the loan term. These payments are often unethical and indicate that the loan provider is untrustworthy. If you encounter balloon payments, it is best to stay away.
Take your time when making a purchase. No matter how excited you may be about the house, no matter how much you are willing to pay, it's important to step back and think about whether this purchase is a wise one. Take at least 24 hours before making an offer on a home and you will be able to think more clearly about your choices.
Outdoor maintenance costs should also be taken into consideration when determining if you can afford a property. A house with a small yard and a big patio will require less costly upkeep than one with acreage and lots of greenery. If there are unhealthy trees that need removal, get estimates for the work and factor the cost into your affordability decisions.
Virtual tours can be deceiving, so it's important to not purchase a home solely based on what you see online. Walking through the home is the best way to get a true feel for the space.
When shopping for a home, don't limit yourself to just one option. You should be looking at several homes, so that if one deal falls through you have other options to fall back on.
Before committing to a purchase, make sure to have a professional inspector come and do an inspection. You may have toured the house one or several times, but the inspector is trained to look for things you may have missed. Once the inspector gives you the report of his findings, take a couple weeks to look over it and decide if you want to pursue your purchase.
It's also important to research the neighborhood when making a real estate purchase. Neighborhood characteristics such as good schools, convenience to shopping, and low crime rate are typically good indicators that the home will be a good investment.
When making purchases on property that has already been foreclosed on, it is essential to hire a real estate attorney. A real estate attorney will be able to help you with any legal troubles involved with purchasing the already foreclosed property, and make sure it is cleared for purchase by potential investors.
Finally, don't buy the first house you see and don't jump on a home just because it is cheap or will close quickly. Do research, see other homes, and keep track of offers. By rushing into a purchase, you may skip steps like doing an inspection or buy something you don't actually like.
By following the advice in this article, you can make sure that your home buying experience is a successful one. Oakstrand Realty is here to help you every step of the way.