Tips To Better Prepare Yourself For The House Buying Process

by JPizarro - Date: 2010-10-20 - Word Count: 388 Share This!

Everybody who has been through the process of buying a home will attest that it can turn into a very daunting task if you don't know what you are doing. I wish I knew what I know now when I first bought my first home. I would have saved a lot of money that we needed back then.

Now that I'm a real estate agent I basically know almost all the ins and out of this complicated process. Here are my recommendations:

Learn to prevent these significant mistakes that could cost you thousands of dollars when purchasing your home!

-Don't "low-ball" your opening offer. Vendors have a tendency to give less of a counter offer (closer to list price), if they feel offended by your offer. Comprehend the current market price of the domicile, and comparable homes sold in the area.

-A pre-approved mortgage can be made for 90 days for at no cost. You can typically negotiate your mortgage rate amid 1/2-1% off the posted rates with your mortgage lender.

-Have your representative organize a home inspection. A home inspection with an able engineer costs something like $300.00. It might very well be your best money spent. You mean to know precisely what you are bidding on.

-Elude purchasing the most high-priced residence on the street. The most advantageous setting is to leverage the most horrible residential home in a pleasant area, rather than the finest house in the most awful area.

-Organize a down payment close to 25%. When you have a down payment that is almost 25% it is regularly less expensive to orchestrate a first and second mortgage and save on insurance charges.

-Make plans for an accelerated Bi-weekly payment strategy on your mortgage. On your mortgage, you will salvage the most money if you include an accelerated Bi-weekly payment arrangement, or if you double up one payment per year. This will reduce your amortization periods by over 6 years!

-Try and stretch to the most you can purchase, therefore you will not have to move as soon. You will quickly save cash on things like: Land Transfer Tax, some Legal Fees, Mortgage & Discharge Fees , and other Real Estate Fees

-Be sure to seek advice with your lawyers about their fees ahead of time. These are different from disbursements. Ask your agent if they will be able to refer you to trustworthy professionals.

Related Tags: real estate, down payment, vancouver real estate, british columbia real estate news, payment strategy

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