For rental properties, clarify issues like yard maintenance and landscaping services before the lease is signed. Landlords differ on this; some leave it to you to maintain the yard or the garden. Other times, the cost of this is covered by the landlord.
Have a professional inspector look at the home you are interested in. Some homes look fine to the untrained eye, but need a lot of work. Not only can this cost you a lot of money, it could force you to make other living arrangements until the home is fixed.
You should make certain that you have funds available to meet the required minimum down payment set by your mortgage company. If you do not have a significant down payment, your mortgage company will require that you purchase private mortgage insurance. This can add quite a bit of extra money that you would have to pay on a monthly basis to show the bank that you are able to make payments on your mortgage.
Take the plunge and buy that home you are dreaming of. Some will advise you not to upgrade to a larger home, but you should realize that there are those who say it’s a great time to do so. Buying your dream house now could a good thing now, as the prices of homes continue to climb.
Do some research and analysis on the area housing market. Check online to find foreclosed homes, housing backlogs, median selling prices and how long the average home stays on the market in your area. Investigate other aspects of a neighborhood, including household income, unemployment and local businesses. Sometimes having a good location and product will outweigh the local trends.
Consider these tips a starting point for you to understand how to buy a new home. Get pre-approved by your mortgage lender before beginning your home search. We wish you all the luck in your hunt for a new home!
For help with Summerland Key Real Estate contact Abby Oglesbee