3. BUYING:
Getting an inspection can save you money in
the long run.
Inspection fees can range from $300-$500, allowing some to
think they can save money by avoiding an inspection. In almost
all instances, this is false. Many issues in a home may go unseen
by the untrained eye. If an inspector reveals defects not disclosed
by the seller, you are able to negotiate a new offer or rescind
altogether. Without an inspection, these potentially costly issues
would ultimately fall on the buyer’s shoulders.
4. BUYING:
Protect yourself!
It’s easy to get wrapped up in signing papers and lose sight
of what you are agreeing to when buying a home. Fortunately,
contingency clauses can protect you from losing what is yours.
An example is a mortgage-financing contingency; if you lose
your job or your loan falls through, you’ll get your “earnest
money” back in full. Otherwise, you may be obligated to follow
through with purchasing a house you can no longer afford.
1. BUYING:
Is buying always the better option over renting?
This is a debate often discussed within the real estate market
and the answer depends on a variety of variables including
location, financials and length of time in the home. In general, it
is advised to purchase a home if you plan to spend more than two
years there. Not sure how long you’ll be in your home? Find the
break-even point between renting and buying to help guide your
decision.
2. BUYING:
Be sure you can afford more than just the mortgage.
Getting preapproved for a mortgage gives the buyer a sense
of how much house he or she can afford, but don’t presume this
figure to be your only monthly payment. Keep in mind costs that
may not be as evident, such as utility bills, taxes, homeowners
association dues, mortgage insurance and money needed to
furnish your home. On top of that, consider closing costs (about
3-5 percent of the cost of your home) and the potential of paying
private mortgage insurance (PMI) if you are unable to put 20
percent down on your home.
5. BUYING:
Enjoy the view?
It’s obvious that homes with a view can sell big. In fact, Realtor.
com states that homes with a view of the city sell the fastest,
with an average of 83 days on the market, while homes with
an ocean view sit for 98 days (mostly due to the elevated price
of oceanfront property). If you are in love with a home with a
view, be sure it is there to stay. Although you may see rolling hills
through your living room window now, who’s to say a real estate
developer won’t see that same space as the perfect opportunity to
build more homes? Check with your local municipality for land
use regulations to make sure your view will remain.
6. BUYING/SELLING:
Your real estate agent matters.
According to Zillow CEO Spencer Rascoff, research shows
gender matters when choosing a real estate agent. Rascoff says
men will get your home sold closer to asking price because they
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GREENSBURG SALEM
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SUMMER 2019
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