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Great Advice When You're Buying Real EstateBy Expert Author: William Peffer
Buying real estate is an awfully big decision, and it tends to come with plenty of second thoughts. Are you getting the best deal for your money? Is your financing as good as it could be? Have you made a wise choice in selecting your new property? A little education can be the answer to these questions. Here are a few tips to assist you in your real estate purchase.
In the event that you are unable to obtain traditional financing for your real estate loan, you may want to consider a private money, or hard money loan. They can give you the capital you need for your purchase until traditional financing can be achieved, though these loans have high interest rates and are generally for short terms.
Most people know they need to worry about carbon monoxide in their house. But did you know you should also test for radon? You should pay for a radon inspection if you are buying a house. If the level is above 4, the seller should put in a radon mitigation system. As the buyer, you can require this mitigation as a condition of purchasing the house. So it's definitely worth getting under control before you buy a house, radon exposure can cause lung cancer.
When attending open houses, ask a contractor who has experience in renovating homes to accompany you. If you went on your own, they will notice potential repairs that you might have missed. The contractor can give you an idea of how much you will have to spend to make the property look the way you want it to.
You'll want to have the house checked out by an inspector, before making a final decision on a home purchase. Choose one yourself, instead of using one the seller or the seller's agent suggests. Only to a certain point -- there are things that can be hidden even to a trained eye, although a good inspector will point out things that are wrong with the house.
Go to as many open houses as you can to gather as much information about them as possible. This information can prove invaluable when you move on to the next home. You can use the pricing information and the features in the different homes to compare them to find the one that is going to be the best deal for you.
Have a contractor tag along wherever you go. These people are the most experienced at pointing out minor flaws that may have costly repairs. You will know in advance what major or minor problems may need repairs, thus saving you the costs in the future, if you take a contractor to an open house with you.
Make sure everything they have told you is written down in your contract before you sign it, when dealing with a lender to finance a home purchase. In most cases, verbal contracts are worthless. Remember, if it's not on the paper, it doesn't count. Unscrupulous lenders may even switch out rates between what they tell you and what appears on the contract.
Before you purchase your first home, determine if you are ready to be a homeowner. If you are not planning on staying in the same area for at least the next three to five years, buying a home is not the right choice. Also be sure you are willing to accept the reality of the home you can afford, rather than the one you want.
When purchasing a home, keep in mind that you should not change jobs before the closing. Banks will check your credit report when you are applying for the loan, and sometimes, before the closing. You want to avoid any major changes that could be unappealing to your lender. A job change is considered a major financial change.
No doubt, this article has given you additional insight into purchasing real estate. If you have an interest in it, you need to be aware of some of the process. If you have a professional help you, this is true, even. Use the tips that apply to your circumstances. Enjoy being a part of today's real estate market by making wise decisions based on sound information!
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