And you made the decision: you want to buy a property and take advantage of the great prices that exist today. Undoubtedly, buying your first home will fill you with enthusiasm, but it is also one of the most important decisions of your financial and personal future.
According to the National Association of Realtors (NAR its acronym in English), our house is the ideal place to establish our traditions, family values shape and form our identity. In addition, ownership will bring benefits to you and your family, including sense of stability, security and belonging.
While buying try to have clear answers to these questions
How do I prepare to buy? If this is your first property, consult experts could help. Throughout the nation you will find sales agents licensed real estate who know the laws and market.
Hiring is not a requirement for your purchase, and if you want you can do on your own, but it is important to read material on the subject and get your bearings before signing the purchase documents.
What does the buying process? Identify the property to buy, and purchase requirements, they are the first steps of the process. Then you enter a contract between the seller and the buyer. First an option where you indicate interest to buy and the price is.
Once the seller agrees formalizes the contract, usually a deposit is requested and continue with the loan origination, appraisal and closing. This is the last step of the purchase, and the time you receive your keys to the new property. The time it takes the process varies depending on the type of purchase.
Am I eligible the requirements? Your employment history, income and debt are key to determine if you can apply for a mortgage loan. You must also know how your credit history and be ready to explain any warning or problem that appears in that history.
A good idea is to request a pre-qualification in a mortgage institution. These usually are free and you offer them instantly. You can also apply online.
Will I need a loan? In the United States most property buyers apply for mortgage loan, with the advantage that some require a minimum amount of money for early or advance purchase.
There are several types of loans and part of the buying process is to find the one that best fits your financial situation and ability to pay. But it is not a requirement, on the contrary, if you have enough to cover the cost of the capital property, you can buy in cash. So you would save thousands of dollars in interest payments.
Where can I buy it? For many, the decision is simple: about employment. However there are other considerations you should take into account, for example, school children or proximity to hospitals, shopping malls and other places of interest.
Determine whether you want a property in the city itself or further away in areas considered rural, will help you find the home of your dreams faster. You must analyze the advantages and disadvantages of each area, including space that offers housing, price and amenities as well as ease of public transportation or highway system to get to it.
What kind of property for me? If you want to have courtyard, possibly the best option is a detached house, although there are other properties that offer space for children to play, or you can plant trees in your own garden.
This is the case of “townhomes” called or houses tightly packed together, usually two floors, but can be more than three or four. Some of them have a “semi” private patio. Another option are the “condos” and apartments. Before buying, evaluate what best fits your lifestyle, your budget and the needs of the family. Besides questions about monthly maintenance payments, if any.
What are my obligations as a landlord? In addition to the monthly mortgage payment, if you have purchased with the loan, you must pay taxes on the property of the city where you live, and maintenance, or the famous “HOA” or “Homeowner Association” as it is known in English. This usually monthly, but depending on the community, could be every three or four months, and is one of the greatest responsibilities that constricts the owner.
You must also meet the standards of your place of residence, in terms of arrangement yard or garden and exterior paint, cleaning the surroundings, code of conduct and renting property, if you plan to.