Questions to Ask as a First Time Buyer?
As a first time homeowner it is difficult knowing what to ask your Real Estate Agent while searching for a home. Agents can answer plenty of questions and concerns you have and you shouldn’t steer away from asking. The more you ask, the more you learn, meaning you are more prepared when going into the process. Some frequently asked questions you should ask your agent are as follows.
How much can I spend on a home?
As a first time homeowner, you should go see a mortgage lender to discuss important information from how much you qualify for, with your credit score, and what type of loan should I get. Aside from seeing a mortgage lender, you should review your financials and see what money you have set aside for a down payment, closing costs and moving in and any repairs you may need to make. Becoming a homeowner can seem very stressful but with proper assistance and help you can get all of your needs in order to make the process flow smoothly. Overall the amount of money you should spend on a home depends on what you need and have to spend. Most mortgages do not require a 20% down payment anymore, discuss with a lender to learn more about your options.
What type of loan should I get and what is the process?
There are a variety of different mortgages you can get for your home depending on what you may qualify to get. A lender will go through what your credit score is to see what loan you can get, then they would ask what an estimated down payment you may want to put down on a home would be, the last requirement would be a lender looking at your earned income and expenses to determine what your monthly mortgage payments would look like. To learn more about mortgages and the entire process, read our blog titled Conforming and Non-Conforming Mortgage Loans.
Why should I buy instead of renting?
It all depends on what suits your needs best however buying is a better option compared to renting. The advantages of buying a home over renting include many tax breaks, the chance to build equity, and of course having a place to call your own. Privacy is frequently a wise investment, more consistent annual housing expenses Ownership pride and solid community links tax advantages and equity growth. Especially living in Staten Island, Brooklyn, Manhattan; the cost of finding an apartment to call yours and paying rent monthly is ghastly. Prices for renting in the NYC area as of recently are off the charts so putting that money towards buying a home may suit your financial situation well. Map out your monthly income, savings, costs, needs and such to get a better idea of what may work better for you.
What should I do if my offer is rejected?
When a bid is received, the seller only has a few choices so they need to weigh all of their options. The choices consist of accepting the bid as-is, reject the bid, or submit a counteroffer with changes. They may have just received a better offer, or your offer could be too low or high. Other factors could include the commission structure in the listing agreement, particular contract clauses, or private considerations. Just remember that most offers will get rejected due to how competitive the market is right now. If your offers are consistently being rejected, it may be time to reevaluate how much your offering or speak to a Real Estate agent who can better guide you through the situation. Working with or speaking to someone who has experience will make your process flow more smoothly and get you better insight on what to do in the future.
Am I ready to become a homeowner? And what type of home suits my needs the best?
Purchasing a home is one of the biggest milestones in people’s lives, it is a big decision to be making that comes with a lot of factors to think about. Buying a home is a huge financial decision that one must make before doing so, so review your finances to establish how much money you can afford to spend in total on a home, on closing costs and on living after the purchase. Also one must have a decent to good credit score to get a loan. Are you ready for maintenance costs, bills, etc? There is a lot to ask yourself, discuss with a partner or even to review before considering buying a home. After all of this, to find your perfect home you need to think of what your home must have, what you want, is the area a safe neighborhood, are there good schools nearby? The home that best suits your needs is out there, you need to create a list and keep looking. Your dream home is out there and can be found!
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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