As a buyer it is super important that you pay attention to red flags when you’re touring homes. Some of these things could be: a lot of homes for sale on the street; really busy streets; railroad tracks in front of the house or nearby; damp and musty smells in the home; strong odors or air fresheners; water stains on the ceiling of cracked foundation walls or stains on the foundation walls as well. As well as missing downspouts or downspout extensions or any standing water in the yard or sloping back into the foundation. Any of these things that you find may be red flags, and they might also not be a problem. So just pay attention to them and look into them.
Real Estate
Why It’s Important To Attend Your Home Inspection
When you’re buying a home, it’s really important that you attend your home inspection. Not only is it good for the inspection part, but it will give you an opportunity just to become more familiar with the house. You’ll be able to go in and take some measurements so you can kind of plan out your furniture and how you’re going to live there. And then also in the last hour or so of the inspection, you’ll be able to talk to the home inspector and they’ll be able to show you around and you’ll be able to understand the report and anything that they find in the report that can help explain and answer questions for you much better than if you weren’t there.
Your First Home Doesn’t Have To Be Your Dream Home
Your first home does not need to be your dream home. In fact, in today’s market with the inventory the way it is, it might just be better to go into the home buying process with the idea that you want to look for a place that you can build some equity that will be good for renters in the future. Or that would be good to turn around and sell then in two to five years or something like that. Then go ahead and sell that property and move into your dream home. Or even better would be to rent that property out and use that income to help pay for your new place.
Start Working With A Realtor Early On
If you’re looking to buy or sell real estate in the next two months to two years, it’s a great time to be talking to your realtor. That’s because you want to make sure that you have a solid game plan, whether you’re buying or selling. You want to know if you’re selling, what it is that you might need to work on and start fixing up. And if you’re buying, you’re going to want to know what you’re going to need to save, where you’re gonna want to be looking, things to keep in mind, and keep an eye on the market. And also just knowing what loan products are out there and what you might need to do with your credit, if that’s something that needs to be improved. So, if you’re thinking about moving in the next two months or two years, start working with a realtor now.
What Do Changing Interest Rates Mean For Buyers?
The interest rates are changing on a daily basis, and they always have been. It’s just that we notice it more now, because the swings seem to be so much bigger. So what does this mean for you as a buyer, as you’re getting ready to buy a home? Well, let’s take an example. A $350,000 loan with a 1% change in interest rate will cost you a $200 difference in price. So if it goes up 1% it is $200 more for you. This doesn’t include any PMI, taxes, or anything like that. It’s just on the principal and interest. So hopefully that helps you as you get ready to plan on purchasing a home and understanding what the interest rates are doing when experts are talking about them going up or coming down. You know, exactly what that practically might mean for you.