How to Purchase Real Estate

The wife and I have bought a few houses over the years and learned a lot in the process. Here are some suggestions to make home buying a little easier.

How to Purchase Real Estate

Suggestion One

Why do you want the real estate? Is it for a family home? A retirement home? A vacation property? An investment? A rental?

How to Purchase Real Estate

Suggestion Two

Decide where you want to buy. The location can be the single most important factor. Are you interested in the closest schools? Highway access? Shopping? City atmosphere or rural? With or without acreage? One family home or condo? Give it some serious thought.

How to Purchase Real Estate

Suggestion Three

Make sure your finances are ready. Get a credit check done and see if you can get 100% financing. Then shop around for the best deal you can make. Talk to your bank (or whatever lender you have chosen) and get the line of credit ready before you even start your search in earnest. It will eliminate several delays in the process and make thing go much more smoothly once you find the property you want.

How to Purchase Real Estate

Suggestion Four

Do you want a "stick built" home or is a double (or triple) wide mobile acceptable? Think about it, there are advantages and disadvantages either way. A stick built house can either be new or older. Either way it might require some fine tuning before you move in. For example, it may need the plumbing and wiring checked by a professional contractor. The roof or foundation may need work, too. Be sure the aforementioned things are in good order before buying. The last thing you want to do is move in and then discover problems. Mobiles have their own issues. Some lenders won't loan on mobiles, even the big ones, unless they are brand new. If you are looking at buying a mobile (whether on a lot or acreage), check it very carefully. Is it on a full foundation? Or a series of blocks with a skirt around it. It can make a huge difference to a lender and a new buyer.

How to Purchase Real Estate

Suggestion Five

When you have found the place you want, contact the local Assessors Office and ask what the property taxes are running in the area you have chosen. It will give you an idea about the value of homes in your neighborhood. If the taxes seem inordinately low, you can ask about the appraised values of the homes nearest the one you want. If their value is significantly lower than what you're being asked to pay, something is wrong. Have a long talk with either your realtor or the property owner before signing anything. If the property is over priced for the area, drop your offer into the same range, or find something else.

How to Purchase Real Estate

Suggestion Six

Look carefully at the yard, if it has one. Are there living trees or shrubs? How about flower beds? How does the lawn look? What sort of a yard do you want around a home you buy? Many times, the previous owner or tenant didn't want growing things and poisoned the ground. Consider this carefully if there's nothing growing on the property.