Do you really think that you know absolutely everything about purchasing real estate? With so much to learn about real estate, even veteran real estate buyers are looking for new information. Read on for some tips about how to determine which type of real estate investment is best for you.
All real estate agents should contact any past clients during the holidays, and at the anniversary of that person’s purchase date. When they hear from you, they will remember how much you helped them out. When a friend, neighbor or family member needs a real estate agent, your name will be fresh in their minds and they will suggest using you.
Do a thorough record check before purchasing rental properties. You should examine carefully all records for the potential rental property from the previous two years before even considering buying the property. This is because you need to ensure that the seller is giving you complete and accurate information about the potential income generation from the property. Your lender will most likely also want to see verification of income before they will issue a purchase loan for the property.
Some banks do not require you to do a house inspection, but this is not a reason to skip it. You should hire a home inspection pro so that you will know exactly what sort of condition your potential home is in and what sort of problems you can expect. A lot of things can go wrong in a house. Someone that doesn’t have the experience to identify hidden flaws will benefit from a home inspector looking over the property before buying it.
Before you begin a search for a new home, get a copy of your credit report and look it over. When you get the credit, examine it and repair any errors you find. You are more likely to get a good mortgage if you proactively make sure that your credit history is accurate and that your score is maximized.
Even if you are buying your home only for yourself, you should have someone go with you to look at the house, preferably someone with home buying experience. Another set of eyes will help you to spot things that may be a problem in the future. You should also allow that person to ask questions to the real estate agent.
Make sure that you obtain a home warranty. If you are purchasing new from a builder, or pre-loved from an existing owner, request a warranty. The person who built the home should give you a warranty if he or she is confident in their work. Ask if the previous owner is willing to cover the cost of a warranty on your home for a year at minimum, to help offset costs of repairs that might need to be made.
You can find a lot of programs to help you with a down payment, search out different ones you might be able to qualify for. Doing this, in conjunction with the seller contributing towards the closing costs, can save you a lot of money when buying a home.
Make sure you know what’s happening in your local housing market. Give City-data.com a visit or any other sites like it so you can learn about the average housing prices, number of foreclosures and other relevant market conditions within a 15 mile radius. Also, find out how much money people make, how hard it is to find a job, and who employs local workers. There are times when a great product or location can override the local trends.
So if you’ve decided you want to buy a place, now you need a real estate agent. It’s important to find a trustworthy agent. A local agent with a successful track record can be your best ally. Look around until you find an agent that truly seems to be looking out for your best interests.
The information above should have helped you learn something useful to use when you buy real estate. Smart networking is always a very beneficial practice in the business of buying real estate.
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