Home Buyer Tips

Are you about to become a first-time home buyer? If so, there’s a lot to get excited about. You’ll soon be a home owner, able to customize and improve your living space as you see fit.

Of course, buying a home is an investment unlike any other. To get the best deal on your home, you’ll need to be diligent. Let’s have a look at some of the hidden costs you may uncover when buying your first home.

#1: The Home Inspection (And What It Finds)

A major step before buying any home is the inspection. A licensed inspector will go over the home from top to bottom, looking for current or future issues. The inspection itself isn’t very costly. But any unresolved issues that come up may lead to expensive problems later.

If possible, try to ensure that the seller pays for any necessary repairs. When you take possession of the home, it should be in top condition.

#2: Taxes And Fees You’ve Never Even Heard Of

You already know about the major taxes, such as sales taxes that apply to a home’s sale price. Or property taxes, charged by local governments each year and based on your home’s assessed value. But depending on where you live, there may be a whole host of other taxes and fees involved. Many of which you’ve never even heard of!

For example, you may be subject to a Land Transfer Tax or Property Purchase Tax. These are taxes charged when a property changes hands. If you’re taking out a mortgage loan, the lender may require you to pay land survey or appraisal fees. These costs help the lender to ensure the risk involved with the mortgage is appropriate.

#3: Insurance, Insurance And More Insurance

Finally, don’t forget the cost of insurance. On top of regular home insurance, you may need mortgage insurance, title insurance, extra life insurance and more. It’s worth booking some time with an insurance professional to find out what kind of coverage you will need.

These are three of the possible costs involved in closing the purchase of a new home. For more information about closing costs, contact your trusted mortgage professional. We have the data and insight to help you make the best decision.

With low interest rates and uncertainty as to where the real estate market will be in the next six months, many people are opting into ownership and investing in a home. Interestingly, according to the National Association of Realtors, approximately 17 percent of homebuyers in the United States last year were women, which is a much higher percentage than the 7 percent of single men who invested in a home. While the statistics may be interesting enough on their own, here are some of the reasons why women may be opting in.

Single Parent Security

The numbers don’t lie, and it’s a fact that there are a much higher number of single mothers in the United States than fathers, which makes home ownership that much more of a benefit. With low interest rates, it’s common sense that many single mothers will be flocking towards the housing market to find stable housing for their family in a market that may fluctuate in the coming months.

Making A Lifestyle Choice

The days are long gone of women having to invest in a home when they get married, and for many women being single is a very popular lifestyle choice. This means that many single ladies are choosing to invest on their own terms and at their own time so that they can reap the benefits of home ownership. As Jessica Lautz of the National Association of Realtors says, “They really value home ownership, and they’re willing to give up a lot to have a home of their own.”

It’s In The Numbers

There are certainly more than a few reasons why single women are flocking to the real estate market, but demographics are changing rapidly. While it was once the case that most people were married or would marry, more single women are opting out of marriage and opening up a wider market for single-person home purchases. Given the low interest rates and the increasing number of women choosing to be single, purchasing a home offers a solid bet and a financial boon.

With a home offering up the benefit of security and the advantage of being a good financial choice, it’s no surprise that more and more women are turning to home ownership on their own. If you’re contemplating purchasing a home of your own, contact your trusted mortgage professional for more information about opportunities in your area.

Many homebuyers struggle with finding a home that is within their price range, but many of those perusing the market also struggle when it comes to the search. If you’re currently in the real estate market and are having difficulty finding a good selection of homes, here are some ways to expand your search so you can find an opportunity you’re prepared to invest in.

Look Over The Old Listings

Whether you do it on your own or enlist the help of your real estate agent, it’s worth looking through the old listings to determine if any old opportunities are still available. There may be many formerly listed homes that have since sold, but homes that have lingered on the market may be open to offers; they may also be more aligned with the current market rates. Instead of taking the listings for granted, search for old opportunities that might turn up something good!

Consider Other Marketing Strategies

The market has changed in recent years, but the way that people choose to sell their home has changed along with it. While it’s still possible to see a sign on the front lawn or find a home on a real estate agent’s page, social media has become a very popular way to buy and sell. Aside from looking through the listings, consider searching Twitter or Facebook posts for homes that are for sale in your area. While you may not find your dream home, it’s entirely possible that an interesting detail or neighborhood that might have been missed will capture your attention.

Keep An Eye On Expensive Listings

Most homebuyers will immediately write off a listing that is out of their price range, but homes that are overpriced will often sit on the market. Fortunately, for many homeowners, this is something they can use to their advantage. Instead of avoiding pricey homes altogether, make sure to keep tabs on ones that are a little bit out of range but manage to pique your interest. It’s entirely possible that they won’t come down in price, but if they do it may be well worth the wait.

Many homebuyers struggle to find a home in a tight market, but by keeping an eye out on listings and considering all of the post-modern strategies for marketing, you may be able to find your dream home. If you’re currently searching for a home, contact your trusted mortgage professional for more information.