Top Homebuyer Questions
1. Where do we want to live?
The first step is to help you narrow down a location and style of home.
Help determine what factors are most important when it comes to choosing a neighborhood such as schools, commute to work, shopping, entertainment and how quiet or peaceful the neighborhood is versus a hustling and bustling urban area.
Knowing the answers to these questions beforehande car will save everyone time and frustration by eliminating developments and neighborhoods that are of little to no interest. If you are out viewing homes in a specific area, stop and talk to homeowners.
2. How much money do we need to have saved?
The mortgage product that you select will assist in determining down payment requirements. This is why it is so important that you speak with a licensed mortgage representative to discuss down payment and mortgage options prior to viewing homes.
However, there are additional costs associated with a purchase:
- Make sure you have enough money set aside for closing costs and other related expenses
- You will need to prepare for the cost of a property assessment, lender appraisal and home inspection
- Moving costs including the transfer of all utilities and services such as heat, water, TV
3. How much would we like to spend monthly?
Unfortunately, many people bite off more than they can chew when purchasing a home because they look at the total purchase price instead of the monthly payments.
Keep in mind that what you qualify for isn’t always the same as what you can afford. A pre-approval letter is something you should get at the front-end to ensure you are looking within the right price range and you are comfortable with your mortgage options.
A licensed mortgage loan officer can provide a total monthly payment including principal and interest, property taxes, homeowners insurance and monthly mortgage insurance if applicable.
Keep in mind that there may be additional expenses when purchasing a home, townhouse or condo:
- Homeowners Association Fee
4. Why should I work with a buyer’s agent?
While traits such as honesty, integrity, knowledge and experience are all very important, it is also vital that you feel comfortable with the real estate professional you choose.
A buyer’s agent works as an advocate, providing guidance as well as open lines of communication. Explaining the purchase process and keeping you informed along the way is a way to work together through the buying process. For more information go to: www.klmproperties.com