Things you should know before buying a home
You are buying a home and you need to be careful to make sure your money is going to be spent wisely. It is too easy to lose a lot of money in a home purchase. You have two options, go it alone house hunting and learning at the same time or hire a real estate guru like Jerry Armen and co and not worry about a thing.
Should you go it alone, here are some tips.
Do not believe what you read or hear. Check the facts out with HOA offices or county tax clerks. Investigate what the true value of the house is. Do not take anyone’s word for it.
Interview multiple lenders. Hire more than one inspector to give a second opinion. Just as you would get a second opinion from another doctor or mechanic, do not treat your home any differently.
Make sure you count up all expenses. You can only afford so much. So find the house, whose total expenses meet your budget. Consider insurance, taxes, association fees, and the like.
Check the permits taken out on renovating the house. If there are no permits and the seller says they renovated it, then there was no professional inspecting it. You cannot be sure it was done correctly.
If the house is pre-1980’s it may have asbestos, which is a serious health problem for your loved ones. Any home that is pre-1930 has knob and tube wiring. Your insurance will rocket. Simply replace it.
You can see that there are many things to educate yourself about before you buy a house. You really should take the time to prepare so you go in with eyes wide open, else you will more likely lose your shirt.
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