Have you found THE home? How exciting! Are you feeling overwhelmed with a flood of questions that are coming to mind? If you are, it’s totally understandable since purchasing a home is probably the biggest decision you’ll make in your lifetime. But buying a home doesn’t have to be overwhelming. It can actually be a lot of fun. And obtaining the right information before buying THE home is just what you need to overcome the overwhelm.
Ask Questions to Overcome the
Overwhelm
Take your time. Spend a lot of time planning and researching as much as you can. Here are seven great questions to ask to help you overcome the overwhelm you may be experiencing.
“How much money do I need for the
down payment?”
You may have been saving money for quite a while, but is it
enough? Should you wait another six months till you’ve saved more for a down
payment?
In New York, the minimum for a down payment is almost always
20 percent of the selling price. If you secure a mortgage with
a down payment of less than 20 percent, you’ll have to get mortgage insurance.
But mortgage insurance doesn’t have to be a major stumbling block.
“How much house can I truly afford?”
There are almost always other costs beyond the purchase price of a new home. And first-time home-buyers are often surprised when they see how costs can add up.
- Fees for o
ther payments beyond the price of the home - Renovations
- Repairs
- Appliances
- Blinds
- Flooring
- Lawn maintenance supplies
- Maintenance
fees
It’s wise to estimate your monthly mortgage payment first. Then make sure the other costs of items you’ll need beyond the monthly payments. You don’t want to go into more debt than you can pay for.
“Are my finances in good order?”
You need to show that you can close on the home you want to
buy. Check your credit score and look for any discrepancies. If you find an
error, get it corrected. If your credit history is blemished, you could be
disqualified for the lowest mortgage rates. And it doesn’t matter if you show
enough income.
Then, before you make an offer, get preapproved for a
mortgage.
“What about the loan?”
Terms and differences in mortgages can be overwhelming. There
are 15-year loans and 30-year loans, fixed-rate mortgages and variable-rate
mortgages. And there is no one-size-fits-all home loan. So find a good lender
who is very knowledgeable. They should know about every option that is
available to you. And they should be able to show you how to get the most out
of the loan process to get you as much house as you want.
“Were any claims filed on this
property in the last seven years?”
This question may not have popped into your head, but it’s
one you need to ask before you make an offer. What if the house had a termite
problem in the past? Or was there damage of any kind to the house in the past?
Request a copy of the C.L.U.E. report from the seller. C.L.U.E. is a database
that maintains all insurance claims for homes and vehicles for up to the
previous seven years.
“How much should I offer on this
home?”
This is a good question to know the answer to if you want to
overcome the overwhelm of buying a home. If you offer too little, you risk
losing the home to someone else who offers more. Yet if you offer too much, you
could wind up overpaying.
“Will there be more costs to prepare
for at closing?”
Yes. There are closing costs in addition to the down
payment. And depending on how you’re financing the home, there are more costs
in addition to the one-time closing costs, such as:
- Commissions fees
- Appraisals
- Surveying
- Inspections and certifications
- Tax and title services
- Government record changes
- Transfer taxes
- Origination fee
- Charge for specific interest rates
- Real estate agent commissions
- Home inspection charges
- Title insurance
And they are due at
the time of signing.
Hire a Great Real Estate Agent to
Overcome the Overwhelm
To overcome the overwhelm you need to hire a great real estate agent as soon as the house shopping begins. Charles D’Alessandro will tell you what comparable homes in the area have sold for. And he’ll help you make a solid offer the first time. If a counteroffer needs to be made, Charles will help you make one that fits your budget. And if multiple offers need to be made, he’ll guide you through them all. He’s here to help you, answer your questions, and guide you through the whole process from beginning to end.
Want to overcome the overwhelm that comes with buying a new home? Call Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate at (718) 253-9600 ext.206. Or email him at charles@brooklynrealestatesales.com right away.
Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206
Charles@BrooklynRealEstateSales.com
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