Making An Offer:
Once you’ve found your ideal house, it’s time to get started with the financial and contractual side of the purchase. Purchase contracts vary in length and terms from state to state, and sometimes within a state.
Multiple offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That’s why it’s important to think carefully about your strategy.
You and the seller have different goals, so it’s important to consult with your Agent. He or she can bring order to the process, and will know what questions to ask to help you reach a desirable outcome.
Y4U real estate can help you find out what other homes have sold for in the area, and how much money you might have to put into repairs or renovations. These considerations should be a factor along with the amount you’re comfortable spending. Remember, the advertised price of a house is just a starting point – it may take quite a bit of negotiating to arrive at a final cost.
Rent Vs. Buy
Renting offers a lifestyle that’s nearly maintenance-free. That may appeal to you, but consider that renting offers you no equity, no tax benefit, and most likely no protection against regular rent increases.
If your rent has averaged $700 a month for the last 10 years, you’ve spent $84,000 with nothing to show for it. Isn’t it time you invested in yourself instead of your landlord?
Several financing options hold special advantages for first-time buyers or families with limited cash reserves. FHA-insured and VA-guaranteed mortgages can minimize or even eliminate your down payment. You may also consider a lease-purchase agreement, or borrow cash for a down payment from life insurance, profit-sharing or a retirement account.