ADDRESS: 3900 Newpark Mall Road 3rd Floor Newark, CA, 94560 | EMAIL: daniel@kisnerlaw.com
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Buying real estate can be exciting. It can also come with a lot of complex challenges that you never had to think about before you started searching for a new home. Make the time to think carefully about the following considerations before you make a commitment to buy real estate. Whether it's your first home or an investment property, many of the same considerations apply.
If you're not sure about what you want in a home, you are not ready to buy one. So visit open houses. Look online at websites that showcase the interior and exterior of homes in your area. Watch movies and take notice of the fictional homes that spark joy for you. Take your time and make notes for a few weeks or months until you are sure about the type of home you want.
That way, when you speak to a real estate attorney and a realtor, you will be able to clearly articulate exactly what you want in a house. That will save everyone a lot of time and frustration. If your team doesn't understand your wants and needs, they won't be able to fulfill them.
Obtain a very recent copy of your credit report as soon as possible. Ideally, you should get a copy each from TransUnion, Experian, and Equifax, which are the different major credit reporting bureaus that a bank or mortgage company is likely to check. It is wise for you to know what's in your credit report before a bank or mortgage company does.
Why does this matter? Your credit score and report may impact the interest rate you'll be offered on a mortgage and whether you'll be eligible for a mortgage at all. It can make all the difference between buying your dream home and having to wait until you have more money saved up. If you have a spouse, you need to obtain their credit report and score too.
Once a year you can get a free credit report. According to the Federal Trade Commission, you're entitled to a free copy every 12 months. So if you request a copy in September of this year, you can't request another free one until the date passes in the following September.
Request the free report by going to the website annualcreditreport.com or by calling 877-322-8228. The only other way you will qualify for a free copy of your report is when you've been turned down by a potential lender or landlord. If a company notifies you about negative actions they have taken based on findings in your credit report, contact the company for a free copy.
Many people just look for a home with a monthly mortgage they can afford to pay. However, this strategy can be misleading. If you are moving from a cottage into a four-bedroom home, your expenses will likely rise in many ways not necessarily indicated by the cost of the mortgage. For example, you will pay more money for electricity in a larger home.
You may also face other expenses when moving from one house to another. If your new house has a homeowners association, you may face unexpected fees. If you move into a large house, you may suddenly find that you need a housekeeper to help you maintain it.
Don't forget there are also property taxes to pay each year. You may also need to spend a lot for landscaping of the front and back yards in some neighborhoods. Home maintenance is another area where costs can escalate quickly, so you should have a savings account that you can easily access for unexpected repairs and expenses for upkeep.
Finally, if you're thinking about buying property, consult an experienced real estate attorney who can help you navigate through the rocky waters of purchasing a home. Even the most straightforward contract is complex when so much is at stake for both the home seller and the home buyer. Contact the caring team at the Kisner Law Firm today for help buying a home.
PHONE: (510) 791-5790 | EMAIL: daniel@kisnerlaw.com
ADDRESS: 3900 Newpark Mall Road 3rd FloorNewark, CA, 94560
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