Definitive Guide To Buying Your First Home

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Definitive Guide To Buying Your First HomeDefinitive Guide ToBuying Your First HomeLearn All The Things You WillNeed To Do Before Buying ANew HomeDefinitive Guide To Buying Your First HomePage 1 of 90

Definitive Guide To Buying Your First HomeLEGAL NOTICEThe Publisher has strived to be as accurate and complete as possible in thecreation of this report, notwithstanding the fact that he does not warrant orrepresent at any time that the contents within are accurate due to the rapidlychanging nature of the Internet.While all attempts have been made to verify information provided in thispublication, the Publisher assumes no responsibility for errors, omissions, orcontrary interpretation of the subject matter herein. Any perceived slights ofspecific persons, peoples, or organizations are unintentional.In practical advice books, like anything else in life, there are no guarantees ofincome made. Readers are cautioned to reply on their own judgment about theirindividual circumstances to act accordingly.This book is not intended for use as a source of legal, business, accounting orfinancial advice. All readers are advised to seek services of competentprofessionals in legal, business, accounting, and finance field.This manual is written in Georgia; therefore you are always encouraged to printthis book for easy reading.Definitive Guide To Buying Your First HomePage 2 of 90

Definitive Guide To Buying Your First HomeTable of ContentsIntroduction - Looking Ahead . . 7New Homes vs. Older Homes . 8Which Home to Choose . 8Chapter 1 - Location, Location, Location 10Finding the Right Neighborhood 10How Clean is This Neighbourhood? . 11Is This a High Crime Area? . . 11What is The Average Home Value in The Neighbourhood? . 12Are There Community Bylaws? . . 12What is The Home Close To? . . 12Is There Garbage Pickup? . 13City Life vs. Country Living 13City Life . 14Pros . 14Cons . 14Country Living 14Pros . 14Cons . 15Suburban Living . 15Pros . 15Cons . 15Making the Commute . 16Schools In The Area 17Grocery Shopping And Other Necessities . 17Other Location Consideration . 18Chapter 2 - Working With Realtors . 20Choosing A Realtor . 20Experienced Agents vs. New Agents . 22Pushy Agents . . 23Absentee Agents . . 23Hard Working Agents . . 24Preparing To See Homes With Your Realtor . 25Create A List . 25Viewing Homes . 26Taking Pictures 26Narrowing Down Your Choices . 27Information Realtors Should Tell You 28Working With Seller’s And Buyer’s Agents 29Negotiators with Sellers . . 30Paperwork . 30Survey Neighbourhoods . . 31More Reasons To Hire a Real Estate Agent . . 31Definitive Guide To Buying Your First HomePage 3 of 90

Definitive Guide To Buying Your First HomePeace Of Mind . 31Wealth Of Knowledge . 32Confidence . 32Chapter 3 - Playing The Housing Market . 33Watching The Housing Market . 33Making The Most Of The Housing Market 34National Interest Rates For Mortgages . 34Building Rates In Your Area . 35Number Of Foreclosures In Your Area . 36Stock Market And Gasoline Prices . 36In The End . 37Buying VS. Renting (Pros/Cons) . . 37Buying A Home 38Pros 38Cons . 38Renting A Home 39Pros . 39Cons . 39Rent To Own . 40New Homes 41Using The Housing Market To Your Advantage . 42Chapter 4 - Home Inspections 44The Importance Of Home Inspections . 44How To Find A Home Inspector . . 45What To Expect From A Home Inspection . 47Specific Places That Should Be Inspected 48Chimney/Fireplace 49Attic/Basement/Crawl Space . 49Swimming Pools . 49Smoke Detectors And Appliances . 50Termite Inspection 50How Homeowners Will React . . 51Ways A Home Inspection Can Lower The Final Price . 52The Final Walkthrough . . 54The Closing 55When To Walk Away 56Definitive Guide To Buying Your First HomePage 4 of 90

Definitive Guide To Buying Your First HomeChapter 5 - Financing Your First Home . . 58Types Of Home Loans . 58Fixed Rate Mortgage Loans . . 59Adjustable Rate Mortgage Loans . . 59Balloon Mortgages 60Jumbo Loans . 60Where To Find A Lender . 61Applying For A Home Loan . . 62What Not To Do When Applying For A Home Loan . 64Increase Your Chances For Approval 65How Home Appraisal Can Affect Your Home Loan . . 66Homeowner Reduces Selling Price 66Higher Down Payment . . 66Dispute The Appraisal . 67Find Another Lender . . 67How Home Inspections Can Affect Your Home Loan . . 68Additional Fees For Home Loans . 68Good Faith Estimates . . 69Escrow And Other Loans Terms 70Chapter 6 - Making A Realistic Offer . 73What To Do Before Making An Offer . 73Attend Open Houses . . 73Find Out More About A Property . 74Find Out More About Taxes In The Area . 74Have An Appraisal Done Before Making An Offer . 75How To Write A Purchase Offer . . 75Making An Offer . 76Low/High Offers . 77Low Offers . 77High Offers 77Making The Right Offer . 78How To Handle A Counter Offer And Offer Rejection . 78Counter Offer 78Dealing With Rejection . . 79Considering Items In The Home 80Understanding The Seller . 81What To Do In A Buyer’s Market . . 82What To Do In A Sellers Market . . 83Definitive Guide To Buying Your First HomePage 5 of 90

Definitive Guide To Buying Your First HomeChapter 7 - Contracts, Home Warranties, And The Closing . . 85Contracts 85Contingencies 86Builder Contracts . 87Mortgage Contracts . . 87Closing Agreements . 87Home Warranties . 88Closing . . . 88Sign Contracts . 89Final Walk Through . 89Paying Closing Costs . 89Get Your Keys . . 90Conclusion 91Recommended Resources . 92Definitive Guide To Buying Your First HomePage 6 of 90

Definitive Guide To Buying Your First HomeIntroductionIf you are currently living in an apartment or renting a house, you may bethinking about buying a home of your own for yourself and your family. This canbe an exciting time. Looking at properties, deciding whether to buy a home orbuild a new one, and finding financing will take up a lot of your time.There will be a long list of things you will need to do before you buy a home. Thislist includes: Finding the right neighborhood Finding a home that is big enough Finding the features you are looking for Choosing the right size yard Choosing a realtor Understanding the housing market The ins and outs of home inspection Financing Making an offer, and Reading contractsThis list does not include all of the decorating, home improvement, and otherdecisions you will have to make once you have purchased the home.If you are a first time home buyer, you will be nervous about finding the righthome, investing money on a down payment, and being approved for financing.Once you have found a home, it will usually take between two or three monthsbefore you will be able to move in. In the meantime, you should plan thefollowing: Moving arrangements Home inspectionsDefinitive Guide To Buying Your First HomePage 7 of 90

Definitive Guide To Buying Your First Home Yard sales Budgeting for paint and other supplies Taking time off from work, and Finding a lawyer if necessaryProper planning will help you transition into your new home much easier than ifyou wait until the last minute to deal with these details. If you are planning onmoving yourself, you should find a few friends or family members that will bewilling to help as soon as possible.New Homes vs. Older HomesAnother decision you will have to make is whether to buy a new home or look foran older one. Most first time homebuyers usually buy an older home, but thisshould not deter you from visiting a few builders to see what they are charging forthe size home you are looking for.Older homes may cost less, but they can be riddled with problems. In this book,you will learn what to look for when viewing a home, what to include in yourpurchase offer, and what to expect from a home inspection. There are many olderhomes that will need only minor repairs.Which Home To Choose?After you have looked into all of your options, you will be wondering which hometo choose. There are many ways to find the home that is right for you. Whenlooking at homes, you should keep these criteria in mind: Size Price Neighborhood Mortgage paymentsDefinitive Guide To Buying Your First HomePage 8 of 90

Definitive Guide To Buying Your First Home Repairs, and Additional featuresWhile this is a short list, throughout this book you will learn other ways to findyour dream home. In the end, you will just know when you have found the righthome.Moving into your first home will be an experience you will never forget. Youshould be excited as this is a little piece of the world that is just yours. Whetherthis is the home you will live in for a long time or just for a short time, buying ahome will give you a sense of pride and of purpose. Not only will you have amortgage to pay, you will also be responsible for making the home your own.When thinking about purchasing a home, you should begin saving your moneyfor closing costs, repairs, and decorating materials.One of the more rewarding moments will be when you get the keys to your newhome and you begin making it your own with a little paint, furniture, andpersonal style.Chapter 1 - Location, Location, Location(Return to Contents)Definitive Guide To Buying Your First HomePage 9 of 90

Definitive Guide To Buying Your First HomeChoosing where to live is almost as important as the type of home you want tolive in. While this is a very personal decision, there are pros and cons to everyneighborhood. But wherever you want to live, you will have to know where thehighways are located, grocery stores, schools, and how far from work you will be.Buying a home means more than the structure you will be living in. It is also thecommunity and the accessibility to places and events that mean the most to youand to your family.Finding The Right NeighborhoodHow will you know you have found the right neighborhood? There are many waysto tell: You may feel a sense of calm The neighborhood may remind you of a happy memory You will be close to places you frequent often The neighborhood aesthetics are pleasing, or The rest of your family is pleasedYou may feel one emotion or five when you turn the corner onto the street whereyou want to live. This will be an exciting time, especially if you have beensearching for a home for the past few months.When looking for the right location, you should consider the following: How clean is this neighborhood? Is this a high crime area? What is the average home value in the neighborhood? Are there community bylaws? What is the home close to? Is there garbage pickup?Definitive Guide To Buying Your First HomePage 10 of 90

Definitive Guide To Buying Your First HomeWhile these questions may not include everything you are looking for whenbuying a home, they should be considered carefully as they will affect your lifeonce you move into the home.How Clean Is This Neighborhood?You should look at the neighborhood at different times during the day to see howthose who live in the neighborhood take care of it. If there is a lot of trash on theground, the yards are not kept up properly, or there are old signs posted on treesand telephone poles, then the neighborhood may not be for you.If the neighborhood looks clean and you see people outside caring for their lawns,then you may have found a community of people who care about where they live.This is an important factor if you are planning on living in the neighborhood formany years. All too often people will buy homes only to discover that they live ina neighborhood where people do not have respect for their property or theproperty of others. This can make selling the home much more difficult in thefuture.Is This A High Crime Area?While all neighborhoods will experience some crime, you should consider buyinga home in an area that has a high crime rate very carefully. While the home itselfmay be the right price for your budget, it may not be located in an area that isright for your well-being.Drive by the neighborhood at nighttime to see if there is adequate street lighting,suspicious activity, or anything else that might cause you to use caution. Researchthe neighborhood and find out how the crime rate compares to otherneighborhoods. If the crime rate is too high, then it may be best to looksomewhere else.Definitive Guide To Buying Your First HomePage 11 of 90

Definitive Guide To Buying Your First HomeWhat Is The Average Home Value In The Neighborhood?You can find this information out very easily by asking your realtor or by lookingup this information at the county clerk’s office or on their web site. You should beaware of the home values that are in your neighborhood for several reasons: Housing prices will vary depending on the neighborhood and region. Youwant to buy a home that you will be able to make a profit on when youdecide to sell. You do not want to pay too much for a home. Giving a solid offer for the home means knowing what other homes thatare similar in size are selling for.Are There Community Bylaws?If you are looking at a home that is inside a community, you should be aware ofyearly dues, rules about what can be in your yard (pool, lawn decorations, ect.),and any other rules that they may have.Many people enjoy living in a community because they feel safe and want to meetothers in the neighborhood. Communities usually have picnics and other eventsduring the year where neighbors can meet each other. Some communities havepools, tennis courts, and other amenities.What Is The Home Close To?When choosing a home, you will need to find the nearest grocery store, schools,route to work, and other necessities that will make living in the neighborhoodmore convenient. Drive around the neighborhood to see what is around it. Thiswill help make your decision to buy a home in a particular neighborhood mucheasier.Definitive Guide To Buying Your First HomePage 12 of 90

Definitive Guide To Buying Your First HomeIs There Garbage Pickup?While this may not seem like something you are interested in, when it comes todisposing of your trash, you may need to haul it to the dump yourself. Ask abouttrash pickup so that you can decide if this is something you really want to do onthe weekend.City Life vs. Country LivingChoosing the neighborhood you want to live in will also include deciding whetheryou want to live in the city, country, or suburbs. Many people with familiesusually want to live in the suburbs because there is more rooms for children togrow, but is still close enough for parents to commute to work.But there are advantages to city and country living as well. Those who live in thecity will be close to work, close to restaurants, activities, and events. Those wholive in the country may have a longer commute to work, but they will be able toenjoy the peace and quiet of having fewer people around them.Whichever lifestyle you prefer, you should construct a pros and cons list that willgive you a better idea of what to expect when looking for a home. Once you havelooked at your list, you will have a better idea of which to choose. The followingwill get you started:City LifePros Easy access to cultural events More options when eating outDefinitive Guide To Buying Your First HomePage 13 of 90

Definitive Guide To Buying Your First Home More grocery store and clothing store options Public transportation More people Choice of home styles, such as houses, condos, apartments, and Private and public schoolsCons Crime rates higher Pollution More people Higher housing costs Higher taxes Higher cost of living, and Not as much housing is availableCountry LivingPros More land available New homes available Less people, and Cost of living is lowerCons Fewer schools to choose from Further from grocery stores and other stores Less people Not as many cultural events, and Longer commute to workDefinitive Guide To Buying Your First HomePage 14 of 90

Definitive Guide To Buying Your First HomeSuburban LivingPros Close to city and country More land Cost of living less is expensive than city living Close to cultural events, and Community feelingCons More people in a smaller area Fewer schools to choose from, and Long commute to workWhen choosing the type of environment you would like to live in, the followingmay play a role in your final decision: Finances Schools Size of home desired Amount of land desired Taxes, and Length of your commute to workYou should check out both city and country living. While there will always be procand cons, you should be able to find a home that will help you lead the type oflifestyle that is important to you and your family.Making The CommuteDefinitive Guide To Buying Your First HomePage 15 of 90

Definitive Guide To Buying Your First HomeYou will have to count on the amount of traveling you will have to endure to andfrom your job when buying your first home. Unless you are relocating, you willhave to find a neighborhood that is close enough to drive to or is accessible bypublic transportation. While some people enjoy sitting on a bus or a train for anhour or two during the day, you may not want to use your time this way.Unfortunately, living in the suburbs or in the country may require you to make alonger commute.If you want to remain relatively close to your job, you should not search furtherthan a thirty mile radius. Inform your real estate agent or drive thirty miles in anydirection and see what is out there. Many times there will be neighborhoods youhave never even heard of. You should find back roads as well as highwayaccessible roads that will make your commute easier.You should also look for a home during different times of day in order to figureout the traffic patterns. If possible, live in an area that goes against normal trafficpa

Definitive Guide To Buying Your First Home LEGAL NOTICE The Publisher has strived to be as accurate and complete as possible in the creation of this report, notwithstanding the fact that he does not warrant or

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