Cool Schooling for Parents in the Market to Buy
When kids get to be school age, parents start worrying about the quality of schools in their neighborhood. If the school system flunks, they think about moving and buying a new home, some for the first time. That’s cool, but many of these parents don’t make a thorough-enough appraisal of everything they need to consider when buying a home, new or otherwise. If you’re in the home-buying market and want to be schooled about wise moves to make, here are tips to educate yourself prior to purchase.
1. Walk the Hood According to Parents Magazine online (www.parents.com), you should scout out the neighborhood prior to buying. See what morning and evening traffic are like; notice if there’s a traffic jam in your driveway. Learn how far you are from public transportation, a decent grocery store, gym, park or yummy restaurants; and let’s not forget proximity to Starbucks and a lotta lattes.
2. Analyze How Much You Can AffordThe best guideline according to mortgage brokers is to avoid going broker by spending no more than one-fourth of your income on housing each month. That’s 25% of what you earn after taxes. “You should know your financial situation before you speak to a lender and borrow in line with that,” says Dylan Kramer, mortgage specialist in Chicago.
3. Get Pre-Approval for your Loan“Get tentatively approved for the mortgage amount you want to borrow,” notes Kramer. “It will give you a sense of what you can safely spend on your home and it shows the seller you’re a serious contender. Compare loan rates from other lenders and also compare closing costs and any bonuses or rebates being offered.”
4. Consider Other Costs that Will Tax YouSorry, Pop and Mom, your mortgage is just the beginning. Parents Magazineadvises to calculate all potential monthly charges. They caution that online calculators on realty sites may not reflect the reality of all potential costs, like taxes, association dues, utilities, home and mortgage insurance, etc.
5. Get that Real Estate Appraisal, Appraisal, Appraisal Did we raise the idea of an appraisal? We’ve done it before and will do it again because getting an accurate valuation of the home you’re consideringbuying is critically important and can save you thousands of dollars. Withnumbers for actual worth tucked away in your pocket, you’ll have a strongernegotiating position. If you need a suggestion for a reliable, honest, trustworthy,fast (as opposed to half-fast), and experienced real estate appraiser in the neighborhood cruise our Website for PahRoo contact information.
6. Make Sure the Home will fit Your Family—Today and TomorrowAn article found at www. Bankrate.com, says you should “imagine your future personal and work life.” Here are a few questions to ask: Are the children’sbedrooms big enough to happily nest little kids now and harbor large,snarling teenagers 10 years from now? “Will you be growing your family? Is the master bedroom on the same floor as the kid’s bedrooms? (Good forsafety, bad for sleep, privacy and sanity.) Will grandparents, ‘Meema,’ or ‘Umpa’ be moving in? Is this place childproof and safe? Do you think your family will be safe in the neighborhood? Be wise. Turn yourself into a class-act buyer by making sure the house passes every test. If you do, you’ll be smiling like crazy during the ACT “At Closing Time!”
In today's turbulent real estate markets, property owners, property investors, financial planners, lenders and portfolio and asset managers turn to Michael Hobbs and PahRoo Appraisal & Consultancy for prompt, trustworthy guidance and keen valuation insight into real estate appraisal, both commercial and residential, estate appraisal, real estate valuation, and business consulting designed to create transformational growth and success. Appraise our ability to meet and exceed your needs at www.PahRoo.com