Other info will include steps in purchasing a home in Florida. Use the home buyer checklist below to prevent errors and to stay on track:
• Get pre-approved for a mortgage, look into credit report, FICO score, type of mortgage, shop for best rates, and programs. Determine your wants and needs: style of home, size, price, location
• Seek out a Realtor/Sales Associate. Compare the services of different agents and look for good personal chemistry
• Check out what is important to you. Such As: Schools, traffic, zoning, and work commutes
• Rely on your Realtor's expertise and in-company resources.
• Check the Web for helpful information
• Do your research and evaluate each property of interest
• Visit or have your agent visit the town or city hall to learn of any zoning changes, liens, easements, or other restrictions.
• Be informed and your Realtor will prepare your offer and apply his/her trained negotiating skills during the buying process
• Get your Realtor to prepare a property value study. Ask the seller if there are any other offers and ascertain his motivation for selling, deadlines, etc.
• Hire a certified inspector to conduct a home inspection and any other specific inspections
• To prevent surprises and disappointments after you move into your new home, use the inspection period written into your contract to fullest advantage by hiring a home inspector to thoroughly examine the home you want to buy.
• Be aware of the final negotiating factors that may benefit you in the purchase of the home.
• Use the inspection report to re-negotiate, if necessary.
• To prevent surprises after the fact, your agent will schedule a walk-through of the property before the actual closing (usually an hour or two before).
Together, you and your agent will re-examine the home to (1) see that requested repairs have been made, (2) to determine if there are any changes or new damage since the home inspection, and (3) see that all of the sellers belongings have been removed from the premises as agreed. Once your walk-through has been completed, you can sit at the closing table with less worry knowing that your home is ready and waiting for you. You many find that you need to add some steps, based on your special situation, to create a customized home buying checklist for yourself. However, this should serve as a helpful guide as you start on the road
Its better to buy a home than to rent one in most cases. But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. However, there are a few easy guidelines you can use to aid you in your decision. Buying a home is usually more beneficial than renting except when:
• You intend to move within a few years
• Your rent is very low
• You are new to the area
Building equity vs. “throwing your money away”
Although it’s often said that by owning a home, you’re not “throwing your money away on rent.” This may be true, but when you buy a home you will still throw money away on things that don't build any equity. These include:
• Closing costs
• Interest on your mortgage
• Property taxes
• Property Insurance
• Private Mortgage Insurance (if your down payment is less than 20%)
In fact, these “throwaway” expenses are more than you’d likely spend on rent. If the only financial advantage to buying a home were building equity, it wouldn’t be enough to offset these expenses, and it would be better to rent. The reason that buying is usually better than renting is not because you avoid throwing money away, it's because:
• You lock in your monthly payment for 15 or 30 years. (If you kept renting you’d pay more each year.)
• Your house gets more valuable over time.
Freezing your monthly payments is where the real benefit is. Were it not for this, for many people it would make more sense to rent. This is the gem that makes home buying worthwhile. There are a couple of other advantages to buying: You can stop making payments when the loan is paid off. This is a big advantage, but it doesn't get your costs down to zero. You will still pay for taxes, insurance, and maintenance even after your loan is paid off.
Choosing a builder is just as important as choosing the style of the home. The builder not only has the responsibility for the largest investment a buyer may ever make, but his or her skill and preferences can have a direct impact on future comfort and happiness. Not all new home communities are the same. Each one carries the distinctive mark of the builder, whether that happens to be innovative floor plans, distinctive craftsmanship, bold architectural statements, or just great value. Each builder also has a different personal style and way of communicating with his or her clients. The buyer should consider references of past clients. Drive through one of the builder’s previous subdivisions on a Saturday morning and try to get a random sample of opinions. Ask questions like: Are you happy with your home? People are usually willing to share their joy or their sorrow. Determine the Amount of Deposit Now that the right location and the right builder have been selected, it is appropriate to go to contract. Most builders require anywhere from 10% to 25% down in order to start a home. If the home is up and standing, the builder will accept 10%. If a custom home were to be created specifically for the purchaser, the builder would then expect a 25% deposit at contract. Selections increase in proportion to the price tag of the home. Correspondingly, the time it takes to build the home increases with the size and the number of custom features selected. Realistically, a home delivery date range, if started from scratch with an improved road to the home site, can take anywhere from 120 days to 18 months. Remember, the builder is anxious to keep the home delivery schedule on time. The builder does not get paid until closing. Pre-Settlement Inspection Before the closing, a home inspection tour will be conducted. During the tour the builder will point out all of the features and provide warranty information on each. Learning about maintenance and upkeep responsibilities is very important. Most new homes come with a one-year warranty on workmanship and materials. However, such warranties do not cover problems that develop because of failure to perform required maintenance. Many builders provide a booklet explaining common upkeep responsibilities and how to perform them. Manufacturers provide warranties that are covered by the manufacturer, not the builder. The builder is responsible for any building code violations that occurred. However, in the unlikely event that there has been a violation (because builder research was conducted), the responsibility becomes the builder’s. During the inspection, the purchaser should look for scratches in the countertops and flooring. Walls should not have gouges and the moldings and trim should be square. The buyer should take pictures before the title is taken, particularly if a problem is discovered. The builder will prefer, under all circumstances, to conduct any and all repairs prior to the buyer moving in because it is easier for them to work on repairs in an empty house. There are over 30,000 parts in a new home. Therefore, the propensity to find a small imperfection is great. However, many builders conduct their own thorough inspection before the buyer sees it. Most builders employ a cleaning service to make sure the home is clean prior to the closing. After the Closing One year later, it’s not uncommon to find settlement cracks in the drywall or nail pops. These are easily remedied and are the responsibility of the builder. A call to the builder is recommended prior to the termination of the one-year warranty