Your buying power depends on how much cash you have available for the down payment and how much a financial institution will agree to lend you.
There is a rule of thumb that says that yourhome loan should not be more than two and a half times of your annual gross income. (Annual gross income is the amount of money you make before taxes are deducted.) Like other rules of thumb, this is a general idea of how large a mortgage you can afford. Of course, it doesn’t take into account all the information(like your debts, for example) that will help you to determine your comfortable payments.
If you are buying a house with someone else (spouse, parent, adult child, partner/companion, brother or sister or other relative), you should consider your co-purchaser’s earnings and existing debts as well. Remember, if you apply for a loan with a co-signer, you and your co-signer are both legally responsible for repayment of the mortgage.
As all other things in the world a home is worth what someone is willing to pay for it at a certain moment. Everything else is an estimate of value. To determine a property’s value, most people turn to either an appraisal or a comparative market analysis. An appraisal is a certified appraiser’s estimate of the value of a home at a given point in time. Appraisers consider square footage, construction quality, design, floor plan, neighborhood and availability of transportation, shopping and schools. Appraisers also take lot size, topography, view and landscaping into account. Most appraisals cost about $450. A comparative market analysis is a real estate broker’s or agent’s informal estimate of a home’s market value, based on sales of comparable homes in a neighborhood. Most agents will give you a comparative market analysis for free.
It depends on your personal preferences.
What is the return on new versus previously owned homes?
Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value always depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy.
Your personal situation will determine the best kind of loan for you.
Your lender can help you use your answers to questions such as these to decide which loan best fits your needs.
Even if you don’t have kids, your next buyers might. This makes this a huge factor when buying a home, since most people look for a good school district when making a purchase.
Absolutely! You should hire your own home inspector.In the Carolinas termite inspector is a must as well!
Generally, I will help you with this. However, there are several things to consider as you develop your purchase offer:
Common points of negotiation are price, earnest money deposit, due diligence fee, closing costs, repairs that need to be made, appliances and fixtures, closing date.
A major question in every real estate transaction is: “Who pays what?” The answers vary by States standard practices. Items listed below are “customary” in the state of North Carolina.
Sellers Generally Pay:
Buyers Generally Pay:
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.