Home Buyer Tips

Shop for mortgage rates & terms.  A difference of even half a percentage point can mean a huge savings over the life of a loan.  For example, the difference in the monthly payment on a $100,000 mortgage at 8% vs. 7.5% is about $35per month.  Over 30 years, that’s $12,600! 

Prequalify for a loan. This determines how much you can afford.  It allows you to move swiftly when you find the right home, especially when there are other interested buyers.  It also indicates to the seller that you are serious and really can afford to buy the property. 

Define what you want.  What features are most important to you? Know the features that will hurt or help resale.  In some areas, a swimming pool actually detracts from a home’s value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. 

Once you have decided on the one, and make the offer, arrange for a home inspection.  It is common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems.  You can negotiate repairs as part of the purchase.  Also ask for a “walk through” before finalizing the paperwork and ask about a Home Protection Plan which could save you money in the long run too.

Before your closing, make sure you’ve made all necessary deposits and completed the paperwork-including mortgage, title homeowners insurance and any other paperwork required by local and state government.

Before rolling out the welcome mat, consider arranging for an alarm company, turning on electricity, water, gas, notifying your local post office of your new address.

ENJOY  YOUR  NEW  HOME

Disclaimer: Information is deemed reliable but not guaranteed and should be independently verified. Some listings may have changed, been withdrawn, or sold. Website last updated 01/25/2006. Listings data on this site come in part from the Ann Arbor Area Board of Realtors MLS IDX, the Jackson MLS IDX and the Monroe County Association of Realtors MLS IDX. All rights reserved. --