Ready to close on a home? Read This First
While aspirations regarding the kind of house you may want to live in may vary from person to person, one thing that everyone agrees on is that buying a home is something you shouldn’t do in haste.
There are certain things you should take your time to do before closing on a home. Otherwise, the things that could go wrong are many and your dream home may come at a much steeper price than anticipated.
Here is a check-list of things you should do as you are ready to close on a home.
Organize your finances
One of the key aspects of buying a home is getting your money in order. If you plan to finance the purchase, there are certain steps you would need to go through in the pre-approval process.
There are factors such as opening an escrow account and also anticipating extra costs including home inspection fees, home appraisals, and closing costs. Getting pre-approved by the bank early in the process could help you find homes in a particular price range.
Another key aspect to consider if you are financing the purchase is the interest rate. Since the interest rates fluctuate as time goes on, there’s no point wasting time to get the absolute lowest percentage. Instead, you should identify a rate that seems fair and lock it in before it rises again.
If on the other hand you are paying by cash, the considerations are different. You need to be cognizant of the rules and regulations about foreign transactions – if you need to transfer funds from abroad. Also, you should talk with your bank so that you get the best exchange rate possible.
Hire a reliable professional
To say that the realty market is huge would be an understatement. To say that it’s chock-full of rules and restrictions would be another.
Things become even more complicated in Miami – which is among the most competitive realty markets in the world. Before you spend your hard earned money on new property, you should hire a reliable Miami realtor with extensive experience or someone who is motivated and dependable but how about a realtor with all those traits? A pro of this caliber could make a significant difference in how the transaction is executed.
A stellar realtor is adept at finding you the right property. On top of this, they could also assist you in negotiations and also connect you with other industry professionals such as appraisers and home inspectors. This can help this transaction proceed from start to finish.
Not only does this reduce your anxiety in this process it can save you a lot of time to focus on other aspects of your life.
Read and re-read the contract to the point of over-familiarization
A vital aspect of the home-buying process is to understand the contract. You don’t want to sign anything unless you know what you are signing. And sometimes people in this industry assume you know what they are talking about and don’t really consider what you want out of this process.
This is where a realtor can earn their bread and butter. You don’t want one who is in a rush or does not respect your well-being.
The various terms and conditions mentioned in the contract could puzzle you. More than anything else, the realtor could help you identify any terms in the contract that could cause you financial stress in the future or impact your life in another way that is not appealing.
However, that’s not to say that you should leave things entirely to the realtor. You should familiarize with the contract and evaluate it yourself. This is not something you want to glance over and then sign your name on copy after copy because you have something else to do.
You may have something else to do but this real estate transaction should be your priority at this time. If you have something else that is critical going on, put off on signing any real estate contract until later on that day or the next day for example.
You are in comman
One thing to keep in mind while reading a contract is that much of it is negotiable. Either your lawyer (if you have one for real estate purposes though most people don’t) or realtor could help you identify aspects in the contract that could be trouble spots if you don’t deal with it beforehand. You could also negotiate payments and fees with the seller.
Remember that this investment is monumental. You only make 1 to 3, if that, investments like this in your entire lifetime (for most people). Make sure you do it right and that you have thought this through.
If you need outstanding assistance for a real estate transaction, get in touch with us today!