For the sake of buying the house of dreams, US residents are able to go to extreme measures. For example, some Americans are willing to buy suspicious real estate at a discount and put up with ghosts, while 20 percent could buy the house where the murder took place. According to real estate agent Claire Trapasso, almost half of those surveyed are ready to choose suspicious properties since they are often sold for almost half the market price. However, if you are considering a house purchase for your family – it is worth thinking twice and avoiding dubious deals. In this article, we will share some effective tips from a real estate agent on how to choose a nice family nest.
- Choose an appropriate neighborhood
The real estate market is booming again and buyers are ready to fulfill their dream of becoming proud homeowners. Given the amount of investment and time it takes to buy a family home, you need to be careful when searching for it. Selecting the appropriate neighborhood is extremely important for building your family nest, as bringing up your kids in a safe, cozy, crime-free environment is crucial. To make sure that there is no inappropriate activity in the neighborhood, visit the Neighbor.Report platform.
- Contact your real estate agent
In the US, there are no laws that oblige people to use a realtor or agency. At the same time, working with specialists can save you several thousand dollars. A realtor or agency representative will protect the interests of the buyer, from the moment of finding a home to receiving the keys and settling in, helping to avoid unnecessary risks. What does an agent do:
- Looks for real estate;
- Determines its real market value;
- Bargains with the seller to get a better offer for the buyer;
- Selects other specialists who are involved in the purchase process: a lawyer, a technical inspector, etc.;
- Assists in filling all the necessary documents.
A real estate agent must be licensed by the National Association of Realtors (NAR), confirming their professional skills. It is difficult to obtain a license, so the services are provided by highly qualified specialists.
- Consider your budget
The average apartment cost in a city is 250,000 USD, while a house will cost you 350,000 USD. Amounts may vary from state to state as housing conditions may be also different. For example, an old house in Texas can be bought for 20,000 USD, and a penthouse in Manhattan for 50,000,000 USD. Interest rates for taxes and loans vary from state to state. When buying real estate, the buyer pays mandatory taxes and fees:
- Lawyer’s fee – 0.5–1%;
- Title company’s services – 200 – 500 USD;
- Real estate taxes – 1-2%;
- Insurance – 1–5%;
- Technical inspection of the house – 300 – 800 USD, etc.
You should also consider additional costs when applying for a mortgage. To calculate how much money you need to buy real estate, you can use the following formula: Property value + Mandatory taxes and fees + Additional costs. In the United States, it is customary to contact a mortgage broker to get a loan on good terms. If the loan is approved, the borrower receives the pre-approval letter, which is attached to each purchase offer.