Before Buying a Home in Saratoga Springs NY
Mistakes To Avoid When Buying A Home in Saratoga Springs NY
As a first time home buyer in Saratoga Springs NY, you can become overwhelmed by the process. Buying a home is a major investment that one makes. Make sure to be prepared before beginning the investment.
Top Ten Things First Time Home Buyers Should Know When Buying A Home in Saratoga Springs
1. Evaluate your finances - Before making the decision to buy a home, evaluate your life and finances. Right now is a perfect time to buy a home in Saratoga Springs. Mortgage rates are at an all time low. Are you ready to make the move?
- Find out your credit score. You can obtain a free credit report score online. Your credit score should range between 600-800.
- Is your job secure? In this economy it is important to ask yourself if you believe your job is secure. You don't want to commit to something you may not be able to afford one year down the line.
2. Be aware of all costs that are associated with owning a home. As a first time home buyer in Saratoga Springs, it is important to know the other expenses such as home owners insurance, taxes, utilities, and maintenance.
3. Right now there are many programs available to first time home buyers in Saratoga Springs NY. The programs are designed to help with down payments, interest rates, and loan terms for first time home buyers.
4. Short Sales and Foreclosures often have the attractive incentive of a low purchase price. However be aware of both the pros and cons associated with these types of sales.
5. Before looking for homes become preapproved. Preapproval gives you as a first time home buyer more power. It lets the real estate agent and the seller know you are serious about purchasing a home. It also tells you how much you will be able to qualify for.6. "Location, Location, Location." The saying will always hold true. Homes in more desirable and safe neighborhoods will have a higher resale value than homes in a less desirable neighborhood.
7. Not all real estate agents represent just the buyer. In New York State "Duel Agency" is legal. Duel Agency is when the real estate agent represents both the buyer and the sellers interests. Make sure you find an agent that will just represent you.
8. Have your agent complete a comparative market analysis for you. That way you know how much homes are actually selling for in the surrounding area. This will help you determine a purchase price when making an offer.
9. Have a Home Inspection done. You can save a great deal of money by having a home inspection done. It will reveal any major problems that the home may have.
10. Include contingencies in the contract. This will allow you to break the contract if your needs are not met. Contingencies include a home inspection, radon inspection, water testing, pest inspection, etc.
