Buyers

Buying a Home

Buying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, we're only a phone call or email away!

ADVICE FOR HOME BUYING IN OUR PRESENT MARKET

  • Act fast, since homes are selling quickly
  • Get pre-approved for a mortgage so you'll know how much to borrow.
  • Hire an inspector before committing to a purchase.
  • Look at your budget carefully, factoring in taxes, insurance, maintenance, and other costs, and don't let eagerness to buy force you out of your comfort zone. You don't want to be House Broke!
  • Offer the highest down payment you can afford since higher payments give Sellers more confidence that the sale will be successful.
  • Consider more affordably priced communities
  • Don't overlook the traditional style of homes, which might draw less competition than modern homes. Look at the footprint of the home and consider taking down walls for an open floor plan if that is what you are looking for?

 

Home Inspections

Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and thousands of dollars in repairs. Home  Inspections are required and recommended so that you are aware of repairs that are needed. The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating, and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases, homes can be sold "as-is" even though an inspection may take place.

Termite Inspection

A Home Inspector can also do a Termite Inspection so that they can determine the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. 

Lead Base Paint

Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches. Your Home Inspector can determine if Lead-Base Paint exists.

Interest Rates

As you start shopping for a home loan, your first question of each lender will probably be "What's your interest rate? How much are you charging?" Interest rates are usually expressed as an annual percentage of the amount borrowed. If you borrowed $120,000 at 10% interest, you'd owe interest of $12,000 for the first year. With most mortgage plans you'd pay it at the rate of $1,000 a month. You would also send in something each month to reduce the principal debt you owe - and the next month you'd owe a bit less interest.

 

 

 

Karen McClorey

Real Estate Broker

 

QR Realty Inc

 

94 Greenmeadow Dr
Deer Park, NY 11729

Mobile: 631-662-3124

karen@qrrealtyteam.com

 

 

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give me a call. I'm happy to answer all your questions.

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