If you're ready to take the big step and buy your first home, you're probably overwhelmed with all the decisions you need to make. Since you've never been through the process before, you need a good real estate agent to guide you and protect your interests. That's why you want to work with a buyer's agent rather than calling the listing or seller's agent. Here are a few things your real estate agent can help you watch out for as you buy your new home.
Inspections And Repairs
You want an inspection before you buy a home to make sure the house isn't in need of major repairs. If problems turn up on the inspection report, your agent can advise you on the best way to proceed. You may not realize you can ask for repairs to be made when you put in your offer. An agent can help you decide if asking for repairs is suitable and when it's better to pass on a home with problems. However, the final decision of which home you buy is always up to you.
Deed Restrictions And HOA Regulations
You definitely want to know in advance what you can and cannot do with your property before you buy it. Your real estate agent can help you uncover the restrictions you need to know about. There might be regulations on the type of fence you can install, where you park your cars, the type of vehicles you can park in your driveway, and the color you paint your house. Some HOA communities have very strict regulations that keep all the homes and lawns looking similar and well kept.
Other communities may have more lenient regulations but they could affect what type of pets you have and whether you can build a treehouse or pool in your yard. Let your real estate agent know if you need a big fenced yard for dogs or a place to park your boat so he or she can eliminate properties that have restrictions that will affect you.
A real estate agent is familiar with the community and has a good idea of what homeowner's insurance costs in various places. Of course, you'll want an accurate quote from an insurance agent, but your real estate agent can steer you away from properties that would bust your budget because of the high price of insurance. This might include homes near the water or homes with a pool. Be sure to let your agent know how much home you can afford to buy and how much you can afford in monthly payments in total. This helps your agent show you homes in your price range so you don't fall in love with a house you think you can afford only to be shocked at the high cost of insurance.
If you work with an experienced real estate agent, the home buying process can be fun and exciting. You won't have to worry about making a huge financial mistake because the agent will guide you through the process and offer advice along the way. In addition, he or she will help you find the perfect home, which is something you may not be able to do alone since some properties aren't listed online or with the Multiple Listing Service.
Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.