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Making a Smart Real Estate Purchase

by admin on May 22, 2013

Every now and then people tell you stories on how they overpaid for a house, never ordered an inspection only to find that they incur huge unexpected expenses. Here are a few tips from a professional’s point of view to reduce the chances of any of this happening to you.

Stick to the budget!

When shopping for a home it can be quite easy to stray from your budget, especially if you’re looking at homes you know you can’t afford.  When calculating your budget for monthly mortgage payments, don’t forget to work in monthly payments for property taxes and utilities.  You have to also take into consideration food, car and/or travel expenses.  There is nothing worse than spending all your money on a house and not being able to afford food or other small luxuries you may want.

Don’t be afraid to walk away

Purchasing a home is an emotional time.  Your home is your domain and you should love your home and be able to carry the expenses comfortably.  This is where you may be starting your family and raising your kids.  So make sure you have a home inspection and work your numbers to make sure it will work for you.  If you can’t afford it or the work it requires, walk away!

Give every home a chance

If you are browsing on line for homes you’ve probably gone through some virtual tours and pictures, but they can be quite different from the real thing.  Also, if you see a house that you are interested in but has bad pictures, it may be worth seeing.  Especially if it is in your desired neighborhood and at a price within your budget, you should definitely book an appointment to see it.

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