Whether you're buying Fairbanks real estate, or property anywhere else, looking for a new home or property can be challenging. Remembering these tips will help make the process more efficient and problem-free. If you're a first time home buyer, visit the First Time Buyers page of this website for more specific tips!
Before You Shop
Make an informed decision. Try to learn the Financing Basics before you decide on a home loan. The next step is to get pre-approved. This will let you know what price range best fits you and it also takes very little time to do. Once you decide on a price range, it’s time to start figuring out what you're looking for. No one wants to buy a house they don't want. Make sure to go through what you want in your home. Do this before you shop. Things to consider could be size, repairs, commute time, etc.
Try to keep your finances in order by keeping debt to a minimum. Be mindful about not making any major purchases or acquiring any debt. Try to pay down credit cards. Remember, financial institutions evaluate your financial situation on your gross monthly income. Your total monthly house costs should not exceed 28 percent of your gross monthly income.
Keep in mind that homes can sometimes sell very quickly. You should be ready to make fast decisions and be accessible to change the terms. Being able to have instant communication with your agent can be the difference in purchasing your dream property.
Before You Buy
Be prepared to be competitive. Are you ready to submit a strong and competitive offer for your property of choice? Include a significant money deposit. Offers can be accepted or denied based on the amount of the deposit. Try to minimize contingencies. A stronger offer is characterized by fewer contingencies.
Always get the house you are interested in inspected to make sure the house of your choice is in suitable condition. Hire a professional building inspector to get a professional opinion of the quality of your home. Check zoning regulations and covenants. Good residential neighborhoods will be zoned to keep out commercial and industrial users. Read any restrictive covenants and make sure they fit your lifestyle. Request an up to date property survey to make sure that it has boundaries clearly marked and look for any problems.
Know what stays or goes. Look over the contract and make sure you know the specifics about what items such as appliances and furniture stay or go.
Get any agreements written down. It's always smart to make sure any verbal agreements get written down. This will avoid potentially stressful and expensive issues.