Whether it’s your first time buying a home, or you’ve experienced the process multiple times, there are always questions to be asked along the way. When you do have a question during the home buying process, it is important to have the right person or team giving you the answers.
Have questions? We have answers. Our team put together a list of questions they get asked frequently, when it comes to purchasing a home - and here are the top eight for 2020.
1. Is it better to buy or rent?
Right now, renting a home often costs less than buying one. When you dig deeper, however, you’re losing tens of thousands of dollars in equity you could put into your own home. You could then tap into that equity if/when you need it.
2. Is a rent-to-own setup worth it?
These arrangements are much harder to find than just renting or purchasing a home. Even so, if you rent a home you love, you might make an offer to your landlord. Note that these usually benefit landlords more than tenants as the interest rates tend to be high.
3. Should I get pre-approved first?
It’s not necessary to get pre-approved before looking at homes, but it does make the process easier. Realtors have a better idea of what you can afford and sellers take your interest and offer more seriously.
4. Should I buy a new home before or after selling?
This ultimately comes down to your preference, financial situation and creativity. If you can qualify for two mortgages and there are no rental restrictions in your community, then you can purchase a second home and rent out the first one until it sells.
5. Do I really need to work with a Realtor?
You don’t have to have a Realtor, but hiring one is highly recommended. In many instances, buyers use online listings to find a home, but they still rely on Realtors to negotiate and seal the deal. Remember that in most cases, the seller pays the Realtor… so, why not work with a Realtor!?!
6. How do I find out about the neighborhood?
You can start by asking your future neighbors or even contacting the local police department. If you prefer online research, check the local news or turn to apps that track crime in particular areas. You can also find information online about schools, taxes, average bills, etc.
7. How do I make the right offer on a home?
Your Realtor will work with you to determine what offer to make. Generally, you make a lower offer than the selling price. The seller may take several days to respond but rarely rejects an offer - within reason. Instead, they might counter-offer.
8. What are the final steps in buying and closing on a home?
There are many final steps, including inspections, final walk-throughs, submitting financial information to the bank and going through the closing process. Professionals also ensure clean titles and the proper transfer from the seller to you.
We Are HereTo Answer Your Questions
These FAQs barely scratch the surface of the many questions you might personally have as a buyer. To get more one-on-one advice about home buying in The Triangle area, reach out to Chapel Hill Realty Group online, or call (919) 942-4149 today!