Key Professional to Make Use of When Buying Real Estate

01.12.2009 | Author: Chris Channing

A small ring of professionals is necessary when buying your first home. Such professionals all work together to make your buying process to be a smooth, fast, and safe one. If you are buying your home for the first time, it’s important to take advantage of each professional to avoid hardship.

The first professional that comes to mind is the real estate broker- who is going to help you find the actual real estate you wish to buy. Although some argue that brokers aren’t completely necessary, for the average first time home buyer working a full time job, it would be too much work otherwise. Real estate brokers also have key contacts in the industry to aid you in other aspects of home buying.

Getting approved for a mortgage loan is the logical next step. A lender will take the time to comb over your financial history and ability to pay a mortgage loan. If approved, the lender will proceed to set a payment plan that corresponds to your budget. Sometimes getting approved is tricky- and it might take months to fix a credit rating.

An appraisal is in order for a home you aren’t sure is priced right or not. The appraiser can be of great help in formulating a good offer for the real estate in question. A good real estate broker should be able to give a ball park estimate of what the home is worth according to current market conditions. Real estate brokers can also sometimes act as an inspection agent for the home.

Saving money after buying the home because priority in order to keep bills paid. Applying and qualifying for a tax credit can lessen the burden of bills for up to $8,000 for qualified home buyers. There are several tax credits to take advantage of, so if you can’t qualify for one, talk to an accountant for more ideas on saving money via tax credits.

Lastly, obtain insurance on the property once it is received in your name. Lenders will automatically demand that you do this in order to protect their investment, but it doesn’t hurt to look around before the purchase so you know which insurance agency has the best deal. Become educated on what the policy does or doesn’t cover, and do consider getting a more expensive policy to cover your home from acts of nature such as a tornado or hurricane.

Your team of professionals that you choose will cost a pretty penny- but it’s a sum well spent. Buying real estate is much easier with the help of others on your side to find the deals, close them, finance and then insure them so that your future with your home will be long lasting.